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Zenith Minerals Limited (ASX: ZNC), an Australian Stock Exchange listed mineral explorer announced on 13th May 2019, that the company has completed the initial lithium reconnaissance surface sampling at Dulcie Heap Leach Gold Operation (DHLGO), which returned high encouraging lithium results till the grade of 0.39% of lithium oxide.
The company undertook an initial assessment of the area to ascertain the lithium potential, along with a systematic screening of its wholly owned Split Rocks project landholdings in the Forrestania greenstone belt. The Dulcie Heap Leach Gold area along with the Forrestania greenstone belt hosts SQM-Kidmanâs Mt Holland/Earl Grey lithium deposit (SQM is a Chilean lithium miner), which hosts 189 million tonnes @ 1.5% of lithium oxide.
Zenith had executed an agreement previously (as announced on 21 March 2019), which provides it with an exclusive right to explore for bedrock gold (any gold 6m below the surface) and lithium mineralisation beneath the gold-rich area, which is currently mined and treated on leases located contiguous with the companyâs Spilt Rocks licences.
As per the company, apart from the high-grade gold targets, several historic exploration drill holes had been identified as pegmatite bodies, that went untested for lithium.
The Dulcie Heap Leach Gold Operations ground is towards the immediate east of the companyâs Dulcie Lithium target, where the Reverse Circulation and Aircore drilling confirmed thick pegmatite bodies up to 79m downhole width, which further hosts broad anomalous levels of lithium throughout 79m @ 228 parts per million of lithium oxide with a peak value of 1m @ 1072 parts per million of lithium oxide.
The proposed drill program by the company will test both pegmatite bodies and lithium anomalies along with the bedrock gold targets.
Reconnaissance Outcome:
The company collected 40 samples of selected intervals of historic RAB, Aircore, RC, as well as surface rock sampling for the initial reconnaissance of the surface. Zenith mentioned that it had identified a surface rock sample from a small exposure of pegmatite, and the lithium target is spodumene bearing lithium pegmatite. The lithium anomalous sample contains abundant mica and not necessarily indicative of spodumene bearing pegmatite at the surface.
The lithium content of the anomalous sample is substantial (0.39% of lithium oxide) and coupled with anomalous Caesium (106 parts per million) Rubidium (2270 parts per million), and Tantalum (35 parts per million) denote pegmatites capability to form spodumene mineralisation.
The company took a lower cut-off of 0.1% lithium oxide for the reporting of the anomalous samples.
Dulcie Heap Leach Gold Operations:
Zenith highlighted that the moderate west dipping Banded Iron Formation units hosts high-grade gold mineralisation. The significant results from the companyâs lease of the operations include:
6.0m @ 16.91 g/t of gold, 2.0m @ 32.73 g/t of gold, 2.0m @ 16.5 g/t of gold, 2.0m @ 15.40 g/t of gold, 5.0m @ 4.73 g/t of gold, 4.0m @ 4.90 g/t of gold and 9.0m @ 2.10g/t of gold.
Also, the company holds a 2-year option to explore for bedrock gold and lithium mineralisation on tenements covering DHLGO in exchange for surface laterite gold rights on the companyâs adjoining EL-E77/2388.
The shares of the company were trading at A$0.055 (as on 13th May, AEST 02:28 PM), up by 12.245%.
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