Zenith Minerals powers ahead with copper strategy with three rigs to drill across Develin Creek
At Develin Creek, Zenith plans to build on the current inferred resource of 2.57Mt at 1.76% copper, 2.01% zinc, 0.24g/t gold and 9.6g/t silver.
Zenith Minerals (ASX: ZNC) has powered ahead with its copper strategy with three rigs to drill across its Develin Creek project in Queensland.
One reverse circulation (RC) rig is already operational at Develin Creek, with Zenith chairman Peter Bird saying another RC rig along with a diamond rig will join the program shortly.
The program will test eight new targets and is expected to take up about five weeks to complete with assays anticipated a month later.
These targets comprise four areas at the Snook and Wilsons prospects and another four that are close to the existing Sulphide City deposit which has a resource of 2.57 million tonnes at 1.76% copper, 2.01% zinc, 0.24 grams per tonne gold and 9.6g/t silver.
In July, Zenith revealed positive results from an initial program at Sulphide City with assays comprising 29m at 2.3% copper, 1.2% zinc, 0.3g/t gold and 4.2g/t silver (3.5% copper and zinc), including 12.3m at 4.2% copper, 2.5% zinc, 0.6g/t gold and 7.3g/t silver (6.7% copper and zinc); and 34m at 2% copper, 1.5% zinc, 0.2g/t gold and 4.9g/t silver (3.5% copper and zinc), including 10m at 3.9% copper, 0.4% zinc, 0.3g/t gold and 6.9g/t silver (6% copper and zinc).
“As most investors would be aware, copper-rich volcanogenic massive sulphide (VMS) systems often occur in swarms or clusters,” Mr Bird explained.
“At Develin Creek, we already have an established JORC compliant resource and eight additional high priority targets to assess, which is suggesting the potential for a typical cluster of VMS deposits.”
“Additional success would add real value to the business,” he said.
‘Green metal’ copper strategy
Advancing Develin Creek is part of Zenith’s strategy to shoulder into the “green metal” space, which includes copper.
“We remain very positive in relation to the outlook for copper demand and coincident lack of supply elasticity,” Mr Bird said.
“Copper remains the ultimate green metal in the context of a more sustainable global future,” he added.