Zenith Minerals has drill bit turning at Red Mountain in hunt for commercial gold deposit
Zenith Minerals is targeting depth extensions to gold mineralisation at the Western Zone target of Red Mountain.
With drilling beginning at Split Rocks earlier this month, Zenith Minerals (ASX: ZNC) has now started a second phase diamond drilling program at its Red Mountain gold project in Queensland.
Zenith is targeting the Western Zone at Red Mountain where gold mineralisation remains open at depth. Diamond drilling will test the mineralised zone with holes to extend to a maximum depth of 400m.
An initial four holes will be undertaken with the program expected to be completed within three weeks and results anticipated within a month of drilling winding up.
In recently completed holes, assays from the gold zone returned up to 34.2 grams per tonne gold and 10.4g/t gold.
In hole 40, the high-grade gold was hit from 111m and extended to the end of hole which was 201.7m.
“Should this round of much deeper drilling intersect gold mineralisation of a similar type to that in hole 40 (where free gold was identified in five separate intersections) then we will be at a very positive and pivotal point for the Red Mountain gold project,” Zenith executive chairman Peter Bird said.
“We are very confident that we are drilling a breccia pipe system, which is mineralised.”
“The trick now is to chase a commercial scale gold inventory which has the potential to add significant value to the business,” Mr Bird added.
Highlight assays from drilling at Red Mountain last year were 13m at 8g/t gold and 3.2g/t silver from surface; 15m at 3.5g/t gold, including 2m at 22.4g/t gold; 5m at 10.4g/t gold; and 12m at 4.9g/t gold.
Exploration at other projects
Once the current program at Red Mountain is complete, Zenith plans to transport the rig to begin drilling Develin Creek, which is also in Queensland and believed prospective for copper and zinc.
Across the country in Western Australia, Zenith is undertaking a phase two reverse circulation drilling program at the Split Rocks gold project.
This program comprises 31 holes for 2,600m at six main targets.
Mr Bird said Split Rocks would be receiving a lot of attention during the first half of this year.
Drilling will focus on the Dulcie laterite pit zone with the aim of defining a commercial deposit.