Zenith Minerals provides Tate River exploration update
Zenith Minerals (ASX: ZNC) has received results from a recent program of field work conducted at the Company’s Tate River gold-silver project located in north Queensland. Zenith is earning a 70% interest in the project.
· Assays received from recent fieldwork program at the Tate River project returned further encouraging gold results at the Far North and Big Reef Prospects;
· Mapping and sampling at Far North outlined gold rich quartz vein breccias and sheeted quartz vein zones over 1.2km of strike, and widths up to 13 metres with individual spot samples grading up to 0.86 g/t Au. The new gold results complement previous Zenith sampling results up to 1.67 g/t Au. The Far North zone is likely to extend further west beneath younger surficial cover sequence;
· Sampling along strike from the historic Big Reef gold prospect now defines gold rich quartz veins over 4km of strike. New gold and silver results from Zenith sampling returned up to 1.59 g/t Au and 74.3 g/t Ag supporting historic costean sample results up to 14.1 g/t Au;
· Systematic geochemical sampling along with detailed mapping of the Big Reef target is required, prior to drill testing, whilst systematic rock chip channel sampling is required to assist in drill target definition at the Far North prospect.
Zenith Minerals Limited (“Zenith” or “the Company”) is pleased to announce that it has received results from a recent program of field work conducted at the Company’s Tate River gold-silver project located in north Queensland. As previously announced (ASX Release 2nd August 2017) Zenith may earn up to a 70% interest in the Tate River gold project from private company Jumani Pty Ltd.
The Tate River gold project is located close to two known intrusion related gold deposits, it is 50km southwest of the Mungana/Red Dome gold deposit with total endowment of 3.2Moz gold and 11km southwest of the Mountain Maid gold deposit.
Excavator trenching by Zenith at the Guppy Strike prospect returned up to 5 m @ 3.92 g/t Au (ASX Release 21st September 2017).
New sampling, the subject of this ASX release, was focused in the Far North Prospect as well as at the new Big Reef target area located in the recently granted exploration permit for minerals that is to the south east of the existing licence.
Mapping and sampling at the Far North prospect outlined gold rich quartz vein breccias and sheeted quartz vein zones over 1.2km of strike, with widths up to 13 metres, with individual rock samples grading up to 0.86 g/t Au. This recent sampling compliments previous work by Zenith (refer to ASX release dated 2nd September 2018) that initially identified gold rich quartz veins zones hosted within mica rich schist and granite, grading up to 1.67 g/t Au. The gold rich quartz vein zone is likely to extend further west beneath a younger surficial cover sequence.
Sampling along strike from the historic Big Reef gold prospect now defines gold rich quartz veins over 4km of strike. New results to 1.59 g/t Au and 74.3 g/t Ag support historic costean sample results including 14.1, 13.0 and 2m @ 8.7 g/t Au. The quartz sulphide veins, hosted in mica schists based on surface mapping range from 1.5m to 5m in width (typically 2m) and have associated trace element geochemistry including strongly anomalous silver (Ag), bismuth (Bi), cadmium (Cd), copper (Cu), tellurium (Te), selenium (Se) & zinc (Zn).
Historic airtrack percussion drill holes at Big Reef returned encouraging drill results up to 3m @ 9.2g/t Au from surface, however the reader is cautioned that this type of open hole drill method is typically not suitable for sampling gold mineralisation and the result should be considered as encouraging but qualitative only.
Later RC drilling returned up to 3m @ 2.24 g/t Au from an adjacent and only hole orientated correctly to intersect the northeast dipping veins, whilst four other shallow RC drill holes appear to have been drilled down-dip and under the target quartz veins and are unlikely to have been an effective drill test.