Zenith Minerals Eyes Up to 0.8 Moz Gold at Consolidated Dulcie with July Drilling

A New Chapter for Zenith Minerals

Zenith Minerals Limited (ASX, ZNC) has announced a compelling new Exploration Target at its Consolidated Dulcie Gold Project, located in Western Australia's prolific Southern Cross–Forrestania Greenstone Belt. The company estimates a potential 0.3 to 0.8 million ounces of gold within a 10 to 24 million tonne range grading between 0.9 and 1.1 grams per tonne. This target spans the Dulcie, Dulcie North (DN), and Dulcie Far North (DFN) prospects, supplementing the existing inferred mineral resource of 302,000 ounces at DFN.

Exploration Potential and Strategic Positioning

Importantly, this Exploration Target is derived from verified drilling data and excludes speculative or undrilled zones, suggesting substantial upside potential beyond the current estimate. The geological model assumes continuity of the sheeted vein system identified at DFN, which has been reinterpreted following recent drilling to reveal a laterally extensive gold system up to 400 metres wide. This reinterpretation challenges earlier views that gold mineralisation was confined to narrow lodes, opening new avenues for resource expansion.

Zenith's recent acquisition of subsurface rights over an additional 3 km strike length consolidates its control over the Dulcie gold corridor. These tenements include active heap-leach operations, which not only validate existing permitting pathways but also de-risk the project and could accelerate the timeline towards production. The proximity to regional infrastructure, including sealed roads and the Marvel Loch Processing Plant, further enhances the project's economic attractiveness.

Fully Funded Drilling Campaign to Test and Expand Targets

Following a successful rights issue, Zenith is well-funded to embark on a substantial reverse circulation (RC) drilling program scheduled to commence on 28 July 2025. The campaign aims to drill between 9,000 and 12,000 metres in a phased approach, targeting both the defined Exploration Target areas and prospective extensions beyond current boundaries. Key focus areas include strike and depth extensions of known high-grade mineralisation, untested banded iron formation horizons, newly identified footwall lodes, and structurally complex zones interpreted as potential gold traps.

Drilling at Dulcie North is particularly promising, with previous intersections including 15 metres at 19.4 grams per tonne gold, underscoring the high-grade potential of this underexplored segment. At DFN, structural analysis has identified fold closures and flexures that may act as traps for high-grade mineralisation, which upcoming drilling will test.

Encouraging Metallurgical Testwork

Preliminary metallurgical testwork on Dulcie composites indicates excellent gold recoveries exceeding 92% after 24 hours of cyanide leaching, rapid leach kinetics, and suitability for conventional gravity and cyanide processing methods. These characteristics suggest potential operational cost savings and efficient processing. While elevated lime consumption was noted in transitional ore composites, overall metallurgical performance supports the project's viability.

Looking Ahead

Managing Director Andrew Smith highlighted the significance of this milestone, emphasizing Zenith's strong financial position and active exploration pipeline, including deep drilling preparations at the Red Mountain Gold Project in Queensland. The company aims to convert exploration success into maiden JORC-compliant Mineral Resources at Dulcie and Dulcie North, advancing the Consolidated Dulcie Project towards becoming a significant standalone gold asset.

With a robust exploration strategy, strategic land consolidation, and a fully funded drilling program imminent, Zenith Minerals is poised to unlock substantial value for shareholders in the coming months.