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Zenith Minerals (ASX:ZNC) - Managing Director, Michael Clifford
Managing Director, Michael Clifford
Source: Master Investor
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  • Zenith Minerals (ZNC) has intersected high-grade gold mineralisation from its 10-hole maiden drilling program at the Red Mountain Gold Project in Queensland
  • The company is encouraged by the initial near-surface gold mineralisation as only a 250 metre portion was tested out of a 1200 metre-long gold anomaly
  • This shows major potential for further gold mineralisation
  • Multi-element analyses from drill samples are pending and will assist in finding drill targets at Red Mountain
  • Company shares have soared 34.2 per cent and are trading for 11 cents each

Zenith Minerals (ZNC) has intersected high-grade gold mineralisation during its maiden drilling program at the Red Mountain Gold Project in Queensland.

The 10-hole, for 780 metres, reverse circulation (RC) drilling program returned near-surface, high-grade gold results.

Results include: 14 metres at 5.5 g/t gold including 6 metres at 12.3 g/t gold from surface, 5 metres at 3.5 g/t gold including 2 metres at 8.0 g/t gold from 64 metres depth, 12 metres at 1.0 g/t gold from 42 metres including 4 metres at 2.1 g/t gold from 50 metres, within a broader mineralised interval of 56 metres at 0.4 g/t gold from 6 metres depth.

“We are delighted to announce that high-grade near surface gold mineralisation has been intersected in the maiden drill program at Red Mountain,” Managing Director Michael Clifford said.

Zenith considers the initial results to be a success as they only account for one portion of a larger target area. Drilling has so far only tested 250 metres of strike of a 1200 metre long gold anomaly.

Multi-element analyses from drill samples are pending and the company is planning a follow-up drilling program.

The Red Mountain Project is located within the Cracow and Mount Rawdon gold mines. Cracow is a low-sulphidation epithermal gold deposit while Mount Rawdon is described as an epizonal intrusion-related gold deposit.

Company shares have soared 34.2 per cent and are trading for 11 cents each at 1:23 pm AEST.

ZNC by the numbers
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