Zenith Minerals (ASX:ZNC) has acquired the remaining 49% of the Develin Creek Copper-Zinc-Gold-Silver Project in Queensland. Develin Creek, which contains a JORC-2012 Inferred Resource of 2.57Mt at 2.62% CuEq, is a massive sulphide project similar in geology to DeGrussa and Jaguar-Bentley. The remaining interest was acquired for $60k from 4DS Memory Limited, a former explorer now tech company.
- Two new 100% owned tenements covering 333 square kilometres (40km of strike) of lithium prospective rocks in north Queensland – Pollappa Project;
- Area targeted using in-house Company methodology to assess the lithium fertility of host rock sequence and granites Australia wide;
- Highly anomalous lithium values grading: 0.50% Li2O, 0.48% Li2O, 0.46% Li2O and 0.40% Li2O from Holroyd Group metamorphic rock samples, located centrally within the new application areas;
- Majority of previous exploration focused solely on base metals and gold exploration despite the description of mapped pegmatites and lepidolite occurrence in the belt;
- Zenith’s geologists believe that the new application area is prospective for lithium mineralisation; and
- Upon grant of tenure initial surface mapping and surface sampling to precede planned drill testing.
Zenith Minerals Limited (“Zenith” or “the Company”) is pleased to advise that it has secured a large area (333 square kilometres) of 100% owned exploration permit for minerals applications (EPMA’s) in north Queensland, Pollappa Lithium Project.
An initial area was applied for in early July 2016 following the recognition by the Company that the region contained lithium enriched granites (Kintore Supersuite) and lithium mineralised rocks with samples returning highly anomalous lithium values grading: 0.50% Li2O, 0.48% Li2O, 0.46% Li2O and 0.40% Li2O, from schist samples (not pegmatites) ascribed to the Holroyd Group metamorphic rocks. Those samples were documented in an Australian Federal Government geochemical sampling database of 50,000 records that were assessed by the Company as part of its Australia wide lithium project generation study. The initial EPMA area was subsequently augmented by a second larger EPMA in early August after the lifting of a statutory moratorium period by the Queensland Department of Natural Resources and Mines following the relinquishment of an earlier EPM (Figure 1).
Compilation of historic exploration activity over the licence area is ongoing but to date the majority of previous exploration reviewed is surface sampling focused on base metals and gold exploration, with no evidence of any lithium analyses during past exploration programs, nor any significant bedrock drilling programs. Importantly regional geological mapping references also describe pegmatites within the Holroyd Group rocks that are the main rock sequence occurring within the Pollappa EPMA’s.
The Company also notes a description of the presence of the lithium bearing mica lepidolite within the Holroyd Group in an ASX announcement on 26th July 2016 by Lithium Australia Limited, which has also applied for tenure in the region (subsequent to Zenith’s initial application).
Zenith’s geologists believe that the new application area is prospective for lithium mineralisation. Following completion of the review of past exploration, initial surface mapping and sampling is planned prior to drill testing.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Zenith Minerals Limited. Mr Clifford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.