Zenith upgrades Develin Creek Resource

THE DRILL SERGEANT: Zenith Minerals (ASX: ZNC) has reported an updated mineral resource estimate for the Develin Creek copper-zinc-gold-silver project, located in Queensland.

Zenith currently owns 51 per cent of the deposits and has a right to acquire 100 per cent from Fitzroy Resources (ASX: FRY).

The new Inferred Mineral Resource (JORC 2012) stands at:

2.57 million tonnes at 1.76 per cent copper, 2.01 per cent zinc, 0.24 grams per tonne gold and 9.6g/t silver (2.62 per cent copper equivalent).

 

Develin Creek Inferred Mineral Resource (JORC 2012) – February 2015. Source: Company announcement

 

Zenith explained the mineral resource update has come on the back of a resource extension drilling campaign carried out in 2014, which the company claims to have confirmed the high-grade core of the Sulphide City deposit extends a further 140m south of the previous JORC resource.

It has also extended a thick sub-horizontal copper zone at the Window deposit to the north of existing drilling.

New results from holes in the drill campaign at Sulphide City included:

5 metres at 2.45 per cent copper, 2.14 per cent zinc, 0.4g/t gold and 30.7g/t silver; and

3m at 2.63 per cent copper, 0.88 per cent zinc, 0.5g/t gold and 36.7g/t silver.

The company considers these results to be an encouraging follow-up to a diamond drill hole completed in 2011 that returned an intersection of:

13.2m at 3.3 per cent copper, 4 per cent zinc and 0.4g/t gold.

All three massive sulphide deposits (Sulphide City, Window and Scorpion) remain open to the north.

Zenith indicated further resource extension drilling is planned.

Email: info@zenithminerals.com.au

Website: www.zenithminerals.com.au