Diversified gold explorer Zenith Minerals’ (ASX: ZNC) new drill results have extended and confirmed high-grade gold zones at its Red Mountain project in Queensland.
In fact, the company rates the drilling results to be so good it is considering dedicating a rig on a full-time basis at the project.
One of the two latest holes reported returned 7.7m at 4.4 grams per tonnes gold, including a 1m interval assaying at 19.3g/t and another 0.7m interval coming in at 18.6g/t.
The second hole intercepted two mineralised zones: the first returning 5m of mineralisation at 5.5g/t, the second over 5.4m at 1.8g/t, with the latter including 0.7m at 12.4g/t.
Gold zone extended
Zenith says the diamond drilling program has demonstrated that high-grade hold mineralisation extends to at least a 200m vertical depth, and so expanding gold mineralisation 20m beyond the previous hole.
Gold intersections were shallower than expected due to the mineralisation rolling from steep east dip to steep west dip.
Zenith chairman Peter Bird noted the mineralisation was “certainly not cut off”.
Chasing gold ‘down the plunge’
He says there appears to be a high-grade core zone, between 5m and 8m-plus thick, which the company will “chase down the plunge”.
Three of the four diamond drill holes have been completed, with the fourth hole planned to cover 350m.
“We are very keen to see what the next hole assay will deliver,” he Mr Bird said.
“Although the pace of work has been affected due to the recent very high rainfall events in eastern Australia and COVID-19 lockdown in Brisbane, the company’s field crew have done an excellent job in keeping field activities progressing.”
“Given the very positive results to date, it is now time to consider dedicating a drill rig to the project on a full-time basis,” Mr Bird added.
Previous drilling at Red Mountain has also returned what the company terms “strong” silver grades associated with the gold.