Zenith Minerals upgrades previously reported gold at Red Mountain after re-sampling

Zenith Minerals (ASX: ZNC) has confirmed the presence of more high-grade gold at its Red Mountain project in Queensland after re-sampling drill holes 21 and 23.

The company re-sampled 1m intervals from previous drilling at the project’s Western Zone.

“These new 1m re-sample assay results confirm and upgrade previously reported intersections that were initially sampled as 4m composite intervals,” Zenith stated.

Results revealed 5m at 10.4 grams per tonne gold, which was previously reported as 20m at 0.4g/t gold; and 12m at 4.9g/t gold, which was formerly published as 8m at 3.9g/t gold.

Zenith noted that both these intersections remain open, which demonstrates the potential for the high-grade zone to continue at depth.

Drilling has confirmed the Western Zone extends at least 100m deep.

Zenith executive chairman Peter Bird said the resampling has “thrown up some very positive surprises”, with high-grade gold now identified in adjacent drill holes 21 and 23.

“These intervals may or may not be connected, but area clearly open at depth increasing the size of the high-grade gold target zone that we will be following up,” he added.

Silver potential

Meanwhile, drilling at Red Mountain has also firmed up the project’s prospectivity for silver.

New assays from drill holes 11 through to 24 have revealed “strong silver values” as well as the high-grade gold.

Notable silver results were 7m at 11g/t, 6m at 13.2g/t, 2m at 11g/t and 1m at 26.1g/t.

Zenith pointed out the results supported previous high-grade intersections that returned up to 109.4g/t silver.

Soil sampling

Assays from soil sampling have also been received with new surface results up 3.3g/t gold identified.

These were located 600m north of the Western Zone.

Zenith claims the soil sampling results highlight the potential for additional gold targets within Red Mountain, with mineralisation remaining open.

“As we continue to undertake further work at Red Mountain, positive news continues to flow from both drilling assays and surface sampling activities,” Mr Bird said.

“This geological region located in Queensland has a high level of gold endowment with a number of high-quality deposits having been brought into commercial production.”

“The Red Mountain project forms an important part of our value-based strategy,” Mr Bird added.