Zenith Minerals : Best Drill Intersection To Date At Earaheedy Zinc Project

Our Vision

31st January 2022

only	Corporate Details
Zenith Minerals Limited (ASX:ZNC)
	ABN: 96 119 397 938
I sued Shares		343.8M
Unlisted options		14.4M
Mkt. Cap. ($0.36)		A$124M
Cash (31st Dec 21)		A$4.4M*
Equities (31st	Dec 21)	A$9.1M
use				Nil
Debt
*Excludes $6M placement to EVM
(ASX Release 13-Jan-22)
personal		Directors
Michael Clifford	Director-CEO
Stan Macdonald	Non-Exec Director
Julian Goldsworthy Non-Exec Director
Nicholas Ong		Co Sec
Nick Bishop………..CFO
Major Shareholders (31st Dec 21)
Directors			3.4%
HSBC Custody Nom.	9.4%
Citicorp Nom			9.0%
BNP Paribas Nom		5.8%
Granich				3.7%

For
Zenith has a vision to maximise
shareholder value	through	superior
project	generation	and exploration
activities.
Focus is on 100% owned Zenith
projects,	whilst	partners	progress
multiple additional opportunities.
Contact Us
Level 2, 33 Ord Street
WEST PERTH WA 6005
PO Box 1426
WEST PERTH WA 6872
Telephone:	[phone]

Email:[e-mail]

Web:www.zenithminerals.com.au

BEST DRILL INTERSECTION TO DATE AT

EARAHEEDY ZINC PROJECT

Drilling at the Earaheedy Joint Venture (EJV) Chinook feeder fault zone, now named Kalitan Zone, has returned the best drill intersection in the project to date:

• 51m @ 4.76% Zn+Pb from 82m (EHRC370)

• incl 20m @ 8.78% Zn+Pb, 11.7 g/t Ag

1. incl 8m @ 14.61% Zn+Pb, 17.7 g/t Ag

The new drill result is in addition to those recently announced to ASX on the 21st December 2021, within the Kalitan Zone, including EHRC136 which was drilled 850m to the southeast. That returned:

• 10m @ 6.57% Zn + Pb, 16.24 g/t Ag from 200m, within broad zone of 84m @ 1.84% Zn+Pb to end of hole.

Mineralisation currently defined over a strike length of 2.3km with assays awaited for holes EHRC129, 361, 408, and 420, which are also interpreted to intersect the Kalitan Zone.

Kalitan high-grade feeder fault mineralisation lies below the recently discovered flat-lying, extensive (4.1km long x 1.9km wide) Chinook zinc-lead mineralisation.

In addition, geological evidence supports potential for the discovery of additional deeper, large-scaleCu-Zn-Pb-Ag deposits below the extensive, flat-lying style mineralisation discovered to date, at Chinook, Tonka and Navajoh prospects and below the Kalitan Zone.

Drilling is set to recommence on the joint venture project area with RC and diamond drill rigs targeting the Kalitan mineralisation and deeper prospective geological horizons.

Commenting on the new Earaheedy JV drill results CEO Mick Clifford said: "I am delighted to report that thick, high-grade zinc-leadmineralisation has continued to be intersected at the Chinook feeder fault zone, now named Kalitan Zone. The new drill result is the best zinc-leadintersection returned to date from the project. It sets up an exciting year of ongoing work to unlock the potential of this particular target, one of four exciting zinc-leaddiscoveries made in 2021 within the joint venture project area."

For further details on today's results refer to the appended RTR ASX Release dated 31 January 2022.

Earaheedy Joint Venture Project Background

Zenith Minerals Ltd (ASX: ZNC) owns a 25% free carried interest in the EJV whilst Rumble owns 75%. The project area (E69/3464) covers the contact between the overlying Frere Iron Formation and underlying Yelma Formation of the Earaheedy Basin.

onlyIn April 2021 the EJV partners each announced a major Zinc-Lead Discovery with 'Tier 1' potential at the Earaheedy Project (refer ASX Release 19-Apr-21) and followed this up announcing a Large Sedex Style System Emerging at the Earaheedy Project (ASX Release 25-May-21). There are 2 main prospects within the EJV, Chinook and Magazine that lie 12km apart which are now joined by mineralisation at Tonka, Navajoh and in a Feeder Fault below the Chinook mineralisation.

