Zenith Minerals (ASX:ZNC) commences drilling at Waratah Well Lithium Project

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Zenith Minerals (ASX:ZNC) commences drilling at Waratah Well Lithium Project

 Zenith Minerals (ASX:ZNC) commences drilling at Waratah Well Lithium Project
Image source: Zenith Minerals Investor Presentation May 2022

Highlights

  • Drilling has recommenced at the Waratah Well lithium project.
  • The drilling program is expected to take over three weeks to conclude and assay results can be received some 4 to 6 weeks after that.
  • Four holes drilled on the 4m long zone at the Waratah Well project have intersected strongly anomalous grades of lithium.

Shares of Zenith Minerals Limited (ASX:ZNC) increased 2.78% after the company announced the recommencement of drilling at the Waratah Well lithium project.

Four holes drilled on a 4m long zone at the Waratah Well project have intersected strongly anomalous grades of lithium. Two of the northwestern holes returned –

  • ZWWRC004 - 12m @ 0.30%Li2O
  • ZWWRC002 - 8m @ 0.22% Li2O

Mineralisation is a mixture of holmquistite and trilithionite, which are different from the targeted mineral of spodumene, but confirm the presence of lithium-caesium-tantalum (LCT) pegmatite dykes.

Must Read: Zenith Minerals (ASX:ZNC) announces high-grade results at Earaheedy Project

Zenith Minerals Executive Chairman David Ledger commented:

“It is extremely pleasing to see another drilling program running at Waratah Well to follow up the encouraging results that were delivered from the last campaign, undertaken in January of this year. This, coupled with the planned program to accelerate exploration activity at Split Rocks, demonstrates the continued commitment of our joint venture partner, EV Metals Group, to extensively explore both our lithium projects pursuant to the agreement executed in January 2022. Additional permits are being finalised to run a more significant drill program across Split Rocks.”

The area to the east and north of the lithium-mineralised drill holes has a soil cover with no outcroppings. The area has now been recognised as the priority zone and four fences of RC drill holes have been planned on an additional 2km x 1.5km area for pegmatites under the soil cover.

Must Read: Lithium and Tantalum intersected at Zenith Minerals’ (ASX:ZNC) Waratah Well

The drilling program is expected to take over three weeks to conclude and assay results can be received some 4 to 6 weeks after that.

The Waratah well project is situated in the Murchison Region of Western Australia. The project is part of the Zenith Lithium Joint Venture with EV Metals Group.

  • Tantalum and locally lithium-bearing pegmatite sills and dykes crop out on a 3km x 2km area with a thickness of 0.5m to 21m.
  • Lithium grades in rock chip samples ranged up to 2.09% Li2O in the north-western portion of the target area.
  • At the north-eastern end of the pegmatite outcrop area, 14 closely spaced stacked dykes occur and have returned tantalum grades of 262, 299, 360, 366, 421 & 573 ppm Ta2O5 in the surface composite rock-chip sampling.
  • Another area of dykes had returned tantalum grades of 207, 250, 323, 518, 616, 1184 ppm Ta2O5.
  • A third zone of narrower dykes occurs in the northwest section of the pegmatite belt but with extremely high grades of 708, 995, 1007, 1166 and 1221 ppm Ta2O5.

The primary lithium target will be drilled for blind lithium spodumene mineralisation that is hidden beneath tantalum-bearing dykes. This geological architecture is similar to that at the Bald Hills lithium mine.

Also Read: Zenith Minerals (ASX:ZNC) widens mineralised footprint at Earaheedy

The Waratah Well Lithium Target with Proposed Drill Lines Source: Zenith Minerals Limited announcement 18 May 2022

ZNC & EVM’s partnership

Earlier this year, Zenith entered into a partnership with EV Metals to focus on lithium and battery minerals. Currently, the two partners prioritise exploring and developing the Split Rocks and the Waratah Well lithium projects.

Location of Zenith-EVM JV Projects Source: Zenith Minerals Limited announcement 18 May 2022

As per terms of the partnership, EV Metals would solely fund the entire expenditure towards the lithium projects up to the completion of the feasibility study in next 24 months. EVM will take up a 60% stake in the lithium projects while the remaining 40% interests would be held by Zenith.

Going forward, Zenith intends to demerge its gold and base metal projects into one or more companies to be listed on the ASX upon securing shareholder, Board and regulatory approvals.

Read Here: Zenith Minerals (ASX:ZNC) commences a dual-purpose drill program at Split Rocks

ZNC traded at AU$0.37 a share with a market capitalisation of AU$123.8 million on 18 May 2022.

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