Zenith Minerals (ASX: ZNC) has received results from a recent geophysical survey conducted at the Company’s 100% owned Red Mountain gold-silver project located in central Queensland. The Red Mountain project is located within ~100km of operating gold mines at Cracow and Mount Rawdon. In addition, the Company provides an update on several of its partnered projects.
· Red Mountain Gold Project – QLD
· Geophysical survey results provide strong support for gold target at the Red Mountain project in QLD;
· IP chargeability anomaly (likely to be associated with disseminated sulphides and/or clay alteration) occurs adjacent to zones of high-grade gold in previously announced surface results, including:
· High-grade gold in soils up to 2210 ppb Au (2.2g/t Au), with supporting results of 1600ppb Au, 550ppb Au and 320ppb Au;
· Gold and silver in rock sample results up to 2.01 g/t Au and 114 g/t Ag;
· Based on mapping, sampling and geophysical surveying it appears that gold mineralisation is focused on the margins of a previously unrecognized felsic volcanic breccia system; and
· Infill soil sampling has now been completed over the high-grade western anomaly; results expected in November.
· Earaheedy Zinc, Vivash Iron, Tate River & Talga Fault Projects
· Update on partner funded drill programs at Earaheedy Zinc and Vivash Iron and Tate River and Talga Fault projects terminated.
A zone of gold and silver mineralisation was discovered by Zenith in mid-2017 (ZNC ASX Release 25th July 2017). The maiden exploration program in 2017 at Red Mountain returned rock chip sample results up to 0.69 g/t gold and 114g/t silver.
Further field work by Zenith to follow-up these results returned highly encouraging gold and silver rock chip sample results up to 2.01 g/t gold and 52.5 g/t silver about 800 metres north of the best results from 2017 sampling.
In addition, systematic geochemical sampling outlined a large 2km by 1.5km zoned soil anomaly with peak soil gold result of 2.2 g/t Au, refer to ZNC ASX release 24th Sep 2019.
Results received from a recent geophysical survey completed by consulting group Planetary Geophysics at Red Mountain defined multiple medium strength chargeability (10mv/v) anomalies, likely to be caused by the presence of sub-surface disseminated sulphides or clay alteration zones, coincident with the margins of the recently mapped felsic volcanic breccia complex.