Zenith Minerals recommences lithium exploration drilling

Zenith Minerals Limited (ASX: $ZNC) is pleased to announce the recommencement of lithium exploration drilling at its 100% owned Split Rocks and Waratah Well lithium projects in Western Australia. The decision follows a strategic review of the company's lithium business, which led to the identification of multiple high-priority lithium exploration targets at both projects.

Executive commentary on lithium exploration recommencement

Zenith's Managing Director, Michael Clifford, expressed his satisfaction with the conclusion of the strategic review and the decision to proceed with drill testing six high-priority targets at the Split Rocks project. He highlighted the potential value that could be delivered to shareholders through advancing the numerous highly prospective targets identified at both Split Rocks and Waratah Well. Additionally, he mentioned the interest from strategic investors and the opportunity for the company to reassess its position in the future as the lithium assets are advanced and the lithium price improves.

Summary of lithium exploration recommencement and outlook

Following a strategic review, Zenith Minerals (ASX: $ZNC) has decided to recommence lithium exploration drilling at its Split Rocks and Waratah Well projects in Western Australia. The company aims to focus on six key highly prospective lithium targets at the Split Rocks project initially, with more than eighty prospective lithium targets identified at the site. The decision comes after unsolicited expressions of interest from strategic investors and the return of full control of the projects to Zenith in early 2024. The company's primary long-term focus remains on minerals containing lithium and related metals required for rechargeable lithium-ion batteries for electric vehicles and renewable energy storage. The recommencement of exploration activities presents Zenith with a robust prospect exploration pipeline going forward. The company also anticipates reassessing its position in 6 to 12 months' time as the projects progress and the lithium price improves, potentially opening up opportunities for re-engagement with strategic parties.