Zenith Minerals (ASX:ZNC) has restarted exploration drilling on its Split Rocks and Waratah Well lithium projects in Western Australia, following an 18-month hiatus.
The company initially plans to conduct drilling on six key lithium targets at Split Rocks, starting with the Rio target, which remains open in the north, south, east, and at depth.
Zenith, which has a market capitalisation of $16.91 million, has 35 reverse circulation drillholes fully permitted and ready to drill in the Rio target area, with an initial 16 holes planned.
An additional five targets beyond the Rio deposit, which Zenith says contain key features such as near surface and weathered pegmatite drill intersections up to 50m thick, also require follow-up drilling. Some are considered “significant” based on their lithium-caesium-tantalum (LCT) pegmatite chemistry, with additional anomalous contents.
At Waratah Well, recent work has shown the lithium pegmatite mineralisation sits on a geological host rock contact. The contact extends under cover to the northeast and southwest and remains untested.
Additional surface sampling of this contact is planned for early this month, ahead of drill testing.
Further work is also likely to advance the other 80 plus geochemical and geological targets at Split Rocks and Waratah Well to the drilling stage, which Zenith says this presents a robust prospect exploration pipeline going forward.
After several unsolicited expressions of interest from investors during the second half of last year, Zenith has conducted a strategic review of its lithium business.
Managing Director Michael Clifford says although there was interest in the company’s lithium assets from various strategics, the feedback was that they were looking for more advanced assets.
“The opportunity now is for the company to progress our high-quality lithium projects with additional work, and then reassess our position in 6 to 12 months time,” he says.
Zenith says it will re-engage with strategic parties once its lithium assets are advanced, should the board decide that it is appropriate.
The Split Rocks Project lies 40km south of the regional town of Marvel Lock in the Goldfields region of Western Australia. Meanwhile, the Waratah Well Project lies 20km northwest of Yalgoo in the Murchison Region of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Zenith Minerals
