Zenith Minerals has announced that it has acquired the Privateer gold project in Queensland.
According to the ASX Announcement, Privateer is in close proximity to Zenith’s Red Mountain gold project in the Auburn portion of the Connors-Auburn Arc on the New England orogenic belt, extending from Queensland into northern New South Wales.
The Privateer gold project was secured via 100% owned exploration licence.
“Project generation is a core skill of the Company, and we are pleased to have added an additional gold – silver exploration property to our portfolio through a 100% owned exploration licence,” said Zenith Minerals CEO Mick Clifford.
“Drilling at Privateer over 30 years ago returned very high-grade gold and silver results including 0.5m @ 28.5 g/t Au and 35 g/t Ag from only 58m below surface that has never been followed up. The gold mineralisation style at Privateer appears to be a low-sulphidation epithermal with a well-known analogue being the Cracow Gold Mine located some 70 km to the west.”
The company also revealed plans to demerge its non-EV-metal projects, including base metals and gold assets into one or more new companies to be listed on ASX.
“Any subsequent demerger actions will be dependent on Zinc Minerals Board approval, tax advice favourable to the Company, shareholder, ASX, ASIC and other regulatory approvals,” reads the company’s statement.
