Australian mineral explorer Zenith Minerals (ASX:ZNC) has launched electromagnetic (EM) geophysical surveys at the Green Bananas prospect within the Hayes Hill Lithium-Nickel Project in Western Australia.
The $32.06 million market capitalisation company reports recent geochemical sampling at Green Bananas defined a nickel sulphide target, with peak assay results of 0.43% nickel, 0.44% copper, 0.53% cobalt, and 203 parts per million (ppm) platinum.
Zenith reports this geochemical anomaly is consistent with nickel sulphide geochemical fertility ratios developed by researchers and based on published studies of nickel sulphide deposits in Western Australia.
The company says ultramafic rocks that are prospective for nickel extend 18km north along strike from Galileo Mining’s (ASX:GAL) Callisto nickel-platinum group element (PGE) discovery and 11km northwest from S2 Resources’ (ASX:S2R) Polar Bear nickel sulphide prospects.
The new EM work is designed to define drill targets below the ‘well-defined’ geophysical targets in the area. Zenith holds an option to acquire a full interest in the Hayes Hill project.
Once the EM geophysical surveys are completed on the nickel targets at Hayes Hill, Zenith will complete project-wide surface soil sampling and mechanised auger sampling to assess its nickel and lithium potential.
Commenting on the EM survey, Zenith Minerals Managing Director Michael Clifford says: “We are pleased to advise that EM geophysical surveys have commenced, targeting nickel sulphides at the Hayes Hill project.
“The EM program is well-focused to test for discrete EM conductors that are likely to be representative of sub-surface accumulations of nickel sulphides”
The EM program is well-focused to test for discrete EM conductors that are likely to be representative of sub-surface accumulations of nickel sulphides. The EM survey is planned to be completed this month, providing the basis for drill targets shortly thereafter.”
The Hayes Hill project consists of 4 granted exploration licences in a ‘highly prospective’ mineral corridor with ‘significant’ untested lithium and nickel potential. The project lies 10km to 14km to the east and southeast of the Dome North lithium pegmatite deposit and immediately east of the Sinclair caesium pegmatite mines, both owned by Essential Metals (ASX:ESS).
Zenith Minerals is an Australian mineral explorer that holds a suite of lithium projects in Western Australia.
The Split Rocks and Waratah Well projects are subject to a joint venture (JV) and earn-in agreement announced in January 2022, under which global battery materials and technology company EV Metals Group is earning a 60% interest in the projects over a 24-month period.
Zenith also secured an option to acquire the Hayes Hill Lithium-Nickel Project, and the Yilmia Project in January 2023. Additionally, the company holds a 25% free-carried interest over Rumble Resources’ (ASX:RTR) Earaheedy Zinc Discovery in Western Australia.
The company also holds the Red Mountain Gold Project in Queensland and the Split Rocks Gold Project in Western Australia. According to its latest quarterly report published on 31 July 2023, Zenith had $3.2 million cash at hand as of 30 June 2023.
Write to Harry Mulholland at Mining.com.au
Images: Zenith Minerals Ltd