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Zenith Minerals (ASX:ZNC) on course to pursue its golden dreams at Red Mountain

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Summary

  • Zenith Minerals Limited holds a highly prospective project portfolio in mineral-rich Australian regions.
  • ZNC’s Red Mountain Gold Project sits within a very prospective and proven region. The project has returned encouraging results from various drilling programs.
  • ZNC has recently commenced second phase diamond drill program at the project.
  • The aim is to chase a commercial-scale gold inventory, which can deliver significant value.

Gold and copper explorer Zenith Minerals Limited (ASX:ZNC) is focused on unlocking the extensive potential of its prolific land assets across Tier-1 regions of Australia. Backed by its team of established project finders, the company intends to achieve its goal of building a gold and base metals business.

The company is very active on four projects (three gold and one copper) in Australia which are - Red Mountain Gold Project in Queensland, Split Rocks Gold Project in WA, Jackadgery Gold Project in New South Wales, and Develin Creek Copper-Zinc Project in Queensland.

PREVIOUS UPDATE: Zenith Minerals’ (ASX:ZNC) Shares Rocket After Drilling Confirms New Gold Zones at Split Rocks  

Let’s explore in detail the developments of ZNC at its 100% owned Red Mountain Project.

Encouraging High-Grade Results from 2020 Drill Programs 

The project is located within 100km of operating gold mines at Cracow and Mount Rawdon. The gold mineralisation at the project is believed to be similar to established large-scale commercial gold deposits in the region.

Location of Red Mountain Project (Source: Company Announcement 21 January 2021)

The Company received highly encouraging near-surface high-grade gold results through maiden and subsequent drill programs finalised at the project during 2020.  

Few of the significant results included:

  • 13m @ 8.0 g/t Au & 3.2 g/t Ag from surface
  • 15m @ 3.5 g/t Au, incl. 2m @ 22.4 g/t Au
  • 5m @ 10.4 g/t Au
  • 12m @ 4.9 g/t Au

Head Start to 2021 with Encouraging Results

The Company marked a major milestone at the beginning of the current year with the receipt of highly encouraging results from the first phase of diamond drilling, which confirmed the extensive visible gold and strong gold grades.

The initial drilling results provided an extension to the high-grade gold zone to 180 vertical metres while gold mineralisation remained open at depth with focus on drilling that began in February 2021.

Gold Zones, Targets and Cross Section Location (Source: Company Announcement 21 January 2021)

DID YOU READ: Zenith Minerals (ASX:ZNC) eyes an exciting 2021 with three projects in progress

Second Phase Drilling Program commenced

Last month in February 2021, the Company kicked off second phase diamond drill (DD) program at the project.  

The follow-up campaign would commence step-out drilling to test the depth extents of gold mineralisation. Initially, ZNC had planned four diamond drill holes in the first phase of this program.

After the work at Red Mountain is wrapped up, the Company plans to mobilise the drill rig to its Develin Creek Copper-Zinc Project with a view to providing time for obtaining assays from the Red Mountain drill core.

INTERESTING READ: Meet the Stalwarts at the Helm of Zenith Minerals

The Company is optimistic that the significant nature of the gold mineralisation intersected through this drilling would play a pivotal role in further advancement of the Red Mountain gold project.

All in all, ZNC is fully focused on its 100% owned projects and looks forward to making further encouraging discoveries at these assets.

ZNC was trading at AUD0.120 on 29 March 2021 (AEDT 10:51 AM), with a market capitalisation of AUD35.2 million.

IMPORTANT UPDATE: Zenith Minerals’ (ASX:ZNC) Shares Zoom Up on Copper Exploration Update


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