Zenith Minerals Limited - March Quarterly Report

Zenith Minerals Limited - March Quarterly Report

Zenith Minerals $ZNC announces more lithium results from Mt Alexander in its March quarterly report. Grades ranged from 3.38%-4.05% Li2O. Field work during June quarter will sample new areas at Mt Alexander, Smiths Bore and Mt Minnie for lithium-bearing pegmatites. Zenith also announced that Teck intends to conduct trial drilling of the Kavaklitepe Gold Project in Turkey, which has previous continuous rock chip samples including 54m @ 3.33g/t Au.

Highlights - Exploration and Development

Mt Alexander Lithium WA (100%)

  • Seven rock chip samples with lithium oxide assays ranging from 3.38%Li2O to 4.05% Li2O from lepidolite rich pegmatite dyke (ASX Release 2 nd February 2016);
  • Pegmatite dyke that has been sampled is one of more than 100 pegmatite and granite dykes that form a 2 kilometre x 2.5 kilometre radiating dyke swarm within Zenith tenure; and
  • Surface mapping and sampling to commence late April 2016.

Smith Bore Lithium WA (100%)

  • New 100% owned exploration licence applied for over the northwest portion of the Shaw River tin-tantalum pegmatite field in the Pilbara region of Western Australia (ASX Release 16th March 2016). Zenith’s geologists believe that the area is prospective for lithium mineralisation of a similar style to that at the nearby Pilgangoora pegmatite field, located 75km to the northwest.

Kavaklitepe Gold Project Turkey

  • A Turkish affiliate of Teck Resources Limited (“Teck”) commenced detailed geological mapping and ground magnetic surveying during the quarter;
  • Permits received for 60 day man-portable diamond drilling trial, initial drilling planned to commence in late April 2016 to test the project where continuous rock chip samples returned: 54m @ 3.33g/t gold and 21m @ 2.67g/t gold and individual rock chip samples included: 28.2 g/t, 21.7 g/t and 6.7 g/t gold within three large highorder gold in soil anomalies with locally coincident geophysical chargeability anomalies (soil results up to 6.05 g/t gold).

Mt Minnie Gold Project WA (100%)

  • Trenching and drilling planned to test the Woods Prospect where soil geochemical sampling defined a 200m x 200m gold in soil anomaly (ASXRelease 26th October 2015) coincident with and extending east of Zenith’s high-grade gold rock chips (up to 11.4g/t gold).

Develin Creek Copper-Zinc-Gold-Silver Massive Sulphide Project Queensland (51% with right to acquire 100%):

  • Field check of the new soil geochemical anomaly at Wilsons South prospect (coincident bedrock conductor defined by airborne HeliTEM survey) confirms robust drill target. Target in the same rock sequence as the Company’s existing Inferred Mineral Resources (JORC 2012) (2.57Mt @ 1.76% copper, 2.01% zinc, 0.24g/t gold and 9.6g/t silver); and
  • A further 1500 geochemical samples taken as part of regional screening program.

Lithium Project Generation

  • The Company is assessing the lithium potential of its entire tenement portfolio as well as new lithium target opportunities internationally. Field work on 100% owned Pilbara (Cardinals) and Gascoyne (Mt Minnie) projects to commence late April 2016. In addition detailed due diligence is in progress on several new lithium projects.

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