Quarterly Activities Report
Sydney, Oct 29, 2015 AEST (ABN Newswire) - In view of the current climate in the mineral exploration industry and the Company's current cash reserves, Zamia Metals Limited (
ASX:ZGM) has been implementing cost-cutting measures aimed at conserving cash and maintaining priority tenements in good standing. At the same time, the Company has been using this period to:
- review and re-assess previously collected exploration data;
- re-prioritise targets; and
- develop more focussed exploration programs.
TARGET ASSESSMENT AND EXPLORATION PLANNING
EPM 17703 Disney
As previously reported, EPM 17703 has good potential for discovery of epithermal gold deposits.
During first-half 2015, Zamia's work highlighted the extent of the geochemical anomalism at the Big Red prospect. During the September quarter, the geochemical signature of the Big Red target was compared with known epithermal deposits in central Queensland to assess the discovery potential of the prospect and aid the planning of a reverse circulation (RC) drilling program.
EPM 15145 Mazeppa Extended
The Belyando gold deposit, mined as an open-cut operation during the late 1980s and early 1990s, provides a target for a bulk gold deposit. Zamia plans an induced polarisation (I.P.) survey to identify targets for an RC / diamond drilling program.
Porphyry Copper Targets
Zamia has conducted a review of the Hill 271, Mistake Creek and Mount McLaren porphyry copper targets. As a result of this work, I.P. surveys have been planned for these targets.
LOOKING AHEAD
Zamia is in the process of securing funding to implement the planned I.P. and drilling programs.
About Zamia Metals Limited
Zamia Metals Limited (ASX:ZGM) is an Australian mineral exploration company, targeting the Clermont district of central Queensland, a known gold and emerging porphyry mineral province. Numerous targets for gold, copper and molybdenum have been identified by geochemical and geophysical surveys. The Clermont district is highly prospective for gold, copper and other metals including molybdenum. The Belyando Gold Project is Zamia's flagship project – potentially a porphyry-style gold deposit including historic Belyando Gold Mine
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