Zenith Minerals Hits Gold Across All Six Dulcie Central Holes

Gold hits in all six Dulcie Central holes as Zenith unlocks untested corridor

Zenith Minerals (ASX: ZNC) has confirmed gold mineralisation in all six initial holes drilled at the previously untested Dulcie Central corridor, marking the first time the approximately 600m gap between the Dulcie North and Dulcie deposits has been tested. Results have been received for the first nine holes (SRRC173–SRRC181) from the completed 34-hole, 4,601m RC programme, which was safely finished on 16 September 2026.

Every one of the six Dulcie Central holes returned gold mineralisation above the 0.3 g/t Au reporting cut-off, with multiple separate mineralised zones recorded down each hole. The drilling also confirmed the same prospective host sequence observed at the established Dulcie North and Dulcie deposits, comprising Archean mafic and ultramafic metavolcanic rocks together with metasedimentary units including banded iron formation, running through the central gap.

Dulcie Project exploration has been building toward this moment across several programme stages, with earlier work establishing the geological framework and resource base that now underpins the Dulcie Central corridor testing.

Managing Director Andrew Smith

“Gold mineralisation in all six of the first holes at Dulcie Central is an encouraging start to the programme. This is previously untested ground between the Dulcie North and Dulcie deposits, and these first results confirm gold mineralisation within the gap and support our geological interpretation that the prospective host sequence and Dulcie shear extend through Dulcie Central…”

Standout intercepts and what the assays show

The strongest results came from SRRC178 and SRRC179. SRRC179 is particularly notable, returning nine separate mineralised intervals between surface and 152m, demonstrating consistent gold mineralisation throughout the full depth of the hole.

Key intercepts include:

• 3m @ 2.48 g/t Au from 130m in SRRC179, including 1m @ 5.98 g/t Au from 131m
• 4m @ 1.30 g/t Au from 148m in SRRC179
• 6m @ 0.93 g/t Au from 46m in SRRC178, including 1m @ 3.50 g/t Au from 46m
• 2m @ 2.42 g/t Au from 102m in SRRC178
• 4m @ 0.93 g/t Au from 74m in SRRC178

Of the remaining three holes reported, SRRC177 at Dulcie South returned 1m @ 1.01 g/t Au from 65m. The two Water Bore extension holes (SRRC173 and SRRC174) returned no significant result. SRRC174 was drilled more than 250m along strike from the northernmost hole at Water Bore, and the announcement notes that closer-spaced step-out drilling will be required to test the northern continuation of this mineralisation. The Water Bore trend also remains untested to the south on M77/1246.

All intervals are down hole widths; true widths are not yet determined. Intercepts calculated using a 0.3 g/t Au lower cut-off with a maximum of 3m internal dilution. “Incl” intercepts use a 1.0 g/t Au cut-off with a maximum of 1m internal dilution.

What is orogenic gold and why does structural continuity matter?

Orogenic gold systems are deposits where gold has been deposited along shear zones and fault structures in ancient Archean rocks. The gold typically travels in hydrothermal fluids and precipitates where the fluid encounters a physical or chemical trap, most commonly along the edges of rigid rock units like the mafic, ultramafic, and banded iron formation sequences confirmed here.

What makes structural continuity significant is this: if the same shear zone and host rock sequence runs continuously through an area, it suggests the mineralised system could be continuous rather than a series of isolated pockets. In Zenith’s case, confirming the same host sequence through Dulcie Central supports the geological interpretation that the Dulcie shear extends through the previously untested gap between the Dulcie North and Dulcie deposits.

This does not confirm a resource extension. What it does is support the interpretation that the mineralised system could connect the existing deposits rather than terminate at their edges. That is a meaningful distinction for investors to hold onto as the remaining assays arrive.

What comes next for Zenith Minerals

Assays are pending for 25 holes (SRRC182–SRRC206), covering further Dulcie Central corridor drilling plus resource extension drilling at Scott’s Grey and Dulcie South. Results are currently expected during October 2026 and will be reported as they become available.

Following receipt and evaluation of those remaining assays, management has flagged two key post-assay decisions:

1. Assess whether the completed drilling supports preparation of a maiden Mineral Resource estimate for M77/599
2. Review the existing Dulcie Mineral Resource to determine whether recent drilling at Scott’s Grey and Dulcie South supports an update

For context, the existing JORC Inferred Mineral Resource across the Dulcie, Dulcie North and Dulcie Far North deposits stands at 21.3Mt @ 1.0 g/t Au for 675,000oz Au (as defined in the 19 February 2026 announcement). The Dulcie Central results, together with the resource extension drilling still to be reported, could potentially support a meaningfully larger combined resource footprint, though that outcome depends on what the remaining 25 holes of assays reveal.

With gold hitting in every Dulcie Central hole from the first batch, the setup for the October reporting period is compelling. The scale of the opportunity remains open.

Zenith’s broader exploration portfolio extends beyond the Dulcie corridor, with the Auburn gold project representing a separate high-grade discovery the company has been advancing concurrently as part of its multi-project growth strategy.

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