ASX-listed exploration company Zeus Resources (ASX:ZEU) has applied for 2 new tenements located about 60km west of Paynes Find in Western Australia.
The company reports tenements E59/2804 and E59/2806 cover about 75km-square and 15km-square respectively of the Warriedar Fold Belt greenstone and granitic rocks that are ‘highly prospective’ for lithium and rare earth element (REE) bearing pegmatites, gold, and base metals.
Zeus reports that some 5 companies have applied for E59/2806 which means tenement is subject to a ballot to determine the successful applicant.
Commenting on the tenement applications, Zeus Resources Executive Director Jian (Daniel) Liu says: “We are excited to have submitted our application for these 2 highly prospective new tenements. However, our primary exploration focus remains our Mortimer Hills lithium and base metals prospect.”
“We are excited to have submitted our application for these 2 highly prospective new tenements”
During March 2023, Zeus’ geologist carried out a field trip to areas not covered by existing tenements in the Rothsay District to determine the lithium, gold, and copper potential of these vacant areas.
The area now covered by Zeus’ EL application E59/2804 is located 4km to the east of the Rothsay gold mine owned by Silver Lake Silver Resources (ASX:SLR) and 6km south of the Golden Dragon open cut gold mines now owned by Warriedar Resources (ASX:WA8).
The company says the E59/2804 tenement region had been actively explored for mainly gold and base metals since the 1960s with more recent exploration during the last 10 years for iron ore.
The only recorded drilling on the tenement are shallow aircore holes drilled by Karara Mining in 2011 for detrital iron. The same company took several rock chip and soil samples from within the tenement also testing for detrital iron ore. This drilling and geochem sampling failed to locate any ‘significant’ detrital iron ore.
Images: Zeus Resources Ltd
