Zenith Minerals reveals an alliance of high quality copper and lithium
Diversified explorer Zenith Minerals (ASX: ZNC) halted operations ahead of news of an alliance and joint venture on its lithium soil in Western Australia.
This came just hours after the company announced it had cut wider widths and high copper grades at its Develin Creek project in Queensland.
The lithium deal, which has yet to be revealed, comes amid sharp increases in the share prices of several lithium leaders in recent days.
Zenith’s lithium soil is found on its Split Rocks project in Western Australia, which was originally acquired for its gold potential and has targets more than 18 km below and along the direction of current mines and resources. .
This covers 650 square kilometers in the under-explored greenstone belt of Forrestania near Southern Cross.
But more recently, the soil has shown promise for lithium, with mineralization located near the Mt Holland pegmatite project, 50/50 owned by Wesfarmers (ASX: WES) and the Chilean SQM lithium power plant.
Details of the lithium deal will be released before negotiations begin next Tuesday.
Confirmed high quality copper lens
Meanwhile, at the Develin Creek project located 80 km northwest of Rockhampton in central Queensland, Zenith struck large areas of copper on the Scorpion prospect.
Notable intersections were 21 m at 2.5% copper, 1.6% zinc, 0.4 grams of gold per tonne and 18 g / t silver; 20m at 2.3% copper, 0.3% zinc, 0.4g / t gold and 16.2g / t silver; and 18m at 1.7% copper, 0.6% zinc, 0.6g / t gold and 26.3g / t silver.
Zenith CEO Mick Clifford said drilling at Scorpion confirmed the high-grade nature of the copper lens which, along with the Sulfide City resource, forms the basis of the historic inferred mineral resource.
“Once we have completed the planned Sulfide City drill program, which was halted in 2021 due to heavy rainfall, then we can update the resource estimate.”
This existing estimate is that the Develin Creek project is a volcanic-hosted massive sulphide copper-zinc (VMS) deposit with an inferred mineral resource of 2.57 Mt at 1.76% copper, 2.01% zinc. , 0.2 g / t gold and 9.6 g / t silver (2.62% copper equivalent).
“More importantly,” continued Mr. Clifford, we are very keen to bring the rigs back to Snook and Wilsons North (prospects) where we have successfully discovered massive new zones of copper-zinc sulfide in our drilling programs. regional drilling in 2021. “
Mineralization includes massive sulphide deposits, streaks and copper-zinc-gold-silver style breccia, hosted in basalts.
Zenith previously said its deposits are similar in style to those currently operated by Sandfire Resources (ASX: SFR) at DeGrussa and Independence Group (ASX: IGO) at Jaguar-Bentley in Western Australia.