Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Zenith Minerals (ZNC) has just secured the Flanagans Project in Queensland, Australia
  • Along with its Red Mountain Gold Project, Flanagans is also located within 100 kilometres of Evolution Mining’s multi-million ounce gold mines
  • While drilling has been limited at Flanagans, a review of historical exploration has shown it contains compelling gold targets and a rich quartz vein zone
  • Zenith hopes to begin a mapping and sampling program later this month if COVID-19 restrictions allow it
  • Zenith Minerals’ shares have soared 46.4 per cent after today’s news and are trading at 4.1 cents each

Zenith Minerals (ZNC) has secured a new gold project, dubbed the “Flanagans Project”, in Queensland, Australia.

The project is located 70 kilometres northeast of Zenith’s wholly-owned Red Mountain Gold Project. Both Zenith gold projects are situated within about 100 kilometres of Evolution’s (EVN) multi-million ounce gold mines at Cracow and Mount Rawdon.

Importantly, historical exploration at the Flanagans Project has shown it contains a compelling high-priority gold target. The target is defined as a 1.5 kilometre-long by 180 metre-wide gold-rich quartz vein zone hosted in diorite.

The target zone is believed to be open ended in multiple directions based on soil and rock results with no drill testing to date.

Previous sampling reported strong gold rock chips results including: 20 g/t gold, 12.0 g/t gold, 11.5 g/t gold, 5.25 g/t gold, 3.3 g/t gold, 3.2 g/t gold, 2.6 g/t gold and up 70 g/t silver. In addition, very high gold in soils occur in three zones over the strike, peaking at 8.69g/t gold.

Historic samples also imply there’s a multi-element magmatic system within the alteration zone.

Zenith is planning a mapping and sampling program at its newly acquired project that is expected to begin later this month. However, this is subject to employees complying with current COVID-19 travel restrictions and social distancing.

The project area is located on a remote property where Zenith’s crew will be isolated but the company will be sure to only act on advice given by the Federal and State Government with the health and safety of Zenith’s crew, contractors and local stakeholders as a priority.

Zenith Minerals’ shares have soared 46.4 per cent after today’s news and are trading at 4.1 cents each at market close.

ZNC by the numbers
More From The Market Herald
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) embarks on exploration in Eastern Europe

Raiden Resources (RDN) is continuing to progress its exploration strategy across the Western Tethyan portfolio of assets in Eastern Europe.
Dateline Resources (ASX:DTR) - Managing Director, Stephen Baghdadi

" Dateline Resources (ASX:DTR) completes Colosseum acquisition

Dateline Resources (DTR) has completed its acquisition of the Colosseum Gold Mine and associated permits from LAC Minerals.
The Market Herald Video

" Tesoro Resources (ASX:TSO) eyes $7.3m capital raise for El Zorro

Tesoro Resources (TSO) is looking to raise $7.3 million to advance work at its El Zorro gold project in Chile.

" Investigator Resources (ASX:IVR) intersects encouraging gold and silver around Paris

Investigator Resources (IVR) has intersected encouraging gold and silver mineralisation at the Ares, Paris East and Helen East targets in Western Australia.