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- Zenith Minerals (ZNC) has received two more encouraging assays from its Red Mountain gold project in Queensland
- The results come as the explorer undertakes a four-hole diamond drill programme at the project, with three holes executed so far
- Finds of note from this round of assays returned 7.7 metres at 4.4 g/t gold including one metre at 19.3 g/t gold and 5.5 g/t gold including 1.5 metres at 17.7 g/t gold
- Zenith said gold mineralisation extends to at least 200 metres vertical depth, and the programme has so far expanded gold mineralisation 20 metres beyond the previous deepest hole
- Zenith Minerals is up 4 per cent following the announcement to trade at 13 cents per share
Zenith Minerals (ZNC) has received two more encouraging assays from its Red Mountain gold project in Queensland.
The explorer is currently progressing with an ongoing diamond drill programme at its wholly owned project, which it hopes with aid resource definition.
The latest finds from hole ZRMDD041 have returned intercepts of 7.7 metres at 4.4 g/t gold including one metre at 19.3 g/t gold and 0.7 metres at 18.6 g/t gold.
The second hole, ZRMDD043, yielded finds of five metres at 5.5 g/t gold including 1.5 metres at 17.7 g/t gold and 5.4 metres at 1.8 g/t gold, including 0.7 metres at 12.4 g/t gold.
In addition to the encouraging results, Zenith said gold mineralisation extends to at least 200 metres vertical depth, and the programme has so far expanded gold mineralisation 20 metres beyond the previous deepest hole.
The explorer noted the gold intersections were shallower than anticipated
due to the mineralisation rolling from steep east dip to a steep west dip.
So far, three of the planned four holes have been drilled at the programme, with drilling for the final hole currently in progress and assays from the remaining completed hole pending.
Zenith Chairman Peter Bird said the results show the mineralisation is persistent to depths of 200 metres.
“There would appear to be a higher-grade five-to-eight-plus-meter-wide ‘core zone’ which we will continue to chase down the plunge of the mineralised zone,” he commented.
“Given the very positive results to date it is now time to consider dedicating a drill rig to the project on a more full-time basis,” he concluded.
Zenith Minerals is up 4 per cent following the announcement to trade at 13 cents per share at 4:24 pm AEST.
