THE BOURSE WHISPERER: Zenith Minerals (ASX: ZNC) has executed a binding agreement with its Joint Venture partner 4DS Memory to acquire that company’s 49 per cent interest in the Develin Creek copper-zinc-gold-silver project located in Queensland.
Zenith is paying $60,000 for the acquisition of the project, which hosts a JORC 2012-compliant Inferred Mineral Resource of 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% CuEq).
Having now secured a 100 per cent interest in the Develin Creek project, Zenith said it plans to carry out further exploration activities to unlock the potential of the existing Inferred Mineral Resource and what it considers to be highly prospective surrounding tenure.
“Drill testing is planned of the new Wilsons South target and at Sulphide City where a twin hole drilling program will test historic drilling assay under-call and provide further metallurgical samples,” Zenith Minerals said in the company’s announcement to the Australian Securities Exchange.
“In addition the program to expand geochemical coverage over priority host rock horizons within the highly prospective tenure surrounding the Develin Creek deposits remains ongoing.
“The Develin Creek deposits are of a style similar to those currently being mined by Sandfire Resources at DeGrussa and Independence Group at Jaguar-Bentley, which are both located in Western Australia.
“These types of deposits typically occur in clusters making them attractive exploration targets.”