ZEPHYR CLOSES PRIVATE PLACEMENT

June 5, 2019 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. (“Zephyr” or the “Company”) (TSX-V: ZFR) (OTC: ZPHYF), has closed a non-brokered private placement raising $600,570 through the issuance of 2,859,857 units at a price of $0.21 per unit. Each unit consists of one common share and one-half warrant of the Company (“Unit”). Every two one-half common share purchase warrants of the Company entitles the subscriber to acquire one common share of the Company for $0.30 for a period of twelve months from the closing date.

Net proceeds from the funds raised will be used to advance the Dawson-Green Mountain Project in Colorado, USA, and for general working capital purposes. All securities issued in connection with the private placement, including the shares and warrants comprising the units are subject to a statutory four-month hold period that expires on October 6, 2019. The private placement remains subject to final acceptance by the TSX Venture Exchange.

In connection with the closing, the Company paid a cash finder’s fee of $20,653.50 and 98,350 finder’s warrants to Leede Jones Gable Inc.; and a cash finder’s fee of $1,470 and 7,000 finder’s warrants to Haywood Securities Inc.; and a cash finder’s fee of $4,336.50 and 20,750 finder’s warrants to Aligned Capital Partners Inc. Each finder’s warrant entitles the holder to acquire one common share of the Company at $0.30 for a period of twelve months from the closing date.

Certain officers, directors and insiders of the Company subscribed for an aggregate of 45,000 units.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. continues to advance its 100% owned high grade Dawson-Green Mountain Project in Colorado, USA. After expanding its land package to 1,388 hectares (3,430 acres) the company now controls a 12.2 kilometer (7.5 mile) mineralized trend which is prospective for Broken Hill-type silver-lead-zinc deposits and gold.

ZPHYF update on the progress at Dawson-Green Mountain Project in Colorado.

After completion of the magnetic survey at the Sentinel Segment of our project (the most easterly area) and finding a strong anomaly we sent our geologists to geologically map the area and also complete a reconnaissance soil geochemical survey. The geological mapping was successful in finding the same rock types that host the gold resources just to the west at the Dawson Segment even though well over 90% of the ground has no rock outcropping – i.e. soil and gravel covered. The reconnaissance soil survey we completed was also successful and suggested that a detailed soil survey may define specific locations with anomalous gold which would be targeted for drilling in our next drill program. The Sentinel Segment represents an exciting exploration target given that it is three times the size of the Dawson Segment which hosts the bulk of our current gold resources and has never been drilled. Drilling success at Sentinel could be a transformative event for Zephyr.

We also now have an Iowa State University student working on a Masters Thesis on our project. He is working under the direction of Dr. Paul Spry, a well known geology professor at Iowa State University and a world class expert on the Broken Hill base metal deposit in Australia. Broken Hill was the largest base metal deposit in the world. His research suggests the geology to the west of the Dawson Project has similarities to Broken Hill and with that in mind, Zephyr has been busy this fall expanding the size of our holdings in this direction. We now control the majority of the trend including the Green Mountain mine area that Dr. Spry is very interested in studying further. Overall, including an area under application, the property totals 2,790 acres over a 7.5 mile (12 km) strike length, representing a 370% increase on our previous holding. This greatly enlarged land position significantly enhances the growth potential of our gold resources, and as well, has added important base metal potential.

2019 should be a very exciting year as we continue to advance our exploration efforts on the Sentinel, Dawson, Windy Gulch and Windy Point Segments, as well as starting additional geological and geophysical work on the newly acquired lands between Windy Point and Green Mountain. The Green Mountain area shows many geological similarities to the Dawson area including the copper-gold bearing massive sulphide zone which is a key marker horizon at Dawson. A historical drill hole drilled by Phelps Dodge at Green Mountain in the 1980’s assayed 18% copper, 4.3% zinc and 181 g/t silver over 4.5 feet. This high grade intercept along with a grab sample that assayed 13.6 g/t gold highlights the excellent exploration potential for Dawson type gold mineralization at Green Mountain.

ZEPHYR EXPANDS LAND PACKAGE AT DAWSON - GREEN MOUNTAIN

November 28, 2018 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. (“Zephyr” or the “Company”) (TSX-V: ZFR) (OTC: ZPHYF), is pleased to announce that it has staked an additional 44 unpatented lode claims at Dawson - Green Mountain, Colorado. Zephyr’s total land package is now 1,129 hectares (2,790 acres) composed of 135 unpatented lode claims and nine patented lode claims.

The claims were staked to cover the area between the Green Mountain copper gold deposit and a newly identified old mine workings located approximately four kilometers to the northeast. Additional claims were also staked east of Green Mountain to cover additional old mineralized workings and an indicated western extension of the Dawson shear zone.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. continues to advance it's 100% owned high grade Dawson Gold Project and Green Mountain Property in Colorado, USA. After completing a positive PEA, Zephyr is continuing with permitting and additional engineering, with a near term focus on exploration and resource expansion.

