Two high grade zinc hits have been reported from initial drilling at the Earaheedy joint venture in Western Australia where Zenith Minerals (ASX: ZNC) has a 25% interest in partnership with Rumble Resources (ASX: RTR).
Expectation has been building in regard to the project, 110km north of Wiluna, where exploration is targeting between 40 million tonnes and 100Mt of zinc-lead resources, and there is 40km of completely open prospective strike.
Results from the first two of 26 planned holes at the Chinook prospect within Earaheedy were encouraging.
One hole returned 34m at 4.22% zinc and lead, including 17m at 6.5% zinc and lead.
The second hole hit 21m at 4.3% zinc-lead.
Mineralisation struck within open-pit depth expectations
Mineralisation was hit at depths of 66m and 61m respectively.
In its ASX release today, Rumble Resources says the Chinook prospect has the potential to be at the upper end of the exploration target.
Meanwhile, Zenith notes the results demonstrate near surface mineralisation over a strike length of 500m, remaining open in all directions.
The company has a free carried 25% stake until completion of a bankable feasibility study.
Zenith also holds about 3 million Rumble Resources shares, with those acquired as part of the initial joint venture deal.
Both parties hold a pre-emptive right over the counterparty’s respective equity stakes.
Zenith chairman Peter Bird said the initial results “appear to be exceptional”.
The exploration target is for grades to be between 3.5% and 4.5% zinc-lead and mined by open pit.
Zenith says it will continue to be ‘supportive’
Rumble previously announced the discovery of shallow, flat lying sandstone-hosted zinc-lead mineralisation in two prospect, Chinook and Magazine, which are located 10km apart. Those earlier results included 11m at 4.13% zinc-lead and 12.8 grams per tonne silver from 61m.
Drilling is expected to continue for about another 12 months at Earaheedy.
Mr Bird said that, although at an early stage of investigation, the project could be of a “very significant scale”.
“We will continue to be supportive of these activities.
“Earaheedy is shaping up as a very exciting proposition for both parties,” he added.