PERTH, WA, April 24, 2024 — Zenith Minerals Limited (ASX:ZNC) is pleased to announce its activities and achievements for the first quarter ending March 31, 2024, emphasising significant strides in its lithium and gold projects, alongside strategic corporate developments.
Strategic Review and Investor Engagement in Lithium Sector Zenith has engaged Azure Capital to assist in a strategic review of its lithium operations, exploring potential partnerships and investments. Despite a downturn in lithium prices, which have fallen by 85% over the past year, Zenith continues to attract interest from potential strategic and financial investors, underscoring the long-term positive outlook for lithium demand.
Advancements in Lithium Projects The Split Rocks Lithium Project, covering approximately 367 km² in Western Australia's Forrestania greenstone belt, has shown promising developments. A maiden Inferred Mineral Resource of 11.9Mt at 0.72% Li2O has been identified, positioning Split Rocks among the top lithium prospects in the region. Additionally, the project has 83 advanced lithium targets ready for drilling, showcasing significant future growth potential.
Gold Projects Shine with High Market Prices Leveraging the historically high Australian gold prices, Zenith is accelerating activities on its gold assets. The Dulcie Far North in Western Australia, with a reported resource of 150k oz Au, is being prepared for potential divestment, maximizing value from these high-quality assets. The Hayes Hill Project is also set to commence drilling in May 2024, targeting both gold and nickel prospects.
Corporate and Financial Health Zenith maintains a healthy financial position with a cash balance of $1.1M as of the quarter's end. The company has also made strategic dispositions of equity investments, yielding approximately $457k during the quarter.
Outlook and Forward Plans Zenith Minerals looks forward to a productive year ahead with multiple drilling programs scheduled across its project portfolio. The company remains committed to delivering value to its shareholders through strategic development of its assets and prudent financial management.
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