I think the z....z....z.... is the sound coming out from the auger-the spiral cutting blad. The auger is only supported with two copper bush bearings on two side.
The sound can also coming out from the wheel drive assembly (the clutch assy). There's a small rubber wheel running on a larger metal disc, the control of the wheel speed is by positioning the small rubber wheel running on the metal disc, the snowblower will move slowly when the small rubber wheel is close to the center of the disc...it could generate the z..z... sound as well.
In both cases, this is normal.