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Zenith Minerals Limited (ASX:ZNC) - Dulcie Far North (DFN) Drilling Update

Zenith Minerals Limited (ASX:ZNC)

Key Highlights:

• Ongoing drilling at Dulcie Far North (DFN) Project reveals significant gold intercepts:
  • SRRC029: 9m @ 1.49 g/t Au from 31m, including 1m @ 8.39 g/t Au from 35m
  • SRRC026: 8m @ 1.23 g/t Au from 61m, including 1m @ 7.18 g/t Au from 68m, and 5m @ 2.61 g/t Au from 78m
  • SRRC027: 3m @ 2.18 g/t Au from 134m
• Drilling program progressing as planned, with additional assays expected in the coming weeks.
• Focused on expanding known mineralisation and exploring untested areas to drive project growth.
• Drilling aims to build upon the current resource estimate of 150,000 ounces of gold (3.4 million tonnes @ 1.4 g/t Au).

Zenith Minerals Limited (ASX:ZNC) ("Zenith" or "the Company") is pleased to provide an update on the ongoing drilling program at its Dulcie Far North (DFN) Gold Project, which commenced on October 8, 2024. The drilling efforts continue to yield promising mineralised intercepts, supporting the potential for substantial growth and development at DFN within the renowned Southern Cross/Forrestania Greenstone Belt.

Chris Shanley, Exploration Manager at Zenith Minerals, commented: 

“The results we’ve received thus far are highly encouraging and align well with our geological model for Dulcie Far North. They not only confirm the presence of gold mineralisation but also provide greater confidence in the continuity of the mineralised structures. These early outcomes from this phase support our strategy to target infill areas, currently unclassified due to insufficient drilling density, between zones of the existing resource and extensions to known mineralisation. There also remains strong potential for as yet unclassified footwall lodes. In addition, we have taken the opportunity to step out significantly NNW along strike of known mineralisation (>400m -see Figure 7), testing an area so far undrilled by either Zenith or previous workers, but which the geological model indicates is prospective for continuity of mineralisation. We are optimistic about the ongoing potential of the project.”

Drilling Program Update and Significant Intercepts

Zenith’s Reverse Circulation (RC) drilling at DFN initially planned for 17 holes, each approximately 150 meters deep, has successfully identified strong mineralisation in multiple drill holes. Noteworthy intercepts include:

• Hole SRRC029: 9 meters at 1.49 g/t Au from 31 meters, including a high-grade 1-meter section at 8.39 g/t Au.
• Hole SRRC026: 8 meters at 1.23 g/t Au from 61 meters, with an interval of 1 meter at 7.18 g/t Au, and an additional 5 meters at 2.61 g/t Au from 78 meters.
• Hole SRRC027: 3 meters at 2.18 g/t Au from 134 meters.

These initial results align closely with Zenith’s geological model for DFN, confirming the continuity of mineralised zones and validating the project’s potential. The Company anticipates further assay results in the coming weeks, which will guide the remaining phases of drilling and future resource evaluations.

Focus on Expanding Mineralised Zones and Future Development

The drilling program at DFN is strategically designed to support Zenith’s expansion and growth goals. It includes both infill drilling to improve confidence in the existing resource estimate and step-out drilling targeting extensions along strike and at depth. Additionally, untested areas in the project’s periphery will be explored, with the objective of increasing the current Maiden Inferred Mineral Resource of 3.4 million tonnes at 1.4 g/t Au, containing an estimated 150,000 ounces of gold.

The abandonment of hole SRRC028 due to challenging clay formations has not disrupted the program, as a replacement hole (SRRC040) has been approved and will commence drilling approximately 80 meters east-northeast of the original site.

A Strategic Path Towards Development

Zenith’s exploration strategy at DFN reflects a long-term vision aimed at supporting the development of a standalone processing plant. The project’s proximity to established processing infrastructure within the Southern Cross/Forrestania Greenstone Belt positions DFN as a strategic asset, with potential to leverage regional gold processing facilities.

The mineralised structures and lithological zones observed in chip tray logs thus far offer valuable insights into the project’s geology, highlighting mineralisation-related alterations. This data will further inform Zenith’s exploration efforts, particularly in open extensions of the known mineralised zones, and supports ongoing evaluation of DFN’s economic potential.

Next Steps

Zenith will continue drilling across the DFN Project, focusing on open extensions to maximize resource growth. With additional assays expected soon, the Company looks forward to providing further updates on these exploration results as it advances the Dulcie Far North Project towards a potentially significant development phase.

About us:

Zenith Minerals Limited (ASX: ZNC) is an Australian exploration company focused on advancing a diverse portfolio of gold and lithium projects in Western Australia and Queensland. The company is strategically positioned to capitalise on the growing demand for both precious metals and battery minerals. Key gold assets include the Red Mountain project in Queensland, which has returned highgrade results, and the Dulcie Far North project in Western Australia, located within the highly prospective Southern Cross/Forrestania Greenstone Belt. On the lithium front, Zenith’s Split Rocks project has established a maiden resource, while the Waratah Well project presents further exploration potential. In addition to its core projects, Zenith holds a 25% interest in the Earaheedy Zinc discovery, free carried through to a bankable feasibility study with Rumble Resources Limited.

Contact details:

Jane Morgan

jm@janemorganmanagement.com.au