Perth, Australia – 3rd July 2024 | Zenith Minerals Limited (ASX: ZNC) ("Zenith" or the "Company") is pleased to announce the recommencement of lithium exploration drilling at its 100% owned Split Rocks and Waratah Well lithium projects in Western Australia following an 18-month hiatus. This decision follows a strategic review of the Company's lithium business and positive feedback from potential strategic investors.
Details of the key drill targets are covered in-depth by a Company presentation released to the ASX today titled “2024 Lithium Forward Program”.
Key Highlights
Lithium Strategic Review:
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Following unsolicited inbound expressions of interest from various strategic investors, the Company appointed Azure Capital in January 24 to support Zenith in a strategic review of its lithium business (ASX Release 15 Jan 24).
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Through the Azure process Zenith received expressions of interest from several parties who undertook detailed due diligence including site visits. A number of industry players advised that they were seeking more advanced stage assets and strongly indicated that as Zenith advances the projects, they would be interested in re-engaging.
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Zenith believes that significantly greater value can be delivered to shareholders through the Company advancing the numerous highly prospective targets identified at both the Split Rocks and Waratah Well lithium projects.
Lithium Exploration Update:
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The drilling program will initially be focused on six key highly prospective lithium targets at Zenith’s 100% owned Split Rocks project.
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Five targets are situated along the 13.5km long Rio Lithium Mineral Resource trend plus drill testing of the previously undrilled 9km long Cielo geochemical anomaly, 35km south of Rio.
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More than eighty prospective lithium targets identified at Split Rocks (ASX Release 7 Dec 23) provide a robust pipeline for future exploration.
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At the Waratah Well lithium project further surface work will be undertaken prior to drill testing of high-grade targets.
Managing Director Transition:
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External search process for a new Managing Director/CEO nearing conclusion. An update will be provided as soon as details are available.
Michael Clifford, Managing Director of Zenith Minerals, stated:
“I’m pleased to announce the conclusion of the strategic review of Zenith’s lithium business and advise that the Company will now proceed with initially drill testing six high-priority targets on the 100% owned Split Rocks project in Western Australia. These drill targets include 1km step out drilling northwest of the Rio Lithium Mineral Resource and 5 other key targets beyond the Rio deposit, including the undrilled 9km long Cielo geochemical anomaly. These drill targets are explained in some detail in the accompanying Company presentation titled “2024 Lithium Forward Program” released to ASX today.”
“Although there was interest in Zenth’s lithium assets from various strategics, the feedback from several parties was that they were looking for more advanced projects, but they strongly indicated that as the projects are advanced, they would consider re-engaging. The opportunity now is for the Company to progress our high-quality lithium projects with additional work, and then reassess our position in 6 to 12 months’ time.”
About us:
About Zenith Minerals:
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. The Hayes Hill project, located in the Norseman – Widgiemooltha area of Western Australia contains gold and nickel sulphide drill targets. In addition to its battery metal assets Zenith owns a portfolio of gold and base metal projects. It retains a 25% free carried interest (to end bankable feasibility study) on the Earaheedy Zinc discovery, in Western Australia, with Rumble Resources Limited (ASX:RTR) and two main gold projects – Red Mountain in Queensland and Split Rocks in Western Australia.
To learn more, please visit www.zenithminerals.com.au
Contact details:
Jane Morgan
Investor and Media Relations
|+61 258 619 317
[email protected]