Zenith Minerals managing director Andrew Smith said: “Armed with this refined geological model, we are well placed to advance the next phase of work, integrating RC and diamond drilling with geophysics and geochemistry to continue expanding what is an emerging, large-scale IRG system.”
The early data from Red Mountain is already zeroing in on the high-grade core of the system with a potential second look-a-like system to the south ready for testing.
Zenith remains confident its prospects share DNA with some of Queensland’s monster money-makers such as the two-million-ounce Mt Wright mine and Mt Leyshon, which hosted three million ounces of the yellow metal.
Backed by a recent $7.5 million strategic placement at a premium by gold experts Ida Metals, the company’s accelerated programs mean it won’t die wondering.
Zenith is also ploughing away on an extensive 9000–12,000m RC drilling campaign at its Dulcie gold project in Western Australia. The company is targeting a substantial 300,000-to-800,000-ounce exploration target at Dulcie, atop its existing substantial 8.2 million tonne resource grading 1.15g/t for 302,000 ounces.
With more assays pending from Red Mountain, a possible pre-Christmas diamond tail is on the cards and a bigger integrated follow-up campaign is already being lined up for the March quarter.
If the remaining assays keep the momentum rolling, Red Mountain could be shaping up as Zenith’s most important discovery to date. With the system widening, grades lifting and the feeder location sharpening, the company is heading into the new year with tailwinds at its back and a clear line of sight to a much bigger gold story.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
