Zenith Minerals : Major Expansion of Mineralised Zone at Tonka-Navajoh

Our Vision

9th March 2022

only	Corporate Details
Zenith Minerals Limited (ASX:ZNC)
	ABN: 96 119 397 938
I sued Shares		343.8M
Unlisted options		14.4M
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	Director-CEO
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

MAJOR EXPANSION OF MINERALISED ZONE AT TONKA-NAVAJOH - EARAHEEDY ZINC PROJECT

New drill results from the Earaheedy Zinc Joint Venture project in Western Australia significantly expand the Tonka-Navajoh Prospect mineralised footprint to a strike of 8km x 1.4km, with mineralisation remining open along strike and down dip.

New drill results* from 500m spaced RC lines confirm strong Zn-Pb grades as well as continuity of mineralisation, including:

Tonka (includes Magazine) Prospect

• 20m @ 4.27% Zn + Pb, 3.71 g/t Ag from 112m (EHRC398) o Incl 8m @ 6.75% Zn + Pb, 5.2 g/t Ag from 117m
• 12m @ 4.41% Zn + Pb, 0.91 g/t Ag from 67m (EHRC320) o Incl 6m @ 5.54% Zn + Pb, 1.13 g/t Ag from 72m
• 19m @ 1.88% Zn + Pb, 2.37 g/t Ag from 143m (EHRC400) o Incl 5m @ 5.09% Zn + Pb, 5.12 g/t Ag from 143m

Navajoh Prospect

• 17m @ 4.79% Zn + Pb, 4.25 g/t Ag from 170m (EHRC287) o Incl 4m @ 8.31% Zn + Pb, 5.38 g/t Ag from 170m
  and
  o 7m @ 5.62% Zn + Pb, 5.3 g/t Ag from 179m
• 12m @ 4.48% Zn + Pb, 5.26 g/t Ag from 152m (EHRC419) o Incl 6m @ 6.51% Zn + Pb, 7.1 g/t Ag from 152m
• 23m @ 2.45% Zn + Pb, 1.18 g/t Ag from 176m to EOH (EHRC290)
  o Incl 3m @ 7.52% Zn + Pb, 1.89 g/t Ag from 181m

Chinook-Tonka-Navajoh mineralisation now inferred to extend over 18km of strike within the joint venture project area.

Approximately 15% of the 50,000m assays (2021 drill campaign) remain outstanding.

Further follow-up to include additional wide-spaced (500m), step-out drilling as well as testing for high-grade feeder structures, like that identified at the Kalitan High-Grade Zone.

*Refer to RTR - ASX Release appended to this announcement.

Commenting on the new Tonka - Navajoh drill results, CEO Mick Clifford said: "We are very excited to be able to report on these new drill results. The results infer we have the likelihood of continuous zinc-leadmineralisation extending from Chinook in the northwest, all the way through to Tonka-Navajohin the southeast, a distance of some 18km. We can now see the scale of the system being uncovered, a very exciting development, especially as we see the price of zinc surging through A$5,600/tonne."

Earaheedy Joint Venture Project Background

Zenith Minerals Ltd (ASX: ZNC) owns a 25% free carried interest in the EJV whilst Rumble owns 75%. The project area (E69/3464) covers the contact between the overlying Frere Iron Formation and underlying Yelma Formation of the Earaheedy Basin.

10m @ 3.93% Zn+Pb, 4.34g/t Ag from 84m

22m @ 4.27% Zn+Pb, 5.4 g/t Ag from 110m

In April 2021 the EJV partners each announced a major Zinc-Lead Discovery with 'Tier 1' potential at the Earaheedy Project (refer ASX Release 19-Apr-21) and followed this up announcing a Large Sedex Style System Emerging at the Earaheedy Project (ASX Release 25-May-21). There are 3 main prospects within the EJV, Chinook and its associated high-grade feeder zone Kalitan, as well as Tonka (now incorporating Magazine) and Navajoh.

onlyWithin the broader region, Zenith in its own right controls 100km of prospective mineralised strike which also has the potential to contain multiple large tonnage Zn - Pb deposits (Figure 1).

