Zenith is ramping up the gold hunt at Red Mountain
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Zenith has kicked off a second phase of diamond drilling aimed at testing the depth extensions of gold mineralisation at its Red Mountain project in Queensland.
Previous drilling at the project in 2020 has already returned high-grade, near surface gold while the most recently completed diamond holes had peak assays of up to 34.2 grams per tonne gold.
Notably, hole ZRMRD040 intersected zones of high-grade gold from 111m down hole to the end of hole at 201.7m.
Zenith Minerals (ASX:ZNC) will drill an initial four diamond holes up to 400m depth. This is expected to take about three weeks to complete with assays due a further three weeks from that point.
“Should this round of much deeper drilling intersect gold mineralisation of a similar type to that in ZRMR040 (where free gold was identified in five separate intersections) then we will be at a very positive and pivotal point for the Red Mountain gold project,” executive chairman Peter Bird said.
“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.”
Red Mountain is in the Auburn Arch province in southeast Queensland, lying about halfway between Auris Minerals’ (ASX:AUR) Cracow gold mine and Evolution Mining’s (ASX:EVN) 2.5Moz Mt Rawdon gold mine.
It is believed to be potentially analogous to Mt Rawdon and the 1.2Moz Mt Wright deposits.
Zenith notes that gold mineralisation at Mt Wright occurs within both brecciated rhyolite and granite close to the margin of a rhyolite breccia pipe in a geological setting very similar to that at Red Mountain.
First phase diamond drilling at the project intersected visible gold and extended the high-grade gold zone to a depth of 180m.
Gold mineralisation remains open at depth.
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