Zenith Minerals : Drilling Recommenced at Develin Creek Copper-Zinc Project

Our Vision

24th March 2022

only	Corporate Details
Zenith Minerals Limited (ASX:ZNC)
	ABN: 96 119 397 938
I sued Shares		343.9M
Unlisted options		14.3M
Mkt. Cap. ($0.34)		A$117M
Cash (31st Dec 21)		A$4.4M*
Equities (31st	Dec 21)	A$9.1M
use				Nil
Debt
*Excludes $6M placement to EVM
(ASX Release 13-Jan-22)
personal		Directors
Michael Clifford	Managing Director
Stan Macdonald	Non-Exec Director
Julian Goldsworthy Non-Exec Director
Nicholas Ong		Co Sec
Nick Bishop………..CFO
Major Shareholders (31st Dec 21)
Directors			3.4%
HSBC Custody Nom.	9.4%
Citicorp Nom			9.0%
BNP Paribas Nom		5.8%
Granich				3.7%

For
Zenith has a vision to maximise
shareholder value	through	superior
project	generation	and exploration
activities.
Focus is on 100% owned Zenith
projects,	whilst	partners	progress
multiple additional opportunities.
Contact Us
Level 2, 33 Ord Street
WEST PERTH WA 6005
PO Box 1426
WEST PERTH WA 6872
Telephone:	[phone]

Email:[e-mail]

Web:www.zenithminerals.com.au

DRILLING RECOMMENCED AT DEVELIN CREEK

COPPER-ZINC PROJECT

Drilling underway with two rigs at the Sulphide City deposit, within Zenith's 100% owned Develin Creek copper-zinc project, located in Queensland.

Exploration was curtailed in December 2021 due to heavy rain and has now recommenced with two drill rigs working to complete the resource update drilling at the Sulphide City deposit.

Assays now received for the final drill holes of the 2021 program and include:

• 1m @ 2.3% Cu, 3.4% Zn, 0.6% Pb, 0.3 g/t Au and 54.3 g/t Ag at Snook, massive sulphide mineralisation open along strike.

Results are in addition to those previously reported from the Scorpion deposit that returned wide high-grade copper (ASX Release 7-Jan-22), including:

• 21m @ 2.5% Cu, 1.6% Zn, 0.4 g/t Au and 18.0 g/t Ag
• 20m @ 2.3% Cu, 0.3% Zn, 0.4 g/t Au and 16.2 g/t Ag
• 18m @ 1.7% Cu, 0.6% Zn, 0.6 g/t Au and 26.3 g/t Ag

Drilling is expected to be completed in 3 - 4 weeks with results to be incorporated in an updated resource estimate for the Scorpion and Sulphide City deposits.

Commenting on the Develin Creek program, CEO Mick Clifford said: "I am pleased to report that resource update drilling has resumed at Develin Creek, following a hiatus related to significant rainfall events on the east coast of Australia, that restricted the movements of our drill crew.

In addition, massive sulphides intersected at the Snook prospect have again returned high-tenorcopper-zinc-silver results with associated strong levels of gold and lead. This zone remains open along strike and clearly warrants follow- up drill testing".

Figure 1: Develin Creek Project Outline and Areas Subject to Recent Drill Testing

Drill Program Details

A three rig drilling campaign commenced at Develin Creek in September 2021 to test copper-zinc targets at Wilsons North, Snook and four targets surrounding the existing Sulphide City JORC massive copper-zinc sulphide deposits (Figure

1 - refer ASX Releases 2-Sep-21).onlyuse

personalIn addition, resource update drilling was also completed at the Sulphide City and Scorpion deposits (Figures 2 - 3) where recent Zenith drilling returned strong massive copper-zinc sulphides in a twin hole program including (ASX Release 5-

Jul-21), including:

• 34m @ 3.5% Cu+Zn, incl 10m @ 6.0% Cu+Zn, and
• 29m @ 3.5% Cu+Zn, incl 12.3m @ 6.7% Cu+Zn

ForThis drilling program is part of a broader plan to build upon the existing JORC resource and add potential tonnage to the Develin Creek copper-zinc volcanogenic massive sulphide (VMS) inventory.

46 drill holes were completed in this 2021 program for a total of 6,148 metres. The drilling returned wide-high grade copepr at the Scorpion deposit (ASX Release 7-Jan-22), including:

• 21m @ 2.5% Cu, 1.6% Zn, 0.4 g/t Au and 18.0 g/t Ag
• 20m @ 2.3% Cu, 0.3% Zn, 0.4 g/t Au and 16.2 g/t Ag
• 18m @ 1.7% Cu, 0.6% Zn, 0.6 g/t Au and 26.3 g/t Ag

Assays are reported here for 9 holes (4 in Wilsons North, 3 in Snook and 2 in Sulphide City) and include:

• 1m @ 2.3% Cu, 3.4% Zn, 0.6% Pb, 0.3 g/t Au and 54.3 g/t Ag at Snook, mineralisation open along strike.

• 2m @ 0.3% Cu, 4.3% Zn, 0.3 g/t Au and 13.6 g/t Ag at Sulphide City

Drilling was curtailed in December 2021 due to heavy rain and has now recommenced with two drill rigs working to complete the resource update drilling at the Sulpide City deposit. Drilling of regional targets will be deferred until later in 2022, including: regional prospects: Wilsons North and Snook (where massive copper-zinc sulphides were discovered

onlyin 2021), and testing EM and geochemical targets surrounding Sulphide City that were not tested during the 2021 drill program.

For usepersonal

Figure 2: Sulphide City Deposit - Drill Hole Location Map showing Significant Intersections

onlyuse

personal Figure 3: Scorpion Deposit - Drill Hole Location Map showing Significant Copper Intersections Background on the Develin Creek Project

The Develin Creek project contains a VMS copper-zinc deposit with an Inferred Mineral Resource (JORC 2012) of: 2.57Mt @ 1.76% copper, 2.01% zinc, 0.24 g/t gold and 9.6 g/t silver (2.62% CuEq) released to ASX on 15-Feb-2015. The Company Foreaffirms its confidence in the existing Inferred Mineral Resource (JORC 2012) based on the information available to it

at this time but may revise the resource upon completion of the resource update and twin hole drilling program.

Zenith's technical team outlined the Snook target located 30km south of the existing JORC resources. An initial maiden drill test of 7 shallow RC holes has been a success, with hole ZSRC001 intersecting 3m of massive and semi-massive sulphides close to surface, at a depth of only 20m downhole. This zone returned: 3m @ 1.57% Cu, 1.07% Zn, 0.37% Pb, 43 g/t Ag and 0.2 g/t Au, including 2m of massive sulphide grading: 1.95% Cu, 1.34% Zn, 0.48% Pb, 55 g/t Ag and 0.3 g/t Au (refer ASX release 7-Dec-20). Subsequent follow-up drilling has now extended the footprint of massive sulphides to a length of 150m (ASX Release 16-Dec-21), with the zone remaining open along strike to the south (Figures 4 - 5). The Snook drill program and that completed at the nearby Wilsons North prospect now confirm a cluster of massive sulphides is present within the Company's landholdings, reaffirming the highly prospective nature of the Develin Creek project.

Drilling at Wilsons returned multiple intersections of massive pyrite which commonly occurs in association with the base metal rich massive sulphides at the Sulphide City deposit. Further work is required to vector in on the base metal rich portion of this system.

For personal use only

Figure 4: Snook Prospect Plan showing Significant Copper Intersections

Figure 5: Snook Prospect - Long Section showing Significant Massive Sulphide Intersections