Zenith Minerals (ASX:ZNC) is pleased to announce that ongoing technical work at Red Mountain has defined two very meaningful drill targets.
- Recent modelling of geophysical data and integration of geological information defines a new drill target in the centre of the Red Mountain gold project breccia pipe in Queensland.
- A discrete strong magnetic core zone lies below the surface outcrop where rock chip results returned strongly anomalous assays including 0.3% Cu, associated with visible copper minerals.
- In addition, a strong induced polarisation (IP) chargeability anomaly encircles the breccia pipe and forms a 1200m long halo to the magnetic core (Figure 1) confirming potential for gold mineralisation to occur right around the circumference of the breccia pipe system.
- The Company will now drill test the magnetic core zone as part of the ongoing Red Mountain gold drilling campaign.
- The ongoing program has completed a further 3 holes on the western high-grade gold zone with a 4th hole in progress. Drill core cutting and processing in progress, with assay results pending.
Commenting on the new target, Chairman Peter Bird said:
“As illustrated in the attached images the ongoing technical work at Red Mountain has now defined two very meaningful drill targets. These can be subdivided as follows:
The first is totally new and is within the core of the breccia pipe and is interpreted to be a copper dominant target. This is illustrated as the red magnetic anomaly in the attached images. The second is an extension to the western gold discovery and wraps around the margins of the breccia pipe for approximately 1200m, pushing down to over 300m depth. This is interpreted to be a gold dominated target. To date drilling for gold has only focussed on the western margin of the breccia pipe for a lateral distance of 300m. Whilst these are early-stage developments, it is very exciting as Red Mountain may be much more than just a discrete high-grade gold discovery. Drilling is ongoing to test these targets”.
New Copper-Gold Drill Target – Magnetic Anomaly Breccia Core
A strong discrete magnetic anomaly has been defined in the core of the breccia pipe by the recent detailed drone magnetic survey. Comparison with the results of the recently completed IP survey show that the magnetic core within the breccia complex is located within a broad circular resistivity low and is surrounded by the donut ring of high chargeability. A mafic breccia with diorite, monzodiorite and monzonite clasts with magnetite, chalcopyrite (copper-sulphide) and malachite (copper-oxide) was mapped at a point within the main rhyolite breccia body where the magnetic model projects closest to surface. Assays of the rock returned up to 0.3% Cu.
A drill test is planned for the magnetic core zone as it represents a strong coppergold target. The work will be completed as part of the ongoing Red Mountain gold drilling campaign.