Zenith’s Dulcie drilling opens a fresh path to resource growth

Dulcie Central delivers widespread gold hits

Zenith Minerals Limited (ASX:ZNC) has finished the assay work from its first drilling campaign at Dulcie Central, with gold detected in 20 of 24 reverse circulation holes above the company’s 0.3 g/t reporting cut-off. The corridor fills an approximately 600-metre gap between the Dulcie North and Dulcie deposits, but sits outside Zenith’s existing 675,000-ounce Inferred Mineral Resource.

“Plan view of the Consolidated Dulcie Gold Project showing completed drill holes and significant intercepts (interval in metres / grade in g/t Au), over the Inferred Dulcie…”

“Cross section A to A’ (looking north) of the Dulcie Central corridor on M77/599, showing significant gold intercepts (interval in metres / grade in g/t Au) over interpreted geology.”

Caption and image © Zenith Minerals Limited. From “Assays Confirm Widespread Au Mineralisation at DulcieCentral”, 27 Oct 2026.

The final 10 holes added several moderate-width intersections to the picture. SRRC193 returned 5 metres at 1.59 g/t gold from 41 metres, including 3 metres at 2.26 g/t, while SRRC194 produced 7 metres at 0.82 g/t from 83 metres. SRRC190 returned 7 metres at 0.80 g/t from 29 metres, and SRRC192 recorded 3 metres at 1.06 g/t from 45 metres.

New corridor remains outside the current resource

Those results complete a 34-hole, 4,601-metre RC programme across the Consolidated Dulcie Gold Project. The strongest intersection from Dulcie Central remains the previously reported 6 metres at 4.14 g/t gold from 123 metres in SRRC182, including 3 metres at 7.75 g/t.

Zenith’s current Dulcie resource comprises 21.3 million tonnes at 1.0 g/t gold for 675,000 ounces, based on a 0.5 g/t cut-off. The resource expanded substantially during FY26, a development covered in the 675,000-ounce Dulcie resource, but Dulcie Central was not part of that estimate. Its inclusion would therefore require a fresh geological interpretation and resource evaluation rather than a simple update to the existing inventory.

Maiden resource evaluation now begins

Zenith said it will assess whether the drilling has established enough geological and grade continuity to support a maiden Mineral Resource estimate for M77/599. It will also review the broader resource for potential updates incorporating results from Scott’s Grey and Dulcie South.

“Plan view of the Dulcie Central corridor on M77/599, showing completed drill holes and significant intercepts (interval in metres / grade in g/t Au), over the unclassified…”

The drilling provides encouragement on distribution, but the reported intervals are down-hole widths and true widths have not yet been determined. Two shallow holes at the eastern edge of the tested area, SRRC197 and SRRC198, returned no significant results, while several other holes produced narrower or lower-grade intersections.

Large infill programme awaits approvals

In parallel, Zenith is preparing Programme of Work applications for approximately 850 RC holes across Dulcie Far North, Dulcie North, Dulcie Central, Scott’s Grey and Dulcie. The proposed nominal 40-metre by 40-metre spacing is intended to improve confidence in the existing Inferred Resource and potentially support reclassification to the Indicated category.

The company is also planning supplementary diamond drilling for structural interpretation, bulk-density measurements, geotechnical work and metallurgical testwork. The next campaign remains conditional on final drill design, environmental and heritage approvals, contractor availability, funding and operational planning. A project-wide fauna survey has been completed, with its final report expected in early November 2026.