Within the broader region, Zenith in its own right controls 100km of prospective mineralised strike which also has the p tential to contain multiple large tonnage Zn - Pb deposits (Figure 1).

usepersonal

For	Figure 1: ZNC Earaheedy Joint Venture Project and 100% Owned ZNC Tenure

The 2021 drilling program was expanded to over 50,000m, primarily to further drill and scope the new Tonka discovery zone (ASX Release 13-Dec-21 & 21-Dec-22). Late Dec-21 results for a further ninety (90) holes for 13,959 metres were reported on with assay results returned for 28,144m of drilling (approximately 56% of the planned 2021 drilling campaign). In addition to this announcement, the final sets of drilling results are expected by February-March 2022.

TONKA DISCOVERY

1. new zone of flat lying Zn-Pb-Ag mineralisation at Tonka was discovered 8km southeast of the Chinook Zn-Pb-Ag discovery, during exploration drilling testing the wider potential of the joint venture ground (ASX Release 13-Dec-21). Key attributes of Tonka include:

A new Zn-Pb mineralised zone intersected on one key drill section and in sparse step-out drilling, covering an initial footprint of 1.7km x 1km, remining open in all directions.

Mineralisation style is flat lying near surface - like that at the Chinook Zn-Pb-Ag discovery, where drilling is ongoing.

• Results include:

• 22m @ 4.27% Zn+Pb, 5.4 g/t Ag from 110m

only	• 10m @ 3.93% Zn+Pb, 4.34g/t Ag from 84m
	• 5m @ 5.03% Zn+Pb, 9.74g/t Ag from 101m

NEW FEEDER FAULT ZONE*

Interpreted high-grade feeder fault mineralisation intersected below the recently discovered flat-lying, extensive (4.1km l ng x 1.9km wide) Chinook zinc-lead mineralisation.

• Currently defined by 3 holes over 1.7km strike length

• New drill results include:

• 10m @ 6.57% Zn + Pb, 16.24 g/t Ag from 200m, within broad zone of 84m @ 1.84% Zn+Pb to end of hole.

• 17m @ 3.08% Zn+Pb

• 6m @ 6.57% Zn+Pb

Metal zonation (Cu-Co-As-Ag), mineral alteration and geological architecture supports potential for deeper large-scale
useCu-Zn-Pb-Ag deposits below the extensive, flat-lying, unconformity style mineralisation discovered to date, at Chinook,
Tonka and Navajoh.
personal
NEW CHINOOK RESULTS*
O going RC drilling at the western end of Chinook returned further encouraging infill results, including:
	• 8m @ 3.67% Zn + Pb, 4.10 g/t Ag from 74m (EHRC297)
	• 8m @ 3.65% Zn + Pb, 8.03 g/t Ag from 128m (EHRC197)
	• 17m @ 2.91% Zn + Pb, 2.29 g/t Ag from 110m (EHRC206)
	• 5m	@ 4.54% Zn + Pb, 4.24 g/t Ag from 110m (EHRC113)
	• 6m	@ 3.48% Zn + Pb, 37.00 g/t Ag from 59m (EHRC159)
	• 5m	@ 5.53% Zn + Pb, 3.56 g/t Ag from 79m (EHRC159)

NEW MINERALISED ZONE DEFINED AT NAVAJOH*

Mineralised zone discovered at Navajoh, located 4km southeast of the recent Tonka Discovery (ASX Release 13-Dec- 21).

