Special Report: Zenith Minerals (ASX:ZNC) has now hit high grade gold over 250m of strike at Red Mountain, a 2.2km anomaly which is showing similarities to the neighbouring 1.2moz Mt Wright and 2.5moz Mt Rawdon gold deposits.
In June, a maiden drilling program at the untouched Red Mountain target in Queensland hit a spectacular 13m at 8 g/t gold, including 6m at 16.7 g/t gold from surface.
This maiden drill program returned a number of thick, shallow, and high-grade gold results.
Its early days, but Zenith believes the mineralisation style at Red Mountain is analogous to the 1.2moz Mt Wright and 2.5moz Mt Rawdon gold deposits, also in Queensland.
‘Step-out’ (extensional) drilling is continuing at Red Mountain to follow up this discovery, and the results are very positive.
New high-grade gold results – including 12m at 8.9 g/t from 68m depth, including 4m at 25.9 g/t — means mineralisation has been outlined over a 250m of ‘strike’ and remains open both at depth and along strike.
Assay results are pending for a further 12 recently completed RC drill holes, but Zenith is already looking to accelerate activities at Red Mountain, including mobilising a diamond drill rig to site.
These new assay results from Red Mountain highlight the high-grade nature of the gold mineralisation in fresh rock, Zenith chief exec Mick Clifford says.
“The Red Mountain project is continuing to deliver encouraging results and the Company is now assessing options to accelerate activities on site to unlock the project’s potential,” he said.
“The Company is currently drilling at two of its gold projects, Red Mountain in Queensland and Split Rocks in WA and has already announced plans to drill an additional two high-quality targets – the Snook copper prospect, part of the Develin Creek project in Queensland and Jackadgery gold project in NSW.
“These four projects form the core of the company’s exciting gold and copper project portfolio.”
This story was developed in collaboration with Zenith Minerals, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.