Zenith Minerals (ASX: ZNC) has commenced the second phase diamond drill program (drill holes up to a maximum depth of 400m) at the company’s 100% owned Red Mountain gold project in Queensland.
Ongoing exploration activity at the Red Mountain gold project is continuing to provide highly encouraging high-grade gold drill assay results (refer to ASX release 21-Jan-21).
Drilling to date has outlined a discrete sub-vertical high-grade gold zone (Western Zone) to a vertical depth of 180m. The zone remains open at depth and drill holes in this program will test for gold mineralisation to 300m below surface.
High-grade gold was intersected in both the most recently completed diamond drill holes (ZRMRD038 and 040) with individual assays peaking at 34.2 g/t Au and 10.4 g/t Au respectively. Results were particularly strong in hole ZRMRD040 with zones of high-grade gold intersected from 111m down hole to the end of hole at 201.7m.
Gold mineralisation appears to be associated with a stockwork of base metal stringer veins in altered diorite, granodiorite and granite with 5 separate occurrences of visible gold confirmed by assay results.
During 2020 the Company intersected high-grade near surface gold in the maiden and subsequent drill programs at the Red Mountain gold project (ASX Releases 3-Aug-20 & 13-Oct-20, 9-Nov-20, 21-Jan-21), including:
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; and
5m @ 10.4 g/t Au, and • 12m @ 4.9 g/t Au.
The current follow-up diamond drill program will commence step-out drilling to test the depths extents of gold mineralisation. An initial 4 diamond drill holes up to 400m depth will form the first part of this campaign. Drilling is anticipated to take approximately 3 weeks with assay results a further 3 weeks hence. Following completion of this work at Red Mountain it anticipated the rig will be mobilised to the Company’s Develin Creek copper-zinc project, to enable time for assays results to be received for the Red Mountain drill core.
Commenting on the diamond drilling program at Red Mountain, Executive Chairman Peter Bird said:
“Should this round of much deeper drilling intersect gold mineralisation of a similar type to that in ZRMR040 (where free gold was identified in five separate intersections) then we will be at a very positive and pivotal point for the Red Mountain gold project. We are currently very confident that we are drilling a breccia pipe system which is mineralised. The trick now is to chase a commercial scale gold inventory which has the potential to add significant value to the business.”