PERTH (miningweekly.com) – ASX-listed Zenith Minerals has moved to gain full ownership of the Develin Creek copper/zinc/gold/silver project, in Queensland.
The company paid A$60 000 to joint venture partner 4DS Memory to gain its 49% shareholding in the project, following 4DS’s election not to exercise a buy-back option.
4DS, formerly known as Fitzroy Resources, changed its principal business and company name in December, following the purchase of a Silicon Valley-based memory developer.
Zenith told shareholders on Tuesday that having secured full ownership of the Develin Creek project, the company would undertake further exploration work. Drill testing was planned for the Wilsons South target and at Sulphide City, where a twin hole drilling programme would test historic drilling assay under-call, and provide further metallurgical samples.
The Develin Creek project currently contains a mineral resource of 2.57-million tonnes, grading 1.76% copper, 2.01% zinc, 0.24 g/t gold and 9.6 g/t silver.