- Zenith Minerals (ZNC) has begun a second phase diamond drilling program at its Red Mountain Gold Project in Queensland
- After consistently receiving strong results, Zenith recently outlined a discrete high-grade gold zone that extends to a vertical depth of 180 metres
- Drilling will now test the depth extents of this gold mineralised zone, with up to four diamond holes planned
- This program is expected to take around three weeks to complete and assays are expected soon after
- Zenith ended the day 8.7 per cent in the green with shares closing at 12.5 cents
Zenith Minerals (ZNC) has begun a second phase diamond drilling program at its Red Mountain Gold Project in Queensland.
Under this round of drilling, Zenith will initially undertake step-out drilling to test the depth extents of gold mineralisation. The first part of this program will include four diamond drill holes up to a 400-metre depth.
Previous drilling at Red Mountain has consistently returned high-grade gold results. These include 13 metres at 8g/t gold from surface including six metres at 16.7g/t gold and five metres at 3.5g/t gold and 54.3g/t silver including two metres at 8g/t gold and 109.4g/t silver.
In particular, drilling has outlined a discrete sub-vertical high-grade gold zone which was recently extended to a vertical depth of 180 metres.
The zone remains open at depth and drill holes in this current program will test for gold mineralisation to roughly 300 metres below surface.
“We are currently very confident that we are drilling a breccia pipe system which is mineralised. The trick now is to chase a commercial scale gold inventory which has the potential to add significant value to the business,” Executive Chairman Peter Bird said.
This program is expected to take around three weeks to complete, and assays are expected within the three weeks that follow.
Once this second phase has wrapped up, the drill rig will move to Zenith’s Develin Creek Copper-Zinc Project, which has previously returned 7.58 per cent copper, 0.48g/t of gold, 7.8g/t silver, 0.16 per cent lead and 0.3 per cent zinc.
Zenith ended the day 8.7 per cent in the green with shares closing at 12.5 cents.