Fi st pass drilling on a single traverse intersected significant flat lying Zn-Pb-Ag sulphide mineralisation, like that at the Chinook and Tonka Prospects. New drilling results include:

For
• 5m @ 6.38% Zn + Pb, 6.3 g/t Ag from 123m (EHRC280)
• 3m	@ 6.15% Zn + Pb, 10.63 g/t Ag from 132m (EHRC281A)
• 4m	@ 4.18% Zn + Pb, 3.57 g/t Ag from 106m (EHRC291)
• 9m	@ 2.75% Zn + Pb, 2.71 g/t Ag from 157m (EHRC285)

2022 PLANNED PROGRAM SUMMARY*

Diamond core drilling planned to further test the major 1.7km long feeder fault zone intersected at Chinook, confirm structural information regarding inferred feeder faults, provide further support for the interpretation of large-scalemetal zonation within the Project area and collect material for sighter metallurgical test-work.

RC drilling to further scope size and grade of Chinook, Tonka, Magazine and Navajoh prospects to define the limits of mineralisation and infill within the discovery areas within the ZNC - JV tenement E69/3464.

*Refer to Rumble Resources Limited ASX Release dated 21-Dec-21for details

Sonic drilling - provided superior recoveries in holes EHS001 and EHS002 compared to diamond drilling within the Navajoh Unconformity Unit supporting the operators's decision to restart the Sonic program in 2022. This material will be utilised in further metallurgical test work. In addition, sonic drilling will also be used to test all areas

onlyof oxide mineralisation.

Metallurgy - Initial sighter test work has commenced

For usepersonal

ABOUT ZENITH

In addition to its lithium assets at Split Rocks and Waratah Well, part of the Zenith Lithium Joint Venture with EV Metals Group, Zenith Minerals Limited has a portfolio of gold and base metal assets in Western Australia and Queensland.

onlyA new major zinc discovery at Earaheedy in Western Australia is to be fast tracked with extensive accelerated exploration programs underpinned by a recent $40M capital raising by partner Rumble Resources Limited (ASX:RTR) (ASX Releases 28-Apr-21,2-Jun-21,8-Jun-21,18-Oct-21,13-Dec-21 and 21-Dec-21).

In Queensland an Inferred Mineral Resource 2.57Mt @ 1.76% Cu, 2.01% Zn, 0.24g/t Au & 9.6g/t Ag (ASX Release 15-Feb-15) underpins the Company's Develin Creek massive copper-zinc sulphide project. Recent 2021 drilling intersected massive copper-zinc sulphides at 2 new prospects, Wilsons North & Snook, a testament to the prospective nature of the extensive landholdings.

useAt Red Mountain in Queensland, drilling programs are planned to follow-up the high-grade near surface gold and silver intersected in Zenith's maiden & subsequent drill programs (ASX Releases 3-Aug-20 & 13-Oct-20,9-Nov-20,21-Jan-21 and 19-May-21).

Drilling returned high-grade near surface gold mineralisation at multiple targets in the Split Rocks gold project in the Western Australian goldfields (ASX Release 5-Aug-20,2-Sep-20,19-Oct-20,28-Oct-20,15-Jan-21, 11-

Mar-21,21-Apr-21,24-Jun-21,30-Sep-21 and 18-Jan-22).

personalTo allow the Zenith team to focus on EV-metal project generative activities, it is planned that the non- EV-metal projects, including base metals and gold assets will be demerged into one or more new

companies to be listed on ASX. Any such demerger will be subject to ZNC Board approval, tax advice favourable to the Company, shareholder, ASX, ASIC and other regulatory approvals. ZNC shareholders to benefit by way of an in-specie distribution of the shares in the new listed vehicle/s. Further updates and information on the Demerger will be provided by Zenith in due course (ASX Release 13-Jan-22).

For further information please refer to the Company's website or contact the Company directly.

Authorised for release by the Zenith Minerals Limited Board of Directors - 31 January 2022

For further information contact Zenith Minerals Limited:

Director: Michael Clifford

E: [e-mail]

Phone [phone]

ForCompetent 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.

Material ASX Releases Previously Released

The Company has released all material information that relates to Exploration Results, Mineral Resources and Reserves, Economic Studies and Production for the Company's Projects on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release and that the material assumptions and technical parameters remain unchanged.