ZENITH MINERALS LIMITED 7th February 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: | (08) 9226 1110 |
Email:info@zenithminerals.com.au
Web:www.zenithminerals.com.au
DRILLING COMMENCED ON HIGH-GRADE KALITAN FEEDER ZONE - EARAHEEDY ZINC PROJECT
RC drilling has commenced on the recently discovered Kalitan Feeder Zone which has been designed to infill and extend the shallow high- grade sulphide Zn-Pb mineralisation which has been defined over a length of 2.3km and remains open along strike and at depth.
Diamond drilling has concurrently commenced, and will target other high-grade sulphide Cu-Zn-Pb-Ag mineralisation styles deeper in the Kalitan Feeder Zone.
Drill assays for 50% of the 50,000m drill program completed in 2021 remain pending, including completed holes EHRC129, 361, 408, and 420, which are interpreted to intersect the Kalitan Feeder Zone.
The Discovery of the Kalitan High-Grade Zinc Feeder Zone was announced to ASX on 31 January 2022. Key points of this discovery include:
High-grade feeder fault mineralisation lies below the recently discovered flat-lying, extensive (4.1km long x 1.9km wide) Chinook zinc-lead mineralisation.
Recent drilling 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
- incl 8m @ 14.61% Zn+Pb, 17.7 g/t Ag
The wide high-grade zinc intercept in hole EHRC370 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.
Geological evidence supports potential for the discovery of additional large-scaleCu-Zn-Pb-Ag deposits in prospective rock sequences below current drilling depths. This is the target of current diamond drilling.
Today our Earaheedy joint venture partner, Rumble Resources noted that
"Since the shallow large-scale Chinook discovery in April 2021, a 50,000m scoping drill program has uncovered a rapidly expanding world class scale Zn- Pb-Ag-Cu base metal system, with the drilling continuing to make near surface large-scale & high-grade discoveries along with identifying new large scale deposit type targets at depth, confirming the province-scale base metal potential at Earaheedy".
Commenting on the start of the 2022 Earaheedy joint venture work program CEO Mick Clifford said: "I am very pleased that Rumble have moved quickly to aggressively scope out the scale of the thick, high-grade zinc-leadmineralisation identified in the Kalitan Zone. The planned work programs will ensure there is
continuing ongoing news flow, as the partners work to unlock the potential of the four exciting zinc-lead discoveries made in 2021 within the joint venture project area."
For further details on today's results refer to the appended RTR ASX Release dated 7 February 2022.
onlyEaraheedy 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.
In 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
usemineralisation.
Within the broader region, Zenith in its own right controls 100km of prospective mineralised strike which also has the potential to contain multiple large tonnage Zn - Pb deposits (Figure 1).
personalFor
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
A 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:
onlyA 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
- 10m @ 3.93% Zn+Pb, 4.34g/t Ag from 84m
- 5m @ 5.03% Zn+Pb, 9.74g/t Ag from 101m
useKALITAN FEEDER FAULT ZONE*
Interpreted high-grade feeder fault mineralisation intersected below the recently discovered flat-lying, extensive (4.1km long x 1.9km wide) Chinook zinc-lead mineralisation (ASX Releases 13-Dec-21 and 31-Jan-22).
• Currently defined by 3 holes over 1.7km strike length. Drill results include:
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Metal zonation (Cu-Co-As-Ag), mineral alteration and geological architecture supports potential for deeper large-scaleCu-Zn-Pb-Ag deposits below the extensive, flat-lying, unconformity style mineralisation discovered to date, at Chinook, Tonka and Navajoh.
CHINOOK RESULTS*
Ongoing RC drilling at the western end of Chinook returned further encouraging infill results (ASX Release 31-Jan-22), including:
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MINERALISED ZONE DEFINED AT NAVAJOH*
Mineralised zone discovered at Navajoh, located 4km southeast of the recent Tonka Discovery (ASX Release 13-Dec- 21). First 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:
- 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 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-scale metal zonation within the Project area and collect material for sighter metallurgical test-work.
onlyRC drilling to 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.
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
f oxide mineralisation.
useM tallurgy - Initial sighter test work has commenced
*Refer to Rumble Resources Limited ASX Releases dated 21-Dec-21,31-Jan-22 and 7-Feb-22 for further details.
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 personalnd Queensland.
A 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.
At 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- ForMar-21,21-Apr-21,24-Jun-21,30-Sep-21 and 18-Jan-22).
To 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 - 7 February 2022
For further information contact Zenith Minerals Limited:
Director: Michael Clifford
- mick@zenithminerals.com.au Phone +61 8 9226 1110
onlyCompetent 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 c nsideration 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.
useMaterial 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
nchanged. personalFor
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Zenith Minerals Limited published this content on 06 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2022 21:47:42 UTC.
