Zenith Minerals’ shares went for a trot this morning, rising around 8% out of the gate on news that assays from recent RC drilling at the Kavaklitepe project in western Turkey had returned thick high-grade gold intercepts.
Preliminary 4m composite assay results received from the recently completed 15-hole, 2,276m program at the Kuzey prospect included 24m at 4.15 grams per tonne with 16m at 5.2gpt; 28m at 2.78gpt including 8m at 6.01gpt, and; 32m at 1.28gpt including 4m at 3.2gpt, with many of the intercepts starting at or near surface.
The potential of the prospect was further highlighted by continuous surface rock samples taken along access tracks constructed for the drilling, including 10m at 12.gpt and 44m at 3.37gpt.
Together with similar hits from maiden drilling conducted in 2016, Zenith now says Kuzey has mineralisation mapped along a 900m strike, although there are still additional targets requiring testing based on gold-in-soil anomalies in the area, including the Discovery and Guney zones.
Further assays based on 1m samples are expected in January, and may be higher grade but narrower width, the junior said.
Zenith has 30% of the project alongside giant Canadian miner Teck Resources and the pair planned the program targeted at Kuzey to better define the scope, size and tenor of gold mineralisation.
Zenith had A$1.9 million in cash at the end of September and expected to spend $470,000 this quarter.
Kavaklitepe is the company’s only interest in Turkey. It is otherwise focused on Australia and North America.
Zenith shares, which had recently bottomed-out to a 52-week low at A7.2c, recovered to 8c in morning trade, valuing the company at $17 million, but it is still some way from its peak of near 25c in March.