CHINOOK DISCOVERY

Following the Chinook Zn-Pb-Ag-Cu sulphide discovery in April 2021, broad spaced 500m x 100m scoping drilling defined a very large shallow flat lying 4.1km x 1.9km mineralised footprint that remains open in all directions. Later in 2021, Rumble commenced infill drilling on a 200m x 100m grid, with the deposit showing strong grade continuity and multiple large high-gradeZn-Pb zones (ASX Release 21-Feb-22), including:

use	•	8m	@ 3.67% Zn + Pb, 4.10 g/t Ag from 74m (EHRC297)
•	8m	@ 3.65% Zn + Pb, 8.03 g/t Ag from 128m (EHRC197)
• 17m @ 2.91% Zn + Pb, 2.29 g/t Ag from 110m (EHRC206)
•	5m	@ 4.54% Zn + Pb, 4.24 g/t Ag from 110m (EHRC113)
•	5m	@ 5.53% Zn + Pb, 3.56 g/t Ag from 79m (EHRC159)

KALITAN FEEDER FAULT ZONE*

Interpreted high-grade feeder fault mineralisation intersected below the recently discovered flat-lying, extensive (4.1km long x 1.9km wide) Chinook zinc-lead mineralisation (ASX Releases 13-Dec-21,31-Jan-22 and 21-Feb-22). Currently defined over 2.3km strike length. Drill results include:

• 20m @ 8.78% Zn+Pb, 11.7 g/t Ag, within 51m @ 4.76% Zn+Pb from 82m
• 10m @ 6.57% Zn + Pb, 16.24 g/t Ag from 200m, within broad zone of 84m @ 1.84% Zn+Pb to end of hole
• 13m @ 6.94% Zn + Pb (6.27% Zn, 0.67% Pb), 3.00 g/t Ag from 137m incl 6m @ 10.51% Zn + Pb, 2.37 g/t Ag from 141m
• 6m @ 6.57% Zn+Pb

personalIn addition, metal zonation (Cu-Co-As-Ag), mineral alteration and geological architecture supports potential for deeper

large-scaleCu-Zn-Pb-Ag deposits below the extensive, flat-lying, unconformity style mineralisation discovered to date, at Chinook, Tonka and Navajoh.

TONKA DISCOVERY*

A zone of flat lying Zn-Pb-Ag mineralisation at Tonka was discovered 8km southeast of the Chinook Zn-Pb-Ag discovery, during exploration drilling testing the wider potential of the joint venture ground (ASX Release 13-Dec-21). Key attributes

Forof Tonka include:

Mineralisation style is flat lying near surface - like that at the Chinook Zn-Pb-Ag discovery, where drilling is ongoing. Results, previously reported results include:

•

•

NAVAJOH DISCOVERY*

Mineralised zone discovered at Navajoh, located 4km southeast of Tonka Discovery (ASX Release 13-Dec-21). Mineralisation is flat lying Zn-Pb-Ag sulphide mineralisation, like that at the Chinook and Tonka Prospects. Previously reported results include:

• 5m @ 6.38% Zn + Pb, 6.3 g/t Ag from 123m (EHRC280)
• 3m @ 6.15% Zn + Pb, 10.63 g/t Ag from 132m (EHRC281A)
• 4m @ 4.18% Zn + Pb, 3.57 g/t Ag from 106m (EHRC291)

Figure 1: ZNC Earaheedy Joint Venture Project and 100% Owned ZNC Tenure

onlyuse

personal*Refer to Rumble Resources Limited ASX Releases dated 21-Dec-21,31-Jan-22,7-Feb-22 and 21-Feb22 for further details.

Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Z nith 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.

Material ASX Releases Previously Released

ForThe Company has released all material information that relates to Exploration Results, Mineral Resources and Reserves, Economic Studies and Production for the Company's Projects on a continuous basis to the ASX and in c mpliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release and that the material assumptions and technical parameters remain unchanged.

Authorised for release by the Zenith Minerals Limited Board of Directors - 9th March 2022

For further information contact Zenith Minerals Limited:

Director: Michael Clifford E: [e-mail] Phone [phone]

ABOUT ZENITH

In addition to its lithium assets at Split Rocks and Waratah Well, part of the Zenith Lithium Joint Venture with EV Metals Group, Zenith Minerals Limited has a portfolio of gold and base metal assets in Western Australia and Queensland.

onlyA new major zinc discovery at Earaheedy in Western Australia is to be fast tracked with extensive accelerated exploration programs underpinned by a recent $40M capital raising by partner Rumble Resources Limited (ASX:RTR) (ASX Releases 28-Apr-21,2-Jun-21,8-Jun-21,18-Oct-21,13-Dec-21,21-Dec-21,31-Jan-22 and 21- Feb-22).

In Queensland an Inferred Mineral Resource 2.57Mt @ 1.76% Cu, 2.01% Zn, 0.24g/t Au & 9.6g/t Ag (ASX Release 15-Feb-15) underpins the Company's Develin Creek massive copper-zinc sulphide project. Recent 2021 drilling intersected massive copper-zinc sulphides at 2 new prospects, Wilsons North & Snook, a testament to the prospective nature of the extensive landholdings.

useAt Red Mountain in Queensland, drilling programs are planned to follow-up the high-grade near surface gold and ilver intersected in Zenith's maiden & subsequent drill programs (ASX Releases 3-Aug-20 & 13-Oct-20,9-Nov-20,

21-Jan-21 and 19-May-21).

