Zenith Minerals Limited - Drill Trial Returns 9m @ 5.2g/t Gold

Zenith Minerals Limited - Drill Trial Returns 9m @ 5.2g/t Gold

Zenith Minerals (ASX:ZNC) has announced initial trial drilling and rock chip results from the Kavaklitepe Gold Project in Turkey, with results including 9m at 5.2g/t Au from surface. Rock chip results included 31.5 g/t Au, 19.2 g/t Au, 13.7 g/t Au, 13.2 g/t Au, 9.3 g/t Au, 8.3 g/t Au, 7.8 g/t Au and 4.8g/t Au. JV partner Teck is currently drilling 1500m of trial drilling using different rigs and core sizes. Results are expected to continue over the coming months.


Kuzey Zone

  • Limited, preliminary man-portable drill trial at the Kuzey (North) Zone at Kavaklitepe returns: 9 metres (“m”) @ 5.2 grams per tonne gold (“g/t Au”) from surface;
  • Individual surface rock samples taken within the central breccia zone of the Kuzey gold soil anomaly over a strike of 680m returned results including: 31.5 g/t Au, 19.2 g/t Au, 13.7 g/t Au, 13.2 g/t Au, 9.3 g/t Au, 8.3 g/t Au, 7.8 g/t Au, 4.8g/t Au, 4.3 g/t Au, 2.5 g/t Au and 1.1 g/t Au; and
  • Continuous rock chip samples taken along a forestry track returned 42m @ 1.5 g/t Au, including: 3m @ 3.7 g/t Au and 15m @ 2.8 g/t Au (open ended to the south east) from the southern end of the Kuzey Zone.

Discovery Zone

  • Continuous rock chip samples taken along a forestry track from the Discovery Zone returned 27m @ 1.4 g/t Au, including : 12m @ 1.6 g/t Au, 3m @ 2.4 g/t Au and 4.4m @ 1.6 g/t Au (open ended to the south east) and
  • A single rock sample taken 12m north of the road sampling at the Discovery Zone returned 3.3 g/t Au.

Guney Zone

  • First bedrock gold mineralisation identified at the Guney Zone (South Zone) with a continuous rock chip sample returning: 4.7m @ 1.7 g/t Au, whilst a single rock sample taken a further 5m south returned 1.5 g/t Au.

Zenith Minerals Limited (“Zenith” or “the Company”) is pleased to advise that a short hole drill test has been carried out at the Kavaklitepe gold project in Turkey, to determine if a man-portable rig could provide the depth of drilling and quality of samples required to test anomalous gold-in-rock and soil anomalies. While further refinements are necessary to improve recoveries, the drill system is providing useful information.

Kuzey Zone

Two diamond drill holes (total 90.5m depth) have been completed to date using the small man-portable rig, testing the 900m by 250m wide Kuzey (North) Zone gold in soil anomaly only. The first hole was drilled at the southern end of the prospect area, the second 250m to the northeast along the strike of the high-grade gold surface rock samples.

Drill core recovery for the second drill hole KT-02 was satisfactory near surface with the initial 9m down-hole averaging 82% core recovery; however core recovery in the deeper portion of the drill hole dropped to less than 50%. The drill hole intersected altered rocks to 45.8m, with assay results from the upper portion of the drill hole (zone of acceptable core recovery) returning 9m at 5.2 g/t Au from surface (Figure 1). The gold intersection reported is down-hole width as the orientation of mineralisation is currently unknown. Although gold was intersected in the first diamond core hole (KT-01) core recovery averaged only 24% and was not of acceptable standard, consequently the results from this hole will not be reported.

The Company notes that the drill core size for holes KT-01 and KT-02 was relatively small (BQ - 36.5mm core diameter). Consideration is being given to using a larger drill rig to produce larger sized core (NQ - 47.6mm core diameter), which is considered a more appropriate size of core for testing gold mineralisation. Reporting cut-off criteria and associated JORC tables are appended to the end of this release.

Commenting on the results, the Company’s Managing Director Mr. Michael Clifford said, “Although exploration at Kavaklitepe is at a very early stage, the initial drill results testing beneath the first of three existing high-order gold in soil anomalies are very encouraging. We have been eagerly awaiting the drill test of these outstanding surface gold targets; the drilling of which has been a high-priority for the Company. Our partner has commenced the first exploration test of the project and I look forward to providing further results when they come to hand.”

In addition to the drilling, 11 out of 20 individual rock samples taken within the central core of the Kuzey gold in soil anomaly over a strike of 680m returned: 31.5 g/t Au, 19.2 g/t Au, 13.7 g/t Au, 13.2 g/t Au, 9.3 g/t Au, 8.3 g/t Au, 7.8 g/t Au, 4.8g/t Au, 4.3 g/t Au, 2.5 g/t Au and 1.1 g/t Au. The samples confirm the location and tenor of high-grade gold previously reported along the spine of the gold-in-soil anomaly at Kuzey.

Based on drilling and surface mapping to date, gold mineralisation in the Kuzey (North) Zone appears to be hosted in silicified and altered breccia zones that crosscut a meta-siltstone rock sequence (Figure 2).

Continuous rock chip samples taken along a forestry track returned 42m @ 1.5 g/t Au (entire mineralised interval, no cut-off grade applied), including : 3m @ 3.7 g/t Au and 15m @ 2.8 g/t Au (open ended to the south east) from the southern end of the Kuzey Zone. The zone partially replicates sampling previously reported that returned 54m @ 3.3 g/t Au, but as the new sample interval is open ended a direct comparison of the results cannot be made.

