Zenith Minerals : Drilling Confirms Lithium & Tantalum at Waratah Well

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10th March 2022

only	Corporate Details
Zenith Minerals Limited (ASX:ZNC)
	ABN: 96 119 397 938
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(ASX Release 13-Jan-22)
personal		Directors
Michael Clifford	Director-CEO
Stan Macdonald	Non-Exec Director
Julian Goldsworthy Non-Exec Director
Nicholas Ong		Co Sec
Nick Bishop………..CFO
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For
Zenith has a vision to maximise
shareholder value	through	superior
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activities.
Focus is on 100% owned Zenith
projects,	whilst	partners	progress
multiple additional opportunities.
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Level 2, 33 Ord Street
WEST PERTH WA 6005
PO Box 1426
WEST PERTH WA 6872
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Web:www.zenithminerals.com.au

DRILLING CONFIRMS WIDESPREAD LITHIUM &

TANTALUM AT WARATAH WELL

An initial phase of 7 wide-spaced (1km spacing) RC drill holes have now been completed at the Waratah Well project in Western Australia. The project forms part of the Zenith Lithium Joint Venture with EV Metals Group.

Drilling confirmed the presence of widespread lithium bearing pegmatite dykes over a 4km zone, open to the north and east under soil cover.

Individual holes intersected up to 21 cumulative metres of pegmatite, with individual pegmatites up to 11 metres in thickness.

Four holes, over a 4km long zone, intersected strongly anomalous lithium, with the two north-western most holes returning:

• ZWWRC004 - 12m @ 0.30% Li2O
• ZWWRC002 - 8m @ 0.22% Li2O
• Mineralisation is a mixture of holmquistite and trilithionite (refer to discussion for details)

The area north and east of the lithium mineralised drill holes 004, 002, 003 and 006 is soil covered with no outcrop. This area is now a priority for testing with fences of shallow RC drill holes planned to test for pegmatites under the soil cover. The program is anticipated to commence in March - April upon completion of heritage clearances.

Commenting on the Waratah Well drill program CEO Mick Clifford said:

"The first pass wide-spaced reconnaissance RC drill program at Waratah Well has thrown up some significant lithium drill results, albeit the mineralogy is unexpected. Although neither holmquistite or trilithionite were the target mineral species they do indicate there is abundant lithium within the Waratah Well pegmatites, so much so that lithium mineralisation is pervading out into the basalt host rock and depositing as holmquistite. These 1km spaced drill holes have given us some significant technical insights into the Waratah Well lithium potential and we'll now target the areas further north and east of the most lithium enriched drill holes where the pegmatites disappear under soil cover.

The drill program confirms a very large, prospective lithium, caesium, tantalum pegmatite field is present at Waratah Well."

Technical Discussion on Drill Results

A total of 7 effective RC drill holes were completed at Waratah Well (ZWWRC001 to 008, note hole 001 was re-drilled as hole 005 due to technical issues) in this recent campaign. The program was completed on a nominal 1km spacing to assess the zonation and mineralogy of the pegmatites, and to test beneath the relatively narrow, tantalum-rich pegmatites exposed at surface for larger lithium spodumene bearing bodies.

Drilling confirmed the presence of widespread pegmatite dykes with individual holes intersecting multiple intervals, up to 21 cumulative metres of pegmatite, with individual pegmatite dykes up to 11 metres in thickness.

Four holes (ZWWRC002, 3, 4 & 6) intersected strongly anomalous lithium, with the two north-western most holes returning:

• ZWWRC004 - 12m @ 0.30% Li2O
• ZWWRC002 - 8m @ 0.22% Li2O

onlyThree holes contained 1m intervals up to 9 to 10% holmquistite (lithium amphibole) as the dominant lithium

mineral species with subordinate trilithionite (lithium mica), as identified by x-ray diffraction (XRD). The mineral ho mquistite has been identified as a metasomatic mineral in the altered wall rocks close to several well know large scale lithium pegmatite deposits including Greenbushes - Western Australia, Mt Marion - Western Australia and Kings Mountain/Piedmont - North Carolina - USA (London, 1986 and Frost and Tsambourakis., 1987).

Drilling and surface exploration to date confirms a large lithium-caesium-tantalum (LCT) pegmatite field is present at Waratah Well. The four most north-western drill hole contain the highest lithium content. Soil cover obscures outcrop to the north, northwest and northeast of these holes.

use
personal
For	Figure 2: Waratah Well -Pegmatite Field
	Figure 1: Zenith Lithium Joint Venture - Location Map

Planned fences of shallow RC drilling will now test a further 2.5km toward the northeast, along the interpreted p gmatite trend, which is obscured by this soil cover (Figure 3).

Waratah Well Lithium-Tantalum Project Background

Waratah Well is the first target to be drilled under the recently announced Zenith Lithium Joint Venture with EV Metals Group (refer to ASX Release 13th January 2022), where, among other terms, EVM may earn a 60% interest in the lithium rights in the Waratah Well project by sole funding the completion of a feasibility study within 24 months, with Zenith retaining a 40% project share.

The project is located approximately 20km northwest of the regional town of Yalgoo in the Murchison Region of Western Australia (Figure 1). The coastal town of Geraldton is situated 190km west of the project where a port facility is used for the export of mining concentrates. In addition, the Dampier to Bunbury Gas pipeline runs parallel to the Geraldton - Mt Magnet Road that lies immediately south of the project.

Figure 3: Plan of the Waratah Well Pegmatite Field Showing Significant Drill Results

onlyuse

personalForTantalum and locally lithium bearing pegmatite sills and dykes crop out over a 3km x 2km area (Figure 2) with a range of dips from 60° to flat lying and thickness from 0.5m to 21m - refer to ASX Release 27-Apr-18, 30- Apr-20 and 3-Nov-21):

• Lithium rock chip sample grades up to 2.09% Li2O in the north-western portion of the target area.