Drilling returned high-grade near surface gold mineralisation at multiple targets in the Split Rocks gold project in the Western Australian goldfields (ASX Release 5-Aug-20,2-Sep-20,19-Oct-20,28-Oct-20,15-Jan-21,11-Mar-21, 21-

Apr-21,24-Jun-21,30-Sep-21 and 18-Jan-22).

personalTo allow the Zenith team to focus on EV-metal project generative activities, it is planned that the non-EV- metal projects, including base metals and gold assets will be demerged into one or more new companies

to be listed on ASX. Any such demerger will be subject to ZNC Board approval, tax advice favourable to the Company, shareholder, ASX, ASIC and other regulatory approvals. ZNC shareholders to benefit by way of an in-specie distribution of the shares in the new listed vehicle/s. Further updates and information on the Demerger will be provided by Zenith in due course (ASX Release 13-Jan-22).

For

9th March 2022

Major Expansion of Zn-Pb Mineralised Footprint

at the Tonka- Navajoh Prospects - Earaheedy Project

onlyTonka-NavajohZn-Pb-Ag Trend - RC Drilling Results

 Located 8kms southeast of the Chinook Prospect, RC drilling has significantly

i creased the Tonka-Navajoh mineralised footprint to a strike of 8km and up to 1.4km in width. Zn-Pb mineralisation remains open to the northwest, southeast and down- dip to the northeast

 The RC drilling (scoping on 500m sections) has now confirmed strong Zn-Pb grade

continuity at both the Tonka and Navajoh Prospects with results including:

use
	Tonka (includes Magazine) Prospect
			 20m @ 4.27% Zn + Pb, 3.71 g/t Ag from 112m (EHRC398)
					o Incl 8m @ 6.75% Zn + Pb, 5.2 g/t Ag from 117m
			 12m @ 4.41% Zn + Pb, 0.91 g/t Ag from 67m (EHRC320)
					o Incl 6m @ 5.54% Zn + Pb, 1.13 g/t Ag from 72m
personal	 19m @ 1.88% Zn + Pb, 2.37 g/t Ag from 143m (EHRC400)
		o Incl 5m @ 5.09% Zn + Pb, 5.12 g/t Ag from 143m
	N vajoh Prospect
			 17m @ 4.79% Zn + Pb, 4.25 g/t Ag from 170m (EHRC287)
					o Incl 4m @ 8.31% Zn + Pb, 5.38 g/t Ag from 170m and
					o 7m @ 5.62% Zn + Pb, 5.3 g/t Ag from 179m
			 12m @ 4.48% Zn + Pb, 5.26 g/t Ag from 152m (EHRC419)
					o Incl 6m @ 6.51% Zn + Pb, 7.1 g/t Ag from 152m
			 23m @ 2.45% Zn + Pb, 1.18 g/t Ag from 176m to EOH (EHRC290)
					o Incl 3m @ 7.52% Zn + Pb, 1.89 g/t Ag from 181m
			 12m @ 3.47% Zn + Pb, 2.37 g/t Ag from 188m (EHRC289)
					o Incl 3m @ 4.6% Zn + Pb, 3.03 g/t Ag from 190m
					Drill-hole intersections are true width
Emerging World Class Base Metal System
For

 Initial litho-structural interpretation from airborne magnetics, gravity and drill hole l gging suggests:

 The Chinook-Tonka-NavajohZn-Pb-Ag mineralisation now occurs over a strike of 18km and is open to the northwest, west, southeast and down-dip to the northeast

 At Chinook, the Kalitan Feeder Zone and other inferred higher-gradeZn-Pb feeder zones trend northwest which are the focus of the early 2022 drill campaign

 At Tonka-Navajoh, multiple new inferred high-gradeZn-Pb feeder structures trend northeast

Next Stages at Tonka-Navajoh

• Further scoping and infill drilling on the 500m spaced drill sections
• Drill testing the recently interpreted northeast trending feeder structures

with the focus on delineating new higher-gradeZn-Pb zones

Rumble Resources Ltd

Level 1, 16 Ord Street, West Perth, WA 6005

T [phone]

F [phone]

rumbleresources.com.au

ASX RTR

Executives &

Management

Mr Shane Sikora

Managing Director

Mr Brett Keillor

Technical Director

Mr Matthew Banks Non-executive Director

Mr Michael Smith Non-executive Director

Mr Peter Venn Non-executive Director

Mr Steven Wood Company Secretary