Zenith Targets Up to 0.8 Moz Gold in 12,000m Dulcie Drilling Program

A Transformative Step for Dulcie

Zenith Minerals Limited has commenced its largest-ever drilling campaign at the Consolidated Dulcie Gold Project in Western Australia. The ambitious 9,000 to 12,000 metre Phase 2 Reverse Circulation (RC) program aims to convert a recently defined Exploration Target ranging from 0.3 to 0.8 million ounces of gold into Inferred Mineral Resources, building on an existing resource of 302,000 ounces at Dulcie Far North (DFN).

With two rigs now mobilised, Zenith is accelerating its exploration efforts across the Dulcie corridor, including Dulcie North and the Southern Extension. This campaign is designed not only to expand known resources but also to test high-priority, previously untested targets that could reveal new discoveries.

Encouraging Early Results and Metallurgical Confidence

Phase 1 drilling at DFN, completed earlier this year, identified a tenth footwall lode, highlighting the potential for further resource growth. Some northern and structural targets were deferred due to rig limitations and adverse weather, but these are now slated for re-drilling in Phase 2 with improved equipment and conditions.

Complementing the drilling program, metallurgical test work on DFN samples has delivered gold recoveries of up to 97% through conventional bottle-roll leach tests. These results confirm the amenability of the mineralisation to standard Carbon-in-Pulp or Carbon-in-Leach processing methods, reducing technical risk and supporting future development pathways.

Strategic Positioning and Financial Strength

Zenith’s strong financial position underpins this aggressive exploration push. The company recently completed a A$7.65 million strategic placement to Ida Metal Investments at a premium, alongside a fully underwritten pro-rata rights issue. This capital injection provides the necessary funding to advance the Dulcie project and other assets, including the Red Mountain gold discovery in Queensland.

An Extraordinary General Meeting is scheduled for early November to seek shareholder approval for the strategic placement, a key step in maintaining momentum.

Consolidated Tenure and Infrastructure Advantages

The Consolidated Dulcie Gold Project benefits from more than 6 kilometres of contiguous strike within the Southern Cross–Forrestania Greenstone Belt, a prolific gold region. Zenith’s recent acquisition of subsurface rights further consolidates control over the corridor, including areas with active heap-leach operations. This not only validates permitting pathways but also enhances the project’s development potential.

Proximity to infrastructure such as sealed roads and the Marvel Loch processing plant adds to the project's attractiveness, positioning Dulcie as a cornerstone asset for Zenith’s growth strategy.

Looking Ahead

As Phase 2 drilling progresses, Zenith anticipates a steady flow of assay results starting in the fourth quarter of 2025. These outcomes will be critical in underpinning maiden Mineral Resource Estimates at Dulcie North and the Southern Extension, as well as expanding the DFN resource base. The company’s methodical approach, backed by robust financial resources and promising metallurgical data, sets the stage for a potentially transformative year.