Why Zenith Minerals (ASX:ZNC) Reported Gold Drilling Results Across Dulcie Central at Its Consolidated Dulcie Gold Project

Sonal Goyal

15 October 2026 10:45 PM AEDT

Why Zenith Minerals (ASX:ZNC) Reported Gold Drilling Results Across Dulcie Central at Its Consolidated Dulcie Gold Project

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Hole SRRC182 returned 6 metres at 4.14 grams per tonne gold from 123 metres, including 3 metres at 7.75 grams per tonne.
All Dulcie Central holes reported returned gold, which the company says supports mineralisation across a roughly 600 metre gap.
Assays for 10 further Dulcie Central holes are expected in late October 2026; the results do not constitute a new Mineral Resource.

Zenith Minerals Limited (ASX:ZNC) has reported further gold results from its Consolidated Dulcie Gold Project in Western Australia. The release covers 15 reverse circulation holes drilled at Dulcie Central, Scott's Grey and Dulcie South. The company says all of the Dulcie Central holes reported returned gold, which it says supports mineralisation extending across a gap of roughly 600 metres between Dulcie North and Dulcie. The results are exploration drilling and do not constitute a new Mineral Resource.

The drilling programme

According to Zenith, the reverse circulation programme was completed on 16 September 2026 and comprised 34 holes for 4,601 metres. Results for holes SRRC173 to SRRC181 were released on 25 September 2026. The latest announcement covers holes SRRC182 onwards, with assays still pending for 10 holes, SRRC190 to SRRC199, all at Dulcie Central. The company expects those results in late October 2026.

Key intercepts

The best result of the programme so far, in the company's words, is in SRRC182, which returned 6 metres at 4.14 grams per tonne gold from 123 metres, including 3 metres at 7.75 grams per tonne from 125 metres. Other Dulcie Central holes returned 10 metres at 0.84 grams per tonne from 48 metres in SRRC184, 3 metres at 1.59 grams per tonne from 45 metres in SRRC186, and 2 metres at 1.57 grams per tonne from 97 metres in SRRC189. Hole SRRC183 returned 1 metre at 3.34 grams per tonne from 94 metres.

At Scott's Grey, SRRC201 returned 4 metres at 3.05 grams per tonne from 71 metres, including 1 metre at 7.17 grams per tonne, and SRRC200 returned 2 metres at 2.40 grams per tonne from 142 metres. At Dulcie South, SRRC205 returned 1 metre at 3.86 grams per tonne from 128 metres and SRRC204 returned 3 metres at 0.93 grams per tonne from 122 metres. Hole SRRC202 returned only narrow, low-grade intercepts.

How the results are reported

Intercepts are down-hole widths and true widths have not yet been determined. Zenith reports them above a 0.3 grams per tonne gold cut-off with up to 3 metres of internal dilution, while higher-grade sections use a 1.0 grams per tonne cut-off. No top cut has been applied. Samples were taken at one-metre intervals and analysed by 50 gram fire assay at Nagrom Laboratory in Perth, with quality control samples inserted every 20th sample. Drill spacing is generally a nominal 80 by 80 metres.

Existing resource and what could follow

The Consolidated Dulcie Gold Project has a JORC Inferred Mineral Resource of 21.3 million tonnes at 1.0 grams per tonne gold for 675,000 ounces. This is the company's existing estimate and was not updated in this announcement. Zenith says it will assess whether the completed drilling supports a maiden Mineral Resource for Mining Lease M77/599, and will review the existing Dulcie resource to see whether the Scott's Grey and Dulcie South results justify an update.

Those are assessments rather than commitments, and the announcement does not say that a resource estimate will be produced or give a date for one. Whether the drilling is sufficient will depend on the remaining assays and on geological modelling that the company has not yet reported.

Risks and next milestones

Exploration results of this kind are an early indication of where gold is present and do not establish a quantity of ore, nor that any of it could be mined economically. Several holes returned narrow or lower-grade results, and true widths are unknown.

The next confirmed milestone is the arrival of assays for the remaining 10 Dulcie Central holes in late October 2026, followed by the resource assessments Zenith describes. The competent person for the reported results is James Major, an employee of Zenith.

FAQs

Q: What did Zenith report?

A: Results from 15 reverse circulation holes at Dulcie Central, Scott's Grey and Dulcie South. The best result so far is in SRRC182, which returned 6 metres at 4.14 grams per tonne gold from 123 metres.

Q: Is there a new Mineral Resource?

A: No. The results are exploration drilling and do not constitute a new Mineral Resource. The project's existing JORC Inferred Mineral Resource is 21.3 million tonnes at 1.0 grams per tonne gold for 675,000 ounces.

Q: What happens next?

A: Assays for the remaining 10 Dulcie Central holes, SRRC190 to SRRC199, are expected in late October 2026. Zenith will assess whether the drilling supports a maiden Mineral Resource for mining lease M77/599 and whether the existing Dulcie resource warrants an update.

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