Zenith Minerals’ shares zoom after drill results show encouraging signs

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Zenith Minerals’ shares zoom after drill results show encouraging signs

 Zenith Minerals’ shares zoom after drill results show encouraging signs
Image source: © Adwo | Megapixl.com

Highlights

  • The latest update includes results from the initial 50 of the 150-hole drilled during the recently concluded RC program.
  • The results demonstrate the continuity of gold-mineralised trends near the surface on the ~1km N-S trending strike.
  • Stocks of the company have surged over 40% since the announcement of a lithium joint venture.

Continuing its share price rally on the fourth consecutive trading day, Zenith Minerals Limited (ASX:ZNC) announced drill results for the Split Rocks gold project.

Shares of Zenith Minerals surged 3.85% to AU$0.405 a share. The stocks of the company have surged over 40% since the announcement of a lithium joint venture with EV Metals.

Assay results extend superficial gold zone

The latest update includes results from the initial 50 of the 150-holes drilled during the recently concluded RC program. The drill program targeted as many as 6 prospects with the drill results from Dulcie Far North demonstrating the continuity of gold-mineralised trends near the surface on the ~1km N-S trending strike.

The initial 4m composite assay results from Dulcie Far North included -

  • 12m @ 2.9 g/t Au
  • 8m @ 1.8 g/t Au, including
    • 4m @ 3.1 g/t Au
  • 8m @ 1.7 g/t Au, including
    • 4m @ 2.8 g/t Au
  • 3m @ 2.8 g/t Au

As many as 7 other shallow drill holes intersected gold mineralisation with grades exceeding 0.4 g/t Au.

Mick Clifford, CEO of Zenith Minerals, commented on the drill results -

“We are very pleased that drilling from one of our existing gold projects, Split Rocks, has continued to deliver highly encouraging results with further near-surface gold mineralisation intersected at Dulcie Far North. These new results are from the first batch we have received from the large drill program completed late last year, assays from a further 100 holes are still outstanding.

The new results better define the zone of near-surface gold mineralisation at Dulcie Far North and set up targets for deeper RC drill testing in the bedrock. We are fortunate to have an RC drill rig booked to commence work at Split Rocks in late January and look forward to continued gold exploration success on this project.”

Gold Targets and Drill locations at Split Rocks Source: Zenith Minerals 18 January 2022

The targeting exercise by Zenith’s geological team had initially delineated 12 high-quality gold drill targets at Split Rocks and later expanded it to 18 targets. So far, as many as 14 targets have been drill tested returning excellent first-pass results at 6 prospects. Previously in September, Zenith had announced gold intersections with grades up to 19.8 g/t Au at Dulcie Far North. Some of the significant results from September include -

  • 4m @ 10.2 g/t Au (eoh), incl
    • 2m @ 19.8 g/t Au (eoh)
  • 9m @ 1.8 g/t Au incl
    • 2m @ 6.2 g/t Au
  • 8m @ 1.1 g/t Au incl
    • 2m @ 3.2 g/t Au

Next Steps and follow-up RC drilling program

Assay results of the 100 remaining holes drilled on the adjoining Dulcie North, Scott’s Grey, Water Bore, British Hills East & Estrela prospects, are pending. The RC drilling is anticipated to recommence in late January 2022 to better define and extend gold mineralisation at the bedrock of Dulcie Far North along with Dulcie Laterite Pit, Dulcie North, & Water Bore.

The follow-up RC drill program may be extended depending on the results from Scott’s Grey, British Hills East & Estrela.

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