BREAKING: Zenith Minerals has just announced significant advances at its Red Mountain gold discovery in Queensland, with new reverse circulation (RC) drilling results revealing impressive grades. The latest findings include 93 metres grading 0.43 grams per tonne (g/t) gold and 34 metres grading 0.39 g/t gold, confirming the high-grade potential of this emerging site.
These results come from a recent drilling program aimed at further exploring the Red Mountain intrusion-related gold (IRG) deposit. Previous reports highlighted a standout hit of 122 metres grading 1.28 g/t gold, including 55 metres at 2.18 g/t gold from a depth of 209 metres. Zenith’s managing director, Andrew Smith, emphasized that each drilling effort enhances their understanding of the breccia pipe’s shape and size.
The breccia pipe is currently open to the northwest and southeast, with gold hits notably increasing in grade towards the west. A recent drill hole has extended the eastern pipe margin laterally, hitting 99 metres grading 0.28 g/t gold. Following these promising results, Zenith has initiated diamond drilling to further extend mineralisation down to at least 500 metres below the surface.
In an urgent statement, Andrew Smith remarked on the geological observations from the drilling core, indicating that the breccias and volcanic rock types may resemble those of the nearby Mt Wright breccia pipe, which produced over 1 million ounces of gold during its operational years. This comparison underscores the potential for substantial gold deposits at Red Mountain.
These developments are crucial as they not only expand Zenith’s gold footprint but also heighten investor interest in the region. The company’s exploration efforts are intensifying, with a focus on defining a target corridor for further drilling. The implications of these findings could lead to significant economic benefits, as intrusion-related gold systems are often linked to high-return, long-life mining operations.
Zenith’s primary focus remains its robust gold portfolio, which includes the Dulcie gold project in Western Australia, boasting a mineral resource of 8.2 million tonnes grading 1.2 g/t for a total of 302,000 gold ounces. This strategic positioning highlights Zenith’s commitment to exploring and developing high-potential gold assets.
As the drilling continues, industry experts are keenly watching for further updates and results. The potential for a high-grade feeder pipe, often characteristic of other breccia systems in Queensland, adds another layer of excitement to this already promising site.
Stay tuned for more updates as Zenith Minerals pushes forward in its quest to unlock the full potential of the Red Mountain gold deposit. For those invested in the mining sector, this is a development that demands immediate attention and may have lasting implications for the gold market.
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