Zenith Minerals (ASX: ZNC) today announced the assay results at the Chinook Prospect – Earaheedy zinc project confirming major zinc-lead discovery.
- Assay results from the first two drill holes, from a 26-hole program at the Chinook Prospect – Earaheedy zinc project in Western Australia, demonstrate near surface wide high-grade zinc-lead (Zn-Pb) mineralisation extends over 500m strike, remaining open in all directions. All 26 drill holes from the program of 26 intersected visual Zn-Pb mineralisation confirming a major zinc-lead discovery.
- Results from those first two holes include:
- EHRC050 – 34m @ 4.22% Zn + Pb from 66m depth, including 17m @ 6.5% Zn + Pb.
- EHRC044 – 21m @ 4.3% Zn + Pb from 61m depth.
- The Earaheedy zinc project is a joint venture between Zenith and Rumble Resources Limited (ASX:RTR). Zenith holds a 25% interest in the Earaheedy Joint Venture, with Zenith’s interest free carried until completion of a Bankable Feasibility Study.
- Details of the Earaheedy drill program and drill results are detailed in RTR:ASX Release dated 19th April 2021, appended to this release.
- RTR previously announced the discovery of shallow, flat-lying sandstone hosted zinc-lead mineralisation at the Earaheedy Joint Venture in 2 prospects Chinook and Magazine, located 10km apart. Results included: 11m @ 4.13% Zn+Pb, 12.8 g/t Ag from 61m (RTR:ASX Release 23rd January 2020).
- RTR advises that further drilling is expected to extend over approximately 12 months.
Commenting on the results announced Chairman Peter Bird said:
“These initial results from the Earaheedy JV Property appear to be exceptional, as announced by Joint Venture Partner Rumble Resources it is the intention that Rumble will aggressively progress the exploration activities on the property in an attempt to validate the Exploration Target estimate. Although at an early stage of investigation we are beginning to demonstrate that this project could be of very significant scale.
We will continue to be very supportive of these activities. Zenith retains a 25% Free Carried Interest in the Joint Venture to the point of Bankable Feasibility completion. In addition, both parties hold a Pre-Emptive Right over the counterparty’s respective equity stakes. Earaheedy is shaping up as a very exciting proposition for both parties.”