• At the north-eastern end of the pegmatite outcrop area, 14 closely spaced stacked dykes occur where surface composite rock chip sampling has returned tantalum grades including 262, 299, 360, 366, 421 & 573 ppm Ta2O5; this zone is open ended to N, NE & SE where it runs under surface soil cover.

• A second area of dykes returned similarly high tantalum values such as 207, 250, 323, 518, 616, 1184 ppm Ta2O5.

• A third zone of narrower dykes occurs in the northwest of the pegmatite belt but with very high grades of 708, 995, 1007, 1166 and 1221 ppm Ta2O5.

Waratah Well Project key positives include:

	o Developed world location with excellent logistics
	▪ Excellent location adjacent to gazetted access road leading to regional state road currently used by
	neighbouring operations to transport mineral concentrates using road trains; and
only	▪ Easy access to the Port of Geraldton which has mineral concentrate handling export facilities.
o Large field of highly fractionated lithium-tantalumbearing pegmatites
▪ Pegmatites mapped over an area approximately 2km x 3km;
	▪ High-grade lithium, rock chip samples up to 2.09% Li2O;
	▪ High-grade tantalum, rock chip sample results up to 1221 ppm Ta2O5;
	▪ Variable dips to pegmatite bodies flat lying to 600;
use	▪ Pegmatite thickness ranging up to 21 metres.
References:

London D., 1986 Holmquistite - A guide to rare metal pegmatites. Scientific Communications Economic Geology Vol 81, 1986, pp 704-712.

Frost and Tsambourakis,, 1987 Holmquistite-bearing amphibole from Greenbushes, Western Australia.

Mineralogical Magazine Oct 1987, Vol 51, pp 585-591personalZENITH LITHIUM JOINT VENTURE WITH EV METALS GROUP

The Zenith Lithium Joint Venture with EV Metals Group was announced to the ASX on 13 January 2022. Key commercial terms of the new lithium joint venture include:

• EVM may earn a 60% interest in the lithium rights in two initial 100% owned Zenith projects Waratah Well and Split Rocks by sole funding the completion of a feasibility study within 24 months, with Zenith retaining a 40%

project share.

• On and from completion of a feasibility study, Zenith and EVM will form a joint venture in respect of the project lithium rights. EVM will sole fund expenditure to a decision to mine, following which the parties will be required

to fund future joint venture expenditure in accordance with their respective percentage shares.

• EVM must arrange all financing for the development, construction and commissioning of any future mine including Zenith's share. Zenith must repay its proportionate share of the project finance including interest

from the sale of its proportionate share of minerals produced.

For

• EVM to spend a minimum of A$7M on exploration on the projects, in 24 months, before being able to voluntarily withdraw provided that if EVM does not complete a feasibility study within 24 months it will be deemed to have withdrawn and will not earn an interest in the project lithium rights.

ABOUT EVM

EV Metals Group (EVM) is focused on becoming a global leader in battery chemicals and technology for a clean energy future. EVM will produce high purity chemicals and cathode active materials required in rechargeable lithium- ion batteries used in electric vehicles and renewable energy storage. We are committed to clean energy for future generations.

EVM's aim is to build a global battery chemicals and technology business which is now at the stage of completing front end engineering and design for the development of the world's first integrated Battery Chemicals Complex in Yanbu Industrial City in the Kingdom of Saudi Arabia.

		Table 1: Waratah Well Significant Lithium Drill Results
		Hole ID			From (m)			To (m)			Interval			Li2O			Cs			Rb			Ta2O5
only								(m)			(%)			(ppm)			(ppm)			(ppm)
	ZWWRC001											NSR
	ZWWRC002	12		20		8		0.15		146		2674		58
		incl	12		14		2		0.24		103		920		19
		and incl	16		17		1		0.21		116		4240		81
		and	105		113		8		0.22		138		1083		46
		incl	106		111		5		0.28		167		1398		56
		ZWWRC003	48		54		6		0.09		68		1110		28
use		ZWWRC004	7		9		2		0.15		297		2060		79
	and	60		72		12		0.30		98		1936		33
	incl	61		68		7		0.37		120		1586		41
		and incl	70		72		2		0.38		42		460		8
		ZWWRC005											NSR
		ZWWRC006	36		42		6		0.18		328		1410		63
		incl	38		40		2		0.34		679		3170		126
		ZWWRC007											NSR
		WWRC008											NSR

Broad interval - 0.1% Li2O cutoff; maximum 2m dilution

Incl - 0.2% Li2O cutoff; no dilution

		Table 2: Waratah Well Drill Collar Table
personal	ZWWRC007	RC	455182	6881364	200	-60	225
	Hole ID	Hole_Type	Easting	Northing	Depth (m)	Dip	Azimuth
	ZWWRC001	RC	457059	6883290	72	-60	235
	ZWWRC002	RC	456239	6883635	200	-60	225
	ZWWRC003	RC	455149	6882741	138	-60	225
	ZWWRC004	RC	455730	6883108	200	-60	225
	ZWWRC005	RC	457059	6883287	200	-60	235
	ZWWRC006	RC	453958	6882782	200	-60	225
	ZWWRC008	RC	454499	6882058	200	-60	225
For
Competent Persons Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information c mpiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Zenith Minerals Limited. Mr Clifford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Material ASX Releases Previously Released

The Company has released all material information that relates to Exploration Results, Mineral Resources and Reserves, Economic Studies and Production for the Company's Projects on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release and that the material assumptions and technical parameters remain unchanged.