29/10/2013 - 08:06

Zenith acquires key land at Mt Alexander

29/10/2013 - 08:06

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Perth-based Zenith Minerals has purchased a key tenement at Northern Manganese’s Mount Alexander North project near the port of Onslow in the West Pilbara.

Zenith acquires key land at Mt Alexander

Perth-based Zenith Minerals has purchased a key tenement at Northern Manganese’s Mount Alexander North project near the port of Onslow in the West Pilbara.

A payment to Northern Manganese of 500,000 shares and $50,000 will ensure 100 per cent interest in the tenement for Zenith.

The 88 square kilometre tenement directly adjoins Zenith's Mount Alexander magnetite iron ore project, increasing the total area to 330sqkm.

A Joint Ore Reserves Committee inferred resource of 535 million tonnes at 30 per cent iron has been defined over Zenith's wholly owned Mount Alexander tenements immediately south. An additional exploration target of 570mt to 680mt at 25 to 35 per cent iron has also been defined.

"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 Mount Alexander JORC resource that will be critical for mine layout, along with providing access points for resource drilling and new resource growth targets," Zenith chairman Mike Joyce said.

Access points such as the sealed North West Coastal Highway and the Dampier-Bunbury gas pipeline provide significant advantages for the project. A planned rail from the nearby West Pilbara Iron Project to a proposed new deep-water port development at Anketell point will provide a possible alternative infrastructure solution.

Zenith is trading stable at 13.5 cents a share as of 8am, WST.

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