Zenith Minerals : Further High-Grade Cu-Zn Drill Results From Develin Creek

7th June 2022

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		Zenith Minerals Limited (ASX:ZNC)
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		David Ledger	Executive Chairman
		Michael Clifford		Managing Director
		Stan Macdonald		Non-Exec Director
		Julian Goldsworthy Non-Exec Director
		Emma Scotney			Non-Exec Director
		Nic Ong			Co Sec
		Nick Bishop		CFO
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		Level 2, 33 Ord Street
		WEST PERTH WA 6005
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		WEST PERTH WA 6872
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		Web:www.zenithminerals.com.au

FURTHER HIGH-GRADECOPPER-ZINC DRILL

RESULTS FROM DEVELIN CREEK

The Board of Zenith Minerals Limited (ASX: ZNC) ("Zenith" or "the Company")

is pleased to advise that it has received further high-gradecopper-zinc drill results from the Company's 100% owned, Develin Creek project located in Queensland.

• New results from resource update drilling at the Sulphide City deposit include the highest-grade zinc intersection ever for the project:

1. 9m @ 1.8% Cu, 18.1% Zn, 0.6 g/t Au and 28.4 g/t Ag (ZSCCD020) within a wider zone of:

• 1. 19m @ 1.2% Cu, 11.9% Zn, 0.4 g/t Au and 20.4 g/t Ag (reported intersection is downhole width and the orientation of this very high-gradezone is uncertain and may not represent true width. Further drilling is required).
• A further 5 drill holes were completed around the margins of the Sulphide City deposit, returning 3 additional massive sulphide intersections consistent with previous results (holes ZSCCD018, ZSCCD021 and ZSCRC024).
• Massive copper-zinc sulphide mineralisation remains open to the south of the new intersection in hole ZSCCD018.
• Assays are in addition to those previously reported from the Sulphide City resource program (ASX Release 7-Jan-22), that returned wide high-grade massive copper-zinc sulphides, including:

• 1. 12m @ 2.6% Cu, 5.2% Zn, 1.4 g/t Au and 73 g/t Ag (ZSCRC003)
  1. 12m @ 1.5% Cu, 0.5% Zn, 0.2 g/t Au and 3.6 g/t Ag and
  1. 16m @ 1.7% Cu, 0.1 g/t Au and 3.4 g/t Ag (ZSCRC004)
• Resource update drilling at the adjoining Scorpion deposit also returned thick high-grade copper zones (ASX Release 7-Jan-22), including:
• 1. 21m @ 2.5% Cu, 1.6% Zn, 0.4 g/t Au and 18.0 g/t Ag

• 1. 20m @ 2.3% Cu, 0.3% Zn, 0.4 g/t Au and 16.2 g/t Ag o 18m @ 1.7% Cu, 0.6% Zn, 0.6 g/t Au and 26.3 g/t Ag
• New results are to be incorporated in an updated mineral resource estimate for the Scorpion and Sulphide City deposits, anticipated for delivery early in the 3rd calendar quarter 2022.

Commenting on the new drill results Zenith's Managing Director, Michael Clifford said: "The very high-gradezinc results from hole ZSCCD020 are a pleasant surprise. Future drilling will assess if the 9m @ 1.8% Cu and 18.1% Zn intercept is an isolated patch or potentially a significant high-grademineralised vertical fault zone. This new strongly zinc mineralised intersection along with the southern strike extensions indicated by ZSCCD018, demonstrates the remaining upside to the Sulphide City resource area".

Develin Creek Project Background

The Develin Creek project contains a VMS copper-zinc deposit with an Inferred Mineral Resource (JORC 2012) of: 2.57Mt @ 1.76% copper, 2.01% zinc, 0.24g/t gold and 9.6g/t silver (2.62% CuEq) released to ASX on 15-Feb-2015.

A three rig drilling campaign commenced at Develin Creek in September 2021 to test copper-zinc targets at Wilsons onlyNorth, Snook and four targets surrounding the existing Sulphide City JORC massive copper-zinc sulphide deposits

(Figure 1) as detailed in ASX Release 2-Sep-21. This drilling program is part of a broader plan to build upon the existing JORC resource and add potential tonnage to the Develin Creek copper-zinc volcanogenic massive sulphide (VMS) inventory.

Only one target surrounding the existing Sulphide City deposit has been tested to date, returning no signifcant results, with 3 targets remaining to be tested.

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personal	Figure 1: Develin Creek Project Outline and Areas Subject to Drill Testing in 2021

ForDetails of Sulphide City Drilling

Results have now been received from a further 7 drill holes that form part of a program that was undertaken to replace historic percussion drilling, and provide new data that will be used in an updated Mineral Resource Estimate ( igures 2 and 3) at the Sulphide City copper-zinc massive sulphide deposit.

New results include the highest-grade zinc intersection ever for the project, with hole ZSCCD020 returning:

1. 9m @ 1.8% Cu, 18.1% Zn, 0.6 g/t Au and 28.4 g/t Ag within a wider mineralised zone of:

1. 19m @ 1.2% Cu, 11.9% Zn, 0.4 g/t Au and 20.4 g/t Ag (reported intersection is downhole width and the orientation of this very high-gradezone is uncertain and may not represent true width. Further drilling is required to assess if this is potentially a high-grademineralised vertical fault zone).

A further 5 drill holes were completed around the margins of the Sulphide City deposit, returning 3 additional massive sulphide intersections consistent with previous results (holes ZSCDC018, ZSCDC021 and ZSCRC024). The intersection in drill hole ZSCCD018 is particularly significant indicating that massive copper-zinc sulphide mineralisation remains open to the south.

For personal use only

Figure 2: Sulphide City Deposit - Drill Hole Location Map showing Significant Intersections

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Figure 3: Sulphide City Deposit - Drill Hole Cross Section A-A' showing Significant Copper-Zinc Intersections

Snook Prospect

Zenith's technical team outlined the Snook target located 30km south of the existing JORC resources (Sulphide

City, Scorpion and Window). An initial maiden drill test of 7 shallow RC holes has been a success, with hole

ZSRC001 intersecting 3m of massive and semi-massive sulphides close to surface, at a depth of only 20m onlydownhole. This zone returned: 3m @ 1.57% Cu, 1.07% Zn, 0.37% Pb, 43 g/t Ag and 0.2 g/t Au, including 2m of

massive sulphide grading: 1.95% Cu, 1.34% Zn, 0.48% Pb, 55 g/t Ag and 0.3 g/t Au (ASX Release 7-Dec-20).

Subsequent follow-up drilling extended the footprint of massive sulphides to a length of 150m (ASX Release 16- Dec-21 and 24-Mar-22), with the zone remaining open along strike to the south (Figure 4).

The Snook drill program and that completed at the nearby Wilsons North prospect now confirm a cluster of massive sulphides is present within the Company's landholdings, reaffirming the highly prospective nature of the Develin Creek project.

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For	Figure 4: Snook Prospect - Drill Hole Location Map showing Significant Intersections

Wilsons North

Drilling at the Wilsons Prospect in 2021 returned multiple intersections of massive pyrite which commonly occurs in association with the base metal rich massive sulphides at the Sulphide City deposit. Further work is required to vector towards the base metal rich portion of this system at Wilsons.