Zuleika (ASX: ZAG) grows its Goongarrie footprint
October 10, 2022Zuleika Gold Limited has significantly widened its gold mineralisation opportunities following the addition of a significant and highly prospective extension to its Goongarrie project, 90 km north of Kalgoorlie in Western Australia.
The Company has the right to earn up to an 80 per cent interest in the large tenement (E29/1010) underlain by the prospective lithologies of the Wongi Hills Greenstone Belt.
Previous soil sampling in the underexplored extended areas has highlighted gold and nickel anomalies set within the encouraging structural preparation associated with shearing and the Wongi Syncline.
Zuleika’s total project area has increased to 230km2 covering the greenstone belt’s underexplored northern end.
Zuleika can earn up to 80 per cent of the new tenement by spending $400K on exploration in the next three and half years.
“I am excited by the potential of this tenement to host gold and nickel mineralisation,” Managing Director Jonathan Lea said.
“The tenement has had previous limited exploration and no recorded drilling despite gold and nickel anomalism from previous soil sampling.
“Adding 15km of strike length of a highly prospective greenstone belt increases the quality of the Company’s tenement holding.
“This is a fantastic addition to the Goongarrie Project, and we look forward to getting on the ground in the near future to commence exploration activities.”
About Zuleika Gold
The Company’s focus is its exploration projects located in the world-famous Kalgoorlie-Menzies goldfields, with its flagship project being Zuleika Gold Project. The Zuleika Project comprises 230sqkm of tenements situated in the prolific Zuleika Shear, which has produced more than 20 million ounces of gold over the last 30 years. Several mines operated by industry majors remain in production.
The Zuleika Project, together with Credo, Goongarrie and Menzies, form the Company’s “Kalgoorlie portfolio”.
Zuleika Gold completed a successful 2020 exploration season and, following a $ 6 million capital raising in December 2020, is well placed to follow up in 2021 with the first-tier targets generated at its “Kalgoorlie portfolio” in 2020 to expand and identify gold resources.
An aggressive and transformational exploration will also be undertaken on second-tier targets to identify new areas within the tenement portfolio for potential commercial concentrations of gold.
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