Mike Fagan,
Editor
Feb. 16, 2023
Zacapa Resources Ltd. (TSX-V: ZACA)(OTC: ZACAF) — currently trading just below C$0.10 per share — has received drill permits for its flagship, 100%-owned South Bullfrog gold prospect located in the prolific Beatty Mining District of southwestern Nevada.
The permits are for the Shingleback target with permitting expected for the nearby Longtail target later this month.
The phase 1 drill program — slated for 3,000 meters across multiple targets with a Q1 2023 estimated start date — will initially focus on the Shingleback target, which has been delineated as a high-priority drill target from surface work and geophysical surveys.
The most pronounced resistivity and chargeability features in the recently completed 21 line-km IP-resistivity geophysical survey occurred on the south side of the Shingleback target in an area where several faults have been interpreted.
The newly permitted Shingleback target comprises four drill pad locations with approximately 1,200 meters of drilling planned in the initial phase; drilling will then shift to the Longtail target, just to the south, once permits are received.
Zacapa Resources CEO Adam Melnik — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“The geochemical results we received are extremely encouraging. We've extended the zone of elevated mercury a minimum of 300 meters northeast of the Longtail outcrop and demonstrated a new correlation between the geochemistry and the pronounced magnetic low at the Longtail target. The results add further evidence to support our team's interpretation that this more than one kilometer long magnetic low may represent an area of magnetite destructive alteration associated with a significant gold-bearing hydrothermal system concealed beneath shallow cover at Longtail.”
Zacapa’s South Bullfrog project is located near the center of the Beatty Mining District, an area that’s reemerging as a significant North American gold area play with increased investment and activity by juniors, mid-tiers, and majors alike.
As you’re about to discover in our exclusive interview coming right up, US$8B major gold producer AngloGold Ashanti Ltd. (NYSE: AU) has been actively acquiring smaller miners and exploration projects in the district, including the acquisition of Corvus Gold for US$370M and the acquisition of a package of gold prospects from Coeur Mining for up to US$200M.
The Beatty District has advanced from what was essentially a handful of non-core deposits with marginal ounces to now having 10 to 15 million ounces of new discoveries and four new mines that are moving towards production.
Zacapa Resources, with its miniscule market cap below C$6 million, is set to commence phase 1 drilling in the heart of the trend.
Additionally, Zacapa is advancing its 100%-owned Miller Mountain gold project in west-central Idaho where historical drilling has returned high-grade gold values up to 23.7 grams per tonne over 6.7 meters.
The project covers approximately 7.5 kilometers of strike length of the Trans-Challis fault zone, which is prospective for bulk tonnage disseminated gold and higher-grade quartz vein-hosted gold zones.
Zacapa also owns 100% of the Red Top and Pearl copper exploration projects in Arizona wherein the company is in the planning stages of spinning out those assets into a new publicly traded vehicle with ZACA shareholders in line to own an interest in the resulting shares of the new entity.
Our own Gerardo Del Real of Junior Resource Monthly caught up with Zacapa Resources CEO Adam Melnik to go over all of the upside, including the forthcoming drill program at South Bullfrog, the incredible amount of activity and investment that’s happening in the district, and the proposed spinout of the company’s copper assets.
Please enjoy the conversation.
Also, for more information on Vancouver-based Zacapa Resources, please be encouraged to call the company’s IR department at 604-638-2545 or via email at info@zacaparesources.com. Sign up for updates directly from the company here.
Mike Fagan
Editor, Resource Stock Digest