Zenith expands Mt Alexander project area
PERTH (miningweekly.com) – ASX-listed junior Zenith Minerals has acquired the Mount Alexander North tenement, in Western Australia, from fellow-listed Northern Manganese, for A$50 000 in cash and 500 000 shares.
The tenement area directly adjoins Zenith’s own Mt Alexander magnetite iron-ore project, and increases the project area by some 330 km2.
Zenith’s wholly owned Mt Alexander tenements currently host a Joint Ore Reserves Committee-compliant resource of 535-million tonnes, and 30% iron, along with an exploration target of between 570-million and 680-million tonnes, at between 25% and 35% iron.
“This is a key strategic tenement acquisition for the company. The new tenement provides us with important relatively flat land close to the northern edge of the steep iron formation range that marks the Mt Alexander resource, that will be critical for mine layout, along with providing access points for resource drilling and new resource growth targets,” said Zenith chairperson Mike Joyce.
Northern Manganese said on Tuesday that the sale of its Mt Alexander tenement achieved a number of useful outcomes, including the retention of an interest in an emerging iron-ore company, the acquisition of funds to apply towards its ongoing operations, and the elimination of distraction and expenditure commitments for a commodity outside the company’s interest.
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