Zenith Minerals (ASX: ZNC) has increased the size of its 100% owned, highly prospective Split Rocks project landholdings to over 650 sqkm in the Forrestania greenstone belt. This emerging lithium district is host to SQM-Wesfarmers’ Mt Holland/Earl Grey lithium deposit containing 189Mt @ 1.5% Li2O, while also hosting significant gold, nickel and iron ore deposits.
· Zenith has further expanded its very strong ground position in the Forrestania belt, adjacent to SQM-WES’s Mt Holland/Earl Grey lithium deposit;
· Two new Exploration Licences successfully secured adding another 150 sqkm to Zenith’s 100% owned land position, taking total area to over 650 sqkm;
· Initial review of historical data for the 2 new licences and Zenith’s immediately adjoining existing tenure has highlighted extensions to known lithium and gold prospectivity and identified iron ore potential, with new targets including;
· Lithium – Thick pegmatites (up to 65m true width) recorded in logs of historical (1980’s) drill holes have not been analysed for lithium and associated elements,
· Gold – Parker South gold prospect has drill intersections incl. 10m @ 0.64g/t Au,
· Iron Ore – Wrathchild iron ore prospect ~15 km south of the Parker Range iron project which was recently purchased by Mineral Resources Ltd (ASX-MIN) for $20 million cash plus royalty. Wrathchild drilled with only 12 RC holes over approximately 1km strike of hematite enriched Banded Iron Formation (BIF) outcrop, best intersections include: 13m @ 56.9% Fe incl. 9m @ 58% Fe, and 27m @ 54.2% Fe incl. 12m @ 55.9% Fe.
Ongoing review of previous gold, nickel and iron ore exploration conducted on the area covered by the 2 new licences applied for by Zenith has identified several targets requiring immediate follow-up including historic exploration drill holes that intersected thick pegmatite bodies that were never analysed for lithium.
Additionally, review of the past data has highlighted potential for iron ore in near surface hematite enrichment of BIF horizons around 15km south of the Parker Range iron deposit which was purchased recently by Mineral Resources Ltd (ASX-MIN) in a $20m cash transaction.
The Wrathchild iron prospect located on Zenith’s wholly owned tenements consists of approximately 1km strike of outcropping hematite enriched BIF, which has been tested by only 12 RC drill holes to date.
Downhole intersections of over 50 metres grading +50% iron (Fe) were recorded, with better results including 13m @ 56.9% Fe incl. 9m @ 58% Fe, and 27m @ 54.2% Fe incl. 12m @ 55.9% Fe (WAMEX Open file reports a088038 & a099406).