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Zenith secures option over 70% stake in Tate River gold project

Zenith Minerals Ltd. said Aug. 2 that it signed a farm-in agreement to acquire up to a 70% interest in the Tate River gold project in north Queensland, Australia, from private company Jumani Pty. Ltd.

The company can earn up to 70% equity by spending A$800,000, with a minimum commitment before withdrawal of A$150,000.

Zenith said it will immediately assess the Guppy Strike gold prospect, which was recently discovered during a program of reconnaissance mapping and rock chip sampling that returned results of up to 6.74 g/t of gold.

The project is within private grazing properties with good access, the company noted.