Zenith Minerals (ASX:ZNC) is pleased to release its Quarterly Activity Report for the period ending 30 June 2021.
MAJOR ZINC DISCOVERY EXPANDED & ONGOING EXPLORATION SUCCESS AT THREE CORE GOLD & COPPER PROJECTS
- Following the announcement in mid-April of a major zinc-lead discovery at Earaheedy in Western Australia – first phase follow-up drilling has now doubled the footprint of zinc mineralisation at the Chinook prospect to over 3km x 1.8km. Drill results from the followup phase include: 49m @ 2.45% Zn+Pb from 18m below surface (oxide) and 52m @ 1.78% Zn+Pb incl 8m @ 3.43% Zn+Pb from 126m to EOH (ASX Release 8-Jul-21).
- The initial 30,000m multi-rig drill program is now underway. The Earaheedy Joint Venture (EJV) comprises Zenith and Rumble Resources Limited (ASX:RTR). Zenith holds a 25% free carried interest in the EJV until completion of a Bankable Feasibility Study. Both partners hold a pre-emptive right.
- Develin Creek Copper-Zinc Project (Queensland, ZNC 100%). Strong massive copper-zinc sulphides intersected in twin hole program at Sulphide City incl: 34m @ 3.5% Cu+Zn and 29m @ 3.5% Cu+Zn (ASX Release 5-Jul-21). Eight drill targets ready for drill testing comprising approximately 40 holes are planned in the upcoming quarter.
- Red Mountain Gold Project (Queensland, ZNC 100%). Ongoing drilling continues to identify strong gold zones in step-out drilling. Results include: 21m @ 1.9 g/t Au incl. 2.0m @ 10.8 g/t Au (ASX Release 19-May-21). Gold mineralisation remains open at depth and is the focus of current step-out drilling.
- Split Rocks Gold Project (Western Australia, ZNC 100%). Results confirm and define new high-grade gold zones incl. 3m @ 70 g/t Au, 3m @ 17.9 g/t Au, 19m @ 1.6 g/t Au, 8m @ 4.8 g/t Au & 8m @ 4.1g/t Au (ASX Releases 21-Apr-21, 24-Jun-21 & 13-Jul-21). Drilling is set to continue in 2021 with a view to defining a resource.
- Cash balance of $1.85M at the end of the quarter. Zenith has announced a $6M capital raising via the issue of 27,906,977 ordinary shares post quarter end (ASX Release 30-Jul-21). Liquid investments held by Zenith worth approximately $7M include 3.8 million ASX:RTR & 43.9 million LON:BHL shares.