Discovery Zone

Continuous rock chip samples taken along the northern edge of a forestry track in the Discovery Zone gold-in-soil anomaly returned: 27m @ 1.4 g/t Au (entire mineralised interval, no cut-off grade applied), including: 12m @ 1.6 g/t Au, 3m @ 2.4 g/t Au and 4.4m @ 1.6 g/t Au (open ended to the south east). This gold mineralised zone was previously sampled and returned 21m @ 2.6 g/t Au. A direct comparison is not possible as the mineralised zone reported above remains open ended. A similar continuous rock sample traverse taken along the southern edge of the forestry track and parallel to the interval reported above returned: 1.9m @ 1.1 g/t Au, 3.9m @ 1.5 g/t Au, 3.3m @ 1.6 g/t Au and 2.5m @ 2.6 g/t Au.

In addition, a single rock chip sample taken 12m north of the roadside sampling at the Discovery Zone returned 3.3g/t Au over a 3m sample length.

Guney Zone

A new zone of surface gold mineralisation has been identified in continuous rock chip samples taken at the Guney Zone (South Zone), returning 4.7m @ 1.7 g/t Au, whilst another single rock sample taken 5 metres south returned 1.5 g/t Au (Figure 4). This is the first recognition of outcropping gold mineralisation within the 1000m long Guney gold-in-soil anomaly, located approximately 500m southeast of the Kuzey Zone.

Planned Programs at Kavaklitepe

This current program includes up to 1500m of drilling, depending on the performance of the manportable drill rig, along with geological mapping, a grid based hand pitting program to assess bedrock in areas of the gold-in-soil anomalies and more detailed ground geophysical surveys (IP and magnetics). It is anticipated that this program will be completed during the 2016 field season. A more powerful man-portable drill rig (than that used for the first two drill holes) is now onsite drilling at the Kuzey Zone.

Background on the Kavaklitepe Project

Columbus Copper discovered mineralization at Kavaklitepe in 2013 by following up a stream sediment anomaly to a stream bed outcrop that returned 5.2 g/t Au. Subsequently a small trench in a nearby road cut returned 2.6 g/t Au over 21 metres of exposure. About 1.4 kilometres northwest from the discovery outcrop four samples from a gold bearing breccia zone returned 28.2 g/t, 21.7 g/t, 6.7 g/t and 3.6 g/t Au respectively (Columbus Copper release March 1, 2013). Further rock sampling along a road bank in this zone confirmed the presence of high‐grade gold mineralization returning 54 metres of continuous rock chips with an average grade of 3.3 g/t Au (no gold grade cutoff applied), including 21.5 metres grading 7.2 g/t Au. A total of 2,127 soil samples were also collected on the Property in 50 metre x 50 metre and 100 metre x 100 metre grids covering an area of approximately 11 square kilometres, of which 176 samples returned gold grades higher than 50 ppb, 112 ‐ higher than 100 ppb and 40 ‐ higher than 250 ppb with 9 of these samples containing more than 1000 ppb (1 g/t) Au. The soil sampling outlined a potentially mineralized zone measuring 850 metres by 250 metres and continuing for another 800 metres to the southwest and possibly displaced by a northwest-southeast trending fault at its southern margin. There are strong, coincident arsenic and antimony anomalies.

Successful IP geophysical survey trials by Zenith over two of the major gold-in-soil anomalies, Kuzey and Guney, identified strong chargeability anomalies beneath and flanking the high-grade gold in soil anomalies respectively. Two survey configurations were tested (a grid of gradient array and single pole-dipole lines) both returning strong to moderate chargeable responses (>15-20Mv/v). At the Kuzey zone a strong chargeability anomaly was identified by the gradient survey directly beneath high-grade surface rock chip samples (7.6, 22.7 g/t Au) and gold in soil (up to 6.0/t Au), while a second strong chargeability anomaly was identified by the gradient survey flanking the Guney Zone (Figure 3).

At Kuzey the chargeability anomaly lies directly beneath the 900m long (50 ppb Au) high-grade gold in soil anomaly (maximum 6050 ppb Au, 6.0 g/t Au) (Figure 4).

Zenith’s wholly owned subsidiary S2M2 Coal Pty Ltd previously announced that it had entered into an exclusive option to earn an interest in the Kavaklitepe gold property located in western Turkey from Columbus Copper (Zenith ASX release 23rd Dec 2013). That agreement was subsequently replaced by an option agreement with Teck Anadolu Madencilik A.S. (“Teck”), a Turkish subsidiary of Teck Resources Limited, (Zenith ASX release 30th November 2015) whereby Teck may earn a 70% interest in the Kavaklitepe gold project from Zenith by spending US$700,000 in property expenditures including a minimum of 1500m of drilling. Following the initial option stage both companies can then continue to explore or develop the property by contributing their pro-rata costs or they may elect to dilute their interests according to a standard industry formula. If Zenith reduces its equity below 10% then the remaining interest is converted to a 5% net profit interest royalty.

Should Teck not exercise its initial option to earn 70% equity then Zenith will own 100% of the project with Teck retaining a 2% net smelter royalty.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Zenith Minerals Limited. Mr Clifford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Drill intersections reported in this release are calculated using the following criteria:

  • Minimum reportable average gold grade of intercept of 1.0 g/t Au
  • Length weighted arithmetic average gold grades;
  • Lower cut-off gold grade of 0.5 g/t Au;
  • Maximum length of internal dilution 2m;
  • No high-grade gold top cuts;
  • Treatment of repeat assays (arithmetic average of all repeat fire assay results)

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