Explorer Zenith Minerals (ASX:ZNC) has delivered a maiden Mineral Resource Estimate (MRE) for the Dulcie Far North prospect within its wholly owned Split Rocks Gold Project in Western Australia.
The company, which has a $30.30 million market capitalisation, says this newly defined mineral resource stands at 3.4 million tonnes (Mt) at 1.4 grams per tonne (g/t) gold (Au) for 150,000 ounces of contained gold. It comes only 6 months after the company acquired the granted Dulcie Far North mining lease.
The company was granted 100% of the gold rights below 6m and all other mineral rights, including lithium, from surface.
Zenith reports the MRE has the potential for expansion within identified drill section gaps along strike to the north and at depth along with the potential for parallel structures within Zenith’s tenure.
As a result of defining this new MRE, Zenith Minerals announces it will move forward with plans to expand the resource with further infill and step-out reverse circulation (RC) drilling.
The company notes it is actively engaging with various parties to assist in pit optimisation plus ore reserves calculations within the granted Dulcie Far North mining lease.
Speaking on the maiden MRE, Zenith Minerals Executive Chair David Ledger says: “We are excited to report this maiden mineral resource within our 100% owned land, in line with our expectations, scheduled timeline, and budget, that now allows us to look at monetising this strategic gold asset for the benefit of Zenith shareholders.”
“We are excited to report this maiden mineral resource within our 100% owned land”
Zenith Minerals is an ASX-listed minerals explorer leveraged to the increasing global demand for metals critical for the production processes of new energy industrial sectors.
The company’s Split Rocks project is located in Western Australia and covers a total landholding of 660km-square in the Forrestania greenstone belt, immediately north of the established Mt Holland lithium deposit. The project is currently being explored under the terms of a joint venture between Zenith and EV Metals Group.
Zenith Minerals had $3.5 million cash at hand on 31 March 2023, as stated in its latest quarterly report released on 27 April 2023.
Write to Adam Drought at Mining.com.au
Images: Zenith Minerals Ltd