Perth, Australia 11 January 2024 - Zenith Minerals Limited ("Zenith" or "the Company") is pleased to announce the resumption of 100% control over its two significant lithium projects, the Split Rocks Lithium Project, and the Waratah Well Lithium Project, in Western Australia.
Split Rocks Lithium Project - A Notable JORC-classified Asset
The Split Rocks Lithium Project, situated approximately 30km north of the Mt Holland Lithium Deposit, has been identified as one of only six JORC-classified lithium deposits outside existing mining operations in Western Australia. The project covers an area of about 367km² within the Forrestania greenstone belt and has indicated considerable potential with a Maiden Inferred Mineral Resource reported to contain 11.9Mt at 0.72% Li2O. Furthermore, the Company has identified 83 additional lithium targets within the project area and secured permits for 318 drill holes, setting the stage for an extensive exploration campaign in 2024.
Waratah Well Lithium Project - High-Grade Lithium Pegmatites
Located around 20km northwest of Yalgoo in the Murchinson Region, the Waratah Well Lithium Project holds a potentially large lithium-caesium-tantalum pegmatite target. Initial drilling has returned high-grade lithium intersections, and the mineralization remains open in all directions, awaiting a comprehensive follow-up drill program scheduled for the first half of 2024.
Corporate Strategy and Market Position
Zenith's strategic recovery of these assets aligns with the increasing market interest in advanced lithium projects, spurred by significant investments and the global energy transition's demand for critical metals. The Company is well-positioned to leverage these developments and enhance shareholder value. A detailed review of the projects is underway, which may include seeking expressions of interest from potential strategic investors.
Commentary from Zenith's Managing Director, Michael Clifford
Michael Clifford, Zenith's Managing Director, expressed his satisfaction with the developments: "Regaining full control of our key lithium assets in Western Australia is a crucial step forward. Our technical team has made significant progress at both Split Rocks and Waratah Well without drilling this past year, highlighting the untapped potential of these projects. As we move into an extensive exploration campaign for 2024, our focus remains on strategic growth and the continuous enhancement of shareholder value."
Further Updates and Media Contact
Zenith will provide further updates on its lithium business strategy to the ASX shortly. For more information or media inquiries, please contact:
Investor and Media Relations Manager
Note to editors:
References to ASX releases can be found on the Company's website. The statements in this press release are forward-looking and may involve known and unknown risks and uncertainties, which may cause actual results and corporate actions to differ materially from the projections, estimates, or expectations expressed in this release.
Zenith Minerals Limited (ASX:ZNC) is an Australian-based minerals exploration company leveraged to the increasing global demand for metals critical to the production processes of new energy industrial sectors. The Company currently has four lithium projects all located in Western Australia. The 100% owned Split Rocks and Waratah Well projects are the two most advanced lithium projects in Zenith’s portfolio: