- Shares in junior explorer Zenith Minerals (ZNC) surged today after the latest round of drilling results from the company's Split Rocks Gold Project in WA
- The company has received results from 43 aircore drill holes at the Dulcie Laterite Pit area in Split Rocks
- The results have defined a major two-kilometre gold target that is yet to be fully defined at depth
- Zenith said it now plans to explore this target with some deeper reverse circulation (RC) drilling
- Chairman Peter Bird says Split Rocks is just one of the four assets the company plans to drill or assess this quarter
- Zenith shares gained almost 24 per cent today to close worth 14 cents each
Shares in junior explorer Zenith Minerals (ZNC) surged today after the latest round of drilling results from the company's Split Rocks Gold Project in WA.
The results from 43 aircore drill holes at the Dulcie Laterite Pit area in Split Rocks have been received, and Zenith said when coupled with previous result from August, they defined a significant mineralised zone.
Specifically, a large-scale bedside shear zone has been defined as a gold target. The zone extends over two kilometres in strike by 300 metres down dip, with a thickness ranging from five metres to 40 metres, according to Zenith. The company added that the depth of this zone is yet to be fully defined.
Within the two-kilometre zone, some of the best results from the drilling include a 16-metre intersection grading an average 3.7 grams per tonne of gold and a four-metre intersection grading 2.7 grams per tonne of gold.
Importantly, the Dulcie Laterite Pit area was initially discovered in a major targeting exercise taken on by Zenith in the past year. As part of this exercise, 18 targets were identified covering 18 kilometres of strike. Zenith is yet to test every target.
Company CEO Mick Clifford said the company now plans to assess the Dulcie Laterite Pit area with deeper reverse circulation (RC) drilling.
"This recent round of drilling is a game changer adding a further 900 metres of strike south of the very shallow Dulcie Laterite Pit, to what has now become a huge gold target," Mick said.
"Each of our drill programs has returned outstanding drill intersections attesting to the enormous potential of the Split Rocks project area," he said.
Zenith Chairman Peter Bird added to Mick's comments and said the new drilling results add significant scale to the company's precious metals portfolio.
"Split Rocks is just one of the four wholly owned precious and base metals assets we are planning to drill or further evaluate this current quarter," Peter said.
"There is a great deal more work to be done at Split Rocks, but these results are very material for the company," he said.
Shareholders seem impressed with today's results, too, with Zenith Minerals shares tacking on 23.93 per cent to close worth 14 cents each. The company has a $42.68 million market cap.