On 5 February 2019, the company has updated the investors about the ASX release made by Rumble Resources Limited regarding the Earaheedy Zinc project.
Rumble Resources Limited has an option agreement with Fossil Prospecting Pty Ltd to acquire 75% interest in the E69/3464 that contains Rumble’s Earaheedy zinc drill targets. Fossil Prospecting is a wholly owned subsidiary of Zenith.
As per the historical drilling review by Rumble, it has been identified that thirty-five reverse circulation drilling and diamond drill holes intercepted zinc mineralisation. This, however, covers an area of 20 kilometres/3.5 kilometres within carbonate rocks that are overlain by granular iron formations.
The intersections include 11.3 meters @ 4.34% Zinc, 0.85% Lead from 150.2 meters, and Includes 2.3 meters @ 14.42% Zinc, 1.15% Lead from 150.2 meters. Thirty-five meters @ 1.3% Zinn from 208 meters. Includes 6 meters @ 3.16% Zinn from 210.5 meters. Twenty meters @ 1.86% Zinc, 0.56 % Lead from 103 meters to EOH includes 7meters @ 3.6% Zinc, 1.25% lead from 103 meters. High-grade silver mineralisation was also intercepted and consists of 4 meters at 559 g/t silver from 257 meters (18 oz/tonne silver) 2m @ 149 g/t silver from 223 meters.
Rumble is targeting Mississippi Valley Type high-grade zinc deposits associated with basement faults within flat lying carbonate rocks. Rumble has a scheduled target of March 2019 to start the drilling.
Let us quickly see the financials of the company for the year 2018. The company reported a loss after tax of $682,929 in FY18 compared to $952,932 in FY17. The total assets for the company stood at $5,341,251 in FY18 compared to $3,576,947 in the prior corresponding period of FY17. The net cash outflow from operating activities was reported to be $1,754,328 in FY18 compared to $1,059,496 in FY17. The cash outflow from investing stood at $198,378 in FY18 as compared to $3,240 in FY17, whereas the cash inflow from financing activities stood at $2,375,877 in FY18 compared to $1,605,158 in the previous year FY17.
Now let us quickly have a glance at the stock performance of Zenith Minerals Limited and the return the company has posted over the last few months. The stock last traded at a price of $0.066 and increased by almost 6.45% during the day’s trade, with a market capitalisation of $13.19 million. The stock has yielded a negative YTD return of 30.34% and posted negative returns of 62.42% and 26.19% over the last six months and three months period respectively. It has a 52-week high price of $0.255 and a 52-week low of $0.0.061, with an average volume of 72,059 approximately.
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