Zeus Resources (ASX: ZEU | WKN: A1J8CV) validates high grade antimony corridor at Casablanca, sharpens drill targeting ahead of Q2 2026 campaign

Zeus Resources has strengthened the investment case for its Casablanca Antimony Project in central Morocco after confirming 2m at 22.69% Sb, including a peak of 37.14% Sb, from initial trenching within a defined structural corridor.

The result confirms high grade antimony at surface and aligns with previously identified geophysical anomalies across a broader 4km strike.

Speaking with MarketOpen, Executive Director Hugh Pilgrim addressed institutional investor questions around what has been de risked, how capital is being sequenced ahead of drilling targeted for Q2 2026, and what milestones determine whether the project advances beyond early stage validation.

How significant is the 2 metres at 22.69% antimony result, and what does it tell you about the potential of the system?

The 2 metres at 22.69% antimony is a very encouraging result because it confirms that we’re dealing with a genuinely high-grade antimony system at surface. Grades at that level are significant and demonstrate that the structures we’re targeting are capable of hosting meaningful mineralisation.

Importantly, that mineralisation aligns with the chargeability anomalies identified in the IP survey, which gives us greater confidence that the geophysics is detecting the sulphide system associated with the antimony.

So from an exploration perspective it validates the targeting approach we’re using and increases our confidence as we continue trenching across the corridor and prepare to move into drilling to test the continuity of the system at depth.

How are you sequencing the remaining seven trenches to ensure Q2 2026 drilling is targeted and capital disciplined?

We’re sequencing the remaining trenches to systematically test the strongest geophysical targets along the corridor before moving to drilling. The idea is to use trenching as a relatively low-cost way to confirm where the chargeability anomalies correspond with antimony mineralisation at surface.

Each trench effectively helps us calibrate the geophysical response with the geology. Once we see that correlation, we can prioritise which anomalies are most likely to represent sulphide mineralisation at depth.

By the time we move into drilling in Q2 2026, the aim is to narrow the four-kilometre corridor down to a small number of high-confidence targets. That approach keeps the programme capital disciplined while maximising the chances of early drill success.

Does the alignment between high grade assays and geophysical anomalies now provide a repeatable targeting model across the 4km corridor?

What’s really encouraging is the correlation we’re now seeing between the geology and the geophysics. The high-grade antimony we’ve sampled in the trenches sits directly over the chargeability anomalies identified in the IP survey.

That gives us confidence that the geophysics is actually detecting the sulphide mineralisation associated with the antimony system. Because those anomalies extend over roughly a four-kilometre corridor, it effectively gives us a repeatable targeting model — we can now step along that trend and systematically test similar anomalies.

Importantly, the only other trench completed to date, T1A, was not targeting a geophysical anomaly and returned high-grade material within oxide mineralisation near surface. While the main trenching programme was designed to test the chargeability anomalies identified in the IP survey, this result suggests mineralisation may not be limited solely to the sulphide system detected by geophysics. Although it’s still early in the exploration programme, this observation potentially expands the scale of the opportunity and raises some new geological questions around the extent of oxide mineralisation and how it relates to the broader antimony system across the corridor.

What specific milestones over the next 12 months demonstrate sufficient scale and continuity to justify accelerating development?

Over the next 12 months the key milestones are completing the trenching programme, commencing drilling in Q2 2026 to test depth continuity, and demonstrating that the mineralisation extends along strike across multiple targets within the corridor.

If Zeus Resources can demonstrate both scale and continuity, that’s when the project starts to move toward development and potentially emerge as a strategically important new source of antimony supply outside the traditional producing regions.

With antimony now recognised as a critical mineral, how does Morocco fit into the broader western supply chain for antimony?

One of the reasons antimony is considered such a strategic mineral is its use in defence applications. It’s used in ammunition, explosives and flame-retardant materials in military equipment.

At the moment global supply is highly concentrated, so when geopolitical tensions increase—as we’re seeing with the current Iran–US situation—it reinforces the importance of developing new sources of supply in stable jurisdictions.

Morocco is particularly well positioned in that context. Geographically it sits right at the gateway between Africa and Europe, with excellent access to Atlantic shipping routes and very close proximity to European industrial markets. Importantly, Morocco also maintains strong political and trade relationships with both the United States and the European Union.

So when you combine that strategic location, its stable mining environment, and the geological potential we’re seeing at Casablanca, Morocco has the potential to become an important contributor to more secure Western antimony supply chains.

 Execution and validation define the next phase

The Casablanca program now moves from initial confirmation into disciplined expansion and over the coming year, execution across trenching and drilling determines whether the corridor supports a larger scale opportunity.

The emphasis remains on sequencing, validation and capital efficiency as the project progresses through its next stage of development.

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