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KAVAKLITEPE GOLD PROJECT – TURKEY (Zenith 30%)

·    Two coherent plus 800 metre long, high order gold in soil anomalies (+50 ppb), with peak soil sample values over 1 g/t gold;

·    Continuous rock chip of 54.0 metres grading 3.33 g/t gold, including 21.5 metres grading 7.2 g/t gold within the northwest soil anomaly (Kuzey Zone);

·    Continuous rock chip of 21 metres grading 2.67 g/t gold at the Discovery Zone, and 12 metres @ 2.5 g/t gold at the Guney Zone;

·    Strong chargeable IP geophysical anomaly identified directly beneath high-grade surface rock chip samples (7.68, 22.7 g/t gold) and gold in soil (up to 6.05 g/t gold) at the Kuzey Zone;

·    2016 drill results include: 16m @ 4.7 g/t, 9m @ 5.2g/t and 7.8m @ 7.3g/t Au. 

 

Late in 2016 the maiden short-hole diamond drilling program using a mobile rig was completed at the Kavaklitepe gold project in western Turkey.  Zenith considers the program to have been successful with sulphide-related gold mineralisation being discovered at both the Discovery Zone and Kuzey Zone, and with near surface high-grade oxide and transition gold mineralisation also intersected at Kuzey.

In summary a total of 2558.5m of drilling was completed in twenty-five short diamond drill holes KT-01 to KT-25, & KT-06A at the three target zones: Kuzey, Discovery and Guney during the 2016 exploration campaign.

  • Kuzey Zone 11 holes (KT-01 to KT-11, including KT-06A);
  • Guney Zone 11 holes (KT-12 to KT-17 & KT-19 to KT-22 & KT-24 to KT-25) and
  • Discovery Zone 2 holes (KT-18A and KT-23).

Discovery Zone

Gold mineralisation was intersected at the Discovery Zone in a single drill hole test (KT-18A) over a 23.5m interval from 22.5m to 46.0m depth with results including: 9.4m @ 1.5 g/t Au and 3.5m @ 2.1 g/t Au (true width intervals).  The near surface gold mineralisation dips to the northwest and is 60m down dip of previously reported continuous roadside surface sample results that include:  21.0m @ 2.7 g/t Au and 27.0m @ 1.4 g/t Au (Figures 1 & 2).  The roadside sampling was conducted as an initial test of the 400m long gold-in-soil anomaly at the Discovery Zone.

The new Discovery Zone gold mineralisation remains open to the northeast and southwest and is open down dip. A second drill hole (KT-23) has now been completed 275m southwest along strike where surface rock chip samples returned up to 2.4g/t Au, intersecting 1.3m @ 1.3 g/t Au within a 17.9m wide altered zone from 17.5m to 35.4m with associated anomalous silver, arsenic and antimony.

 

 

These new drill results at the Discovery Zone extend and support high-grade, near surface gold intersections previously reported over +360m strike at the Kuzey Zone located 1.3km to the northwest.

Drilling at the Guney Zone has been technically difficult with seven drill holes KT-12 to KT-17, KT-19 & KT-24 completed as a section across the central portion of the prospect.  The drilling intersecting a thick, flat-lying, massive sequence of calc-silicate rocks which contained multiple underground cavities up to 4 metres deep that caused several holes to fail at shallow depths and provided locally only very poor diamond drill core sample recoveries.  Hole KT-12 returned 1.2m @ 1.4g/t Au from 12.5m and 1.3m @ 0.6g/t Au from 17.2m before being abandoned in a cavity. The massive calc-silicate rock sequence is not considered a preferred host to gold mineralisation.  In contrast drill hole KT-21 drilled on the northern part of the prospect (Figure 6) intersected a wide zone (30.7 m) of silicified and altered breccia crosscutting a meta-siltstone rock sequence from 54.9m to 85.6m with associated higher concentrations of trace elements arsenic, antimony and silver more similar to those returning significant gold intersections at the Kuzey and Discovery zones.  Follow-up along strike of this zone will be a priority exploration target in 2017.

 

 

Kuzey Zone

Drilling completed this year has provided an initial wide spaced test of only 360m of the 900m by 250m wide Kuzey Zone gold-in-soil anomaly target (Figure 3). 

