leadf
logo-loader
viewZenith Minerals Ltd

Zenith Minerals adds gold project in New South Wales to its exploration portfolio

The addition of the new gold project is consistent with Zenith’s strategy of having an active project generation program to ensure a fertile pipeline of new gold and copper project opportunities.

Zenith Minerals Ltd - Zenith Minerals adds gold project in New South Wales to its exploration portfolio
The company plans to begin drilling at the new project in the last quarter of 2020

Zenith Minerals Ltd (ASX:ZNC) has secured a new gold project, Jackadgery, in New South Wales under an options arrangement.

The project contains a walk-up drill target, which is highly complementary to Zenith’s existing gold exploration portfolio.

Historical surface trench sampling at Jackadgery returned mineralisation such as 160 metres at 1.2 g/t gold with higher grade intervals including 5 metres at 18 g/t gold and 5 metres at 7.1 g/t gold.

Zenith managing director Mick Clifford said: “Adding another advanced gold play to the project portfolio is a testament to the company’s project generation skills, providing investors with further first-rate gold exploration exposure in a region with the proven gold endowment.”

Drilling planned in last quarter of 2020

Zenith will seek the review of an existing drill permit for an initial fence of drill holes to effectively test beneath the wide zone of near-surface gold mineralisation outlined by historical backhoe trench and surface rock chip channel samples.

The company will be the first to test beneath the surface trench area with its maiden drill program, which is planned to start in the last quarter of 2020.

Option terms

Under the option agreement, Zenith will make an option payment of $ 10,000 and is required to complete a minimum of 300 metres of drilling within 12 months and at its sole election, it can make a one-off cash payment of $100,000 to secure a 90% interest in the project.

After acquiring the 90% interest, Zenith will undertake a pre-feasibility study on the project.

Zenith continues to have an active project generation program to ensure it has a fertile pipeline of new gold and copper project opportunities.

Quick facts: Zenith Minerals Ltd

Price: 0.125 AUD

ASX:ZNC
Market: ASX
Market Cap: $36.8 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Comet Resources says Barraba may host 'multiple VMS deposits'

Comet Resources Limited’s (ASX:CRL) Matt O'Kane tells Proactive's Andrew Scott an initial site investigation of the historical Murchison Copper Mine and Gulf Creek North prospects at the Barraba Copper project has identified extensive surface copper mineralisation. He says widespread evidence of...

2 days, 4 hours ago

2 min read