Zenith Minerals firms up ‘significant’ new copper-gold targets at Red Mountain
Zenith Minerals chairman Peter Bird described the new drill targets as “very exciting”.
Zenith Minerals (ASX: ZNC) has firmed up “significant” new copper-gold drill targets at its Red Mountain project in Queensland.
The company has completed fresh modelling of geophysical data and integrated with geological information it has at hand.
This has led the identification of a strong discrete magnetic anomaly at the core of a breccia pipe which was identified in a recent detailed drone magnetic survey.
“The first [drill target] is totally new and is within the core of the breccia pipe and is interpreted to be a copper-dominant target,” Zenith chairman Peter Bird explained.
Meanwhile, a ground-based IP survey using the double-offset dipole-dipole combination has helped firm up a strong gold dominant anomaly around the circumference of the breccia pipe system.
“The second [drill target] is an extension to the western gold discovery and wraps around the margins of the breccia pipe for approximately 1,200m – pushing down to over 300m depth,” Mr Bird explained.
“Whilst these are early-stage developments, it is very exciting as Red Mountain may be much more than just a discrete high-grade gold discovery,” he said.
Advancing Red Mountain
Zenith plans to test the magnetic core zone for its copper potential as part of its ongoing drilling at Red Mountain.
Drilling to-date at Red Mountain has outlined a zone of high-grade near surface gold mineralisation.
The current drilling program has focused on the western side of the project, which is part of the larger IP anomaly.
Zenith considers mineralisation at Red Mountain to be analogous to other known gold deposits in Queensland.
The project is about halfway between Auris Minerals’ (ASX: AUR) Cracow mine and Evolution Mining’s (ASX: EVN) Mount Rawdon operation.
Close to Mount Rawdon is the former Resolution Mining’s Mt Wright mine which is 65km east of Charters Towers.
Mt Wright had combined production and reserves exceeding 900,000 ounces of gold within total resources of 1.1Moz.
The orebody was 200m long in strike but was over 1.2km deep.