Drill results reported (5th October 2016) from the Kuzey Zone include: hole KT-09; an overall 67.7m gold mineralised zone from 46.2 to end of hole at 113.9m (true width unknown) including several zones of higher grade: 18.7m @ 1.7 g/t Au from 50.2m,  16.0m @ 4.7 g/t Au from 82.1m, (including 8.0 m @ 7.1 g/t Au) and 8.8m @ 1.0 g/t Au with the drill hole ending in mineralisation at 113.9m and hole KT-08; an overall 76.0m gold mineralised zone from 12.5m to 88.5m including: 13.4m @ 1.0 g/t Au from 16.1m, 1.5m @ 1.3 g/t Au from 33.0m, 2.0m @ 3.0 g/t Au from 48.8m, 9.5m @ 1.2 g/t Au from 56.8m and 4.0m @ 1.2 g/t Au from 84.5m depth, hole KT-07; 12.9m @ 1.2 g/t Au from surface and hole KT-06A; 6.3m @ 3.6 g/t Au from surface. 

These, high-grade, wide, gold intersections in hole KT-09 are particularly significant, as they represent the best sulphide gold mineralisation intersected to date at Kavaklitepe.  Mineralisation extends from approximately 35m vertically below surface to a down-hole depth of 113.9m where it remains open (Figure 4).   Sulphide gold intersections are down-hole widths as the orientation of that style of mineralisation is currently unknown.

In addition gold mineralisation at the Kuzey Zone remains open to the north and east and is open along strike to the south (Figure 5) where drill holes KT-02, KT03 and KT05 only test a portion of the target zone (80m of width).

Near surface oxide and transition gold mineralisation is interpreted to occur as a flat lying zone extending over the full 360m length that has been drill tested to date.  Better intersections that are considered close to true width of high-grade, near surface, gold mineralisation include:

·           KT-01; 3.5m @ 5.5 g/t Au from surface ;

·           KT-02; 9.0m @ 5.2 g/t Au from surface ;

·           KT-03; 7.8m @ 7.3 g/t Au from 3.3m depth ;

·           KT-05; 1.2m @ 10.8 g/t Au from 14.7m (as part of a 16.9m mineralised zone with lower core recovery)

·           KT-06; 6.3m @ 4.3 g/t Au from surface and a zone from 58.4m to 73.7m depth including 2.9m @ 1.1 g/t Au  and 7.7m @ 1.2 g/t Au;

·           KT-06A ; 6.3m @ 3.6 g/t Au from surface;

     ·           KT-07 ; 12.9m @ 1.2 g/t Au from surface.

 

 

 

 

Planned Programs at Kavaklitepe

The 2017 exploration programs and budgets are currently being finalised by the joint venture partners.

 

Background on the Kavaklitepe Project

Columbus Copper discovered mineralization at Kavaklitepe in 2013 by following up a stream sediment anomaly to a stream bed outcrop that returned 5.2 g/t Au.  Subsequently a small trench in a nearby road cut returned 2.6 g/t Au over 21.0 metres of exposure.  About 1.4 kilometres northwest from the discovery outcrop four samples from a gold bearing breccia zone returned 28.2 g/t, 21.7 g/t, 6.7 g/t and 3.6 g/t Au respectively (Columbus Copper release March 1, 2013). Further rock sampling along a road bank in this zone confirmed the presence of high‐grade gold mineralization returning 54 metres of continuous rock chips with an average grade of 3.3 g/t Au (no gold grade cut-off applied), including 21.5m grading 7.2 g/t Au.  A total of 2,127 soil samples were also collected on the Property in 50 metre x 50 metre and 100 metre x 100 metre grids covering an area of approximately 11 square kilometres, of which 176 samples returned gold grades higher than 50 ppb, 112 ‐ higher than 100 ppb and 40 ‐ higher than 250 ppb with 9 of these samples containing more than 1000 ppb (1 g/t) Au. The soil sampling outlined a potentially mineralized zone measuring 850 metres by 250 metres and continuing for another 800 metres to the southwest. There are strong, coincident arsenic and antimony anomalies.

 

Kavaklitepe Joint Venture

 

Teck Anadolu Madencilik A.S. (“Teck”), a Turkish subsidiary of Teck Resources Limited, has earned a 70% interest in the Kavaklitepe gold project from Zenith by spending US$700,000 in property expenditures including a minimum of 1500m of drilling.  Both companies may continue to explore or develop the property by contributing their pro-rata costs or they may elect to dilute their interests according to a standard industry formula. If Zenith reduces its equity below 10% then the remaining interest is converted to a 5% net profit interest royalty.