Zenith Minerals holds an indirect interest in the Cowarra Gold Project through our ~26% stake in Oxley Resources. The project is located within the highly prospective Lachlan Orogen in New South Wales, a region renowned for hosting significant gold deposits. Cowarra comprises multiple gold zones associated with extensive shear zones, providing excellent potential for both near-surface and deeper gold mineralisation.

Historical production from Cowarra includes approximately 14,000 oz of gold mined by BHP in the 1930s and 19,300 oz produced by Horizon Pacific in the 1980s, with average grades of 6-8 g/t Au.

Recent exploration has focused on defining high-grade gold shoots within a mineralised corridor that has seen only limited drilling. Surface analyses and Induced Polarisation (IP) surveys have identified numerous drill targets that remain open at depth and along strike, offering significant resource expansion potential.

Targeting bonanza gold grade (Fosterville-type) gold deposits within the Lachlan Fold Belt south of Cooma in New South Wales.

Zenith has invested into an unlisted entity Oxley Resources following compelling 2022 RC drilling intersections including:

• 21m at 3.7 g/t Au from 32m in OCR005 +
• 19m at 3.6 g/t Au from 105m in OCRC005
• 21m at 5.1 g/t Au from 40m in OCRC006

Over 5km strike remains poorly explored and will be the focus of deeper exploration drilling during 2023.