The Chinook prospect at Zenith’s 25 per cent owned Earaheedy project appears to be a major discovery with all holes drilled intersecting visual zinc-lead mineralisation.

Notably, assays such as 34m at 4.22 per cent zinc plus lead from a depth of 66m from the first two holes demonstrate that near-surface, wide high-grade mineralisation is present over 500m strike while remaining open in all directions.

This is good news for Zenith Minerals (ASX:ZNC) given that its partner Rumble Resources (ASX:RTR) is covering its costs until the completion of a bankable feasibility study.

Chairman Peter Bird says the initial results from the Earaheedy joint venture appear to be exceptional and that Rumble intends to aggressively progress exploration to validate its exploration target of between 40Mt and 100Mt at a grade of between 3.5 per cent zinc-lead and 4.5 per cent zinc-lead.

“Although at an early stage of investigation we are beginning to demonstrate that this project could be of very significant scale,” he added.

Both companies have pre-emptive rights over their counterparty’s respective equity stakes.

chinook rumble zenith minerals zinc lead
Chinook Prospect – Location plan with drill hole status and significant drill results. Pic: Supplied

Drill results

Fast-tracked results from the first two of 26 holes at Chinook returned 34m at 4.22 per cent zinc plus lead from 66m including a higher grade core of 14m at 5.02 per cent zinc, 2.03 per cent lead from 76m in EHRC050 and 21m at 4.31 per cent zinc plus lead from 61m in EHRC044.

The continuity of mineralisation is a positive for Chinook mineralisation given that the two holes are 500m apart.

Mineralisation intersected is shallow and flat-lying with a dip to the northeast, making it open pittable.

Additionally, the ratio of zinc and lead is about three to one with strongly anomalous silver associated with the mineralisation.

Chinook has the potential to be at the upper end of the exploration target based on the results to date, the intersection of zinc-lead over 2km of strike, the width over 1.1km and the mineralisation being open in all directions.

That the drilling has only tested 2km of the 45km of prospective strike just underlies the potential for the JV to delineate multiple large tonnage, shallow deposits throughout the Earaheedy project about 110km north of Wiluna, Western Australia.

Results are also pending for the seven holes drilled at the Magazine prospect.




This article was developed in collaboration with Zenith Minerals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.