Zenith Minerals (ASX: ZNC) has begun diamond core drilling at Red Mountain in Queensland, which aims to test the depth and extent of the near surface high-grade gold.
Executive chairman Peter Bird said he was “very keen” to get the first phase of diamond drilling underway at the project, where it will test mineralisation on the western margin of the breccia pipe complex.
“As we have pointed out previously the Red Mountain maiden discovery is located within a prospective region with a number of high order gold mines already developed or operating,” he added.
“We anticipate that drilling at the Red Mountain project will continue in a series of phases well into 2021.”
Meanwhile, initial 4m composite samples from three reverse circulation and two short RC holes have confirmed the location of gold at the Western Zone.
These samples assayed at 8m at 1.9 grams per tonne gold from surface, including 4m at 3.1g/t gold; and 4m at 2.4g/t gold from 28m in diamond hole pre-collar.
Zenith noted these new assays were in addition to previously reported high-grade intercepts of 13m at 8g/t gold from surface, including 6m at 16.7g/t gold; 12m at 4.9g/t gold, including 6m at 9.4g/t gold; and 5m at 10.4g/t gold, including 49.9g/t gold.
Silver has also been identified at the project with strong intercepts of 5m at 3.5g/t gold and 54.3g/t silver, including 2m at 8g/t gold and 109.4g/t silver.
Red Mountain gold project
Zenith noted the gold mineralisation at Red Mountain was similar to other Queensland deposits such as Mt Wright.
Resolution Mining (ASX: RSG) previously mined underground at Mt Wright with production and reserves combined amounting to 900,000 ounces of gold.
Zenith wholly-owns Red Mountain where it has been drilling since August.