For further information please contact:

Loren Komperdo, President & CEO
or
Will Felderhof, Executive Chairman
Zephyr Minerals Ltd.
T: 902 446-4189
F: 866 941-4715

Without a rise in gold prices, Zephyr is not going to gain a following. Unless there is a surprise in the field.

ZEPHYR EXPANDS FOOTPRINT IN COLORADO –
ACQUIRES GREEN MOUNTAIN COPPER-GOLD PROPERTY

July 25, 2018 HALIFAX, NOVA SCOTIA – Zephyr Minerals Ltd. (“Zephyr” or the “Company”) (TSX-V: ZFR, OTC: ZPHYF) is pleased to announce the addition of the Green Mountain copper-gold property (“Green Mountain”) to its holdings in west-central Colorado. Green Mountain is approximately 10 km southwest of the Dawson Gold Property (“Dawson”), and comprises one patented and 33 unpatented lode mining claims totaling 276 hectares (682 acres). The one patented claim of the Green Mountain project was purchased for US$25,000 in an arm-length transaction and the 33 unpatented lode-mining claims were acquired through staking. Assay results of 17 grab samples collected on a reconnaissance traverse on the patented claim were very encouraging with five exceeding 1 g/t gold including one sample of malachitic garnetiferous biotite aplite which assayed 13.6 g/t gold. This rocktype is one of the principal gold hosts at Dawson and points to the high gold prospectivity of Green Mountain. Grab samples are selected samples and are not representative of the mineralization hosted on the property.

Green Mountain occupies a shear zone which is interpreted to be the faulted offset extension of the Dawson Shear Zone and exhibits similar geochemistry and rock types to Dawson, thus is considered to be highly prospective for gold. Discovered in ca. 1882, Green Mountain was mined on a small scale from shallow shafts (maximum depth 76.2 m (250 ft.) on a massive sulphide horizon. Historical records indicate a small tonnage (1187 t) of high grade material (12.6% copper, 3.8g/t (0.11 oz/ton) gold and 47.6 g/t (1.39 oz/ton) silver, was shipped direct to a smelter early in the last century. Modern exploration programs targeting base metals were carried out by Phelps Dodge between 1979 and 1984 and by Inco Ltd. between 1992 and 1994. A drill hole below the old workings by Phelps Dodge intersected 18% copper, 4.3% zinc and 181.6 g/t (5.3 oz/ton) silver at a drill hole depth of 123.5 m (405 feet) and remains open at depth*. Zephyr’s studies suggest this sulphide horizon is analogous to that at the southern contact of the shear zone at Dawson.

Geological studies by United States Geological Service ("USGS")** at Green Mountain report at least seven old shafts over a distance of 328 m (1,000 ft.) along the Main Trend of the shear zone; rock types identical to those hosting gold mineralization at Dawson, including the garnetiferous biotite gneiss (aplite); and gold values from dump samples ranging from < 1 g/t to 9.24 g/t. The inferred strike length of the shear zone at Green Mountain is 2,440 m (8,000 ft.).

In addition to the Main Trend marked by historic shafts, Phelps Dodge reports a mineralized “Western Trend”, located northwest of the Main Trend. Two drill holes targeting Electromagnetic (EM) geophysical anomalies on the Western Trend intersected disseminated sulphides (no assays reported) with the second hole (317.7 m total depth), believed to be 15-30 m (50-100 ft.) short of the target horizon.

In total, Phelps Dodge drilled 13 diamond core holes totaling 2,172.6 m (7,126 ft.), targeting the copper gold sulphide zone and geophysical anomalies. With the exception of the two drill holes on the Western Trend, seven of the remaining holes were drilled to the southeast, two to the northeast and one vertical. Both the Main Trend and Western Trend at Green Mountain dip 65° - 85° to the southeast, similar to the 60° - 70° southeast dip at Dawson, which means that the footwall zone to the massive sulphide horizon remains largely untested. It is the footwall zone that is the host to gold resources at Dawson. Future drilling by Zephyr on these trends at Green Mountain will be on a northwest bearing.

Loren Komperdo, President and CEO stated, “Green Mountain shows high potential for Dawson style gold mineralization and the inferred strike length of approximately 2.5 km represents a 58% increase over the 4.28 km length of the Dawson Property. With a new expanded total of 6.78 km of potential gold mineralized shear zone to explore, the scope of Zephyr’s gold project in Colorado has become considerably more robust.”

* Exploration Report, Green Mountain Mine; J.M. Swallow, 1994.
** USGS Open File Report 80-833, Raymond & Sheriden, 1980.

Mr. Mark Graves, P.Geo. registered with the Association of Professional Geoscientists of Nova Scotia (APGNS), and vice president of exploration of the Company, has reviewed and approved the scientific and technical information in this news release.

About Zephyr Minerals Ltd.

Zephyr Minerals Ltd. continues to advance it's 100% owned high grade Dawson Gold Project in Colorado, USA. After completing a positive PEA, Zephyr is continuing with permitting and additional engineering, with a near term focus on exploration and resource expansion.

For further information:

Loren Komperdo, President & CEO
or
Will Felderhof, Executive Chairman

Zephyr Minerals Ltd.
T: 902 446-4189
F: 866 941-4715