Zeus Resources : Mortimer Hills Project Field Work Updates

About this update from Zeus Resources Ltd.

For personal use only 17 December 2021 Mortimer Hills Project Field Work Updates Zeus Resources Ltd (ACN 139 183 190) (ASX: ZEU ) (" Zeus " or "the Company ") is pleased to announce the Company completed an exploration drilling program at its Mortimer Hills Project (E09/2147) on 13 December 2021. Highlights Drilling completed at the Reid Well Base Metal Prospect with 22 RC drill holes for a total of 1,598m and a total of 491 samples have been submitted for geochemical assay. New pegmatite discovery at 'Pegmatite Creek' (Figure 2), similar to that encountered at the Malinda Lithium Deposit located on the adjoining tenement (held by Arrow Minerals Ltd; ASX: AMD ) (" Arrow ") (formerly Segue Resources Ltd ). A total of 30 rock chip samples submitted for assay to examine the geochemical signature of the pegmatites and their parent granites. Figure 1. Regional Geology & E09/2147 www.zeusresources.com Suite 105, 25-29 Berry Street North Sydney NSW 2060 Australia Tel: +61 2 8488 3270 ACN: 139 183 190 For personal use only Figure 2. Gascoyne Project- Mortimer Hills E09/2147 Prospect Locations. Mortimer Hills Project (E09/2147) Field work conducted during Q4 2021 is completed. Work comprised RC drilling of 22 holes at the Reid Well Base Metal Prospect and further reconnaissance mapping and sampling to investigate the potential of the tenement to host pegmatite lithium mineralisation. Figure 3. Drilling operations at the Reid Well Base Metals Prospect. 1. Reid Well Base Metal Prospect Barite-copper-galena mineralisation at Reid Well was first recognised by AGIP Nucleare Australia Pty Ltd (" AGIP ") during the 1974 to 1977 period. AGIP conducted rock chip sampling, limited trenching, www.zeusresources.com For personal use only and shallow percussion drilling. Zeus relocated the historical occurrence in 2015 and has subsequently conducted follow up mapping and sampling with assay results up to 13% Cu, 2.95% Pb & 128ppm Ag ( See Zeus ASX Announcement dated 20 June 2015 ). Reconnaissance mapping indicates mineralisation forms an elongate exhalative lens some 2-3m thick (Figure 4) within a quartz-biotite-chlorite-sericite schist +/- garnet, tourmaline, and magnetite zone within the Morrissey Metamorphic Suite. Disseminated copper mineralisation, in the form of malachite, azurite and chalcocite (Figure 5) extends for over ~100m along strike length before disappearing under alluvium. Selected previous 2021 assay results from the Reid Well Base-Metals Prospect are detailed in Table 1. Sample # GDA94_E GDA94_N Description Cu Pb Zn Ag BaO (%) (%) (ppm) (ppm) (%) ZEU004 432,593 7,286,562 Subcropping Cu-barite lens rubble. 10.90 6.04 150 195.0 41.81 Westernmost extent of lens. ZEU016 432,661 7,286,550 Subcropping Cu-barite lens. 1.40 0.19 125 18.4 52.53 ZEU017 432,678 7,286,539 Subcropping Cu-barite lens. 0.21 0.30 135 10.0 57.08 ZEU018 432,670 7,286,544 Subcropping Cu-barite lens. 1.41 1.20 130 30.9 53.39 ZEU019 432,655 7,286,552 Subcropping Cu-barite lens. 2.04 4.43 135 18.5 49.04 ZEU020 432,646 7,286,555 Subcropping Cu-barite lens. 0.86 2.35 130 13.8 52.35 ZEU021 432,639 7,286,560 Subcropping Cu-barite lens. 2.34 10.90 115 90.6 40.19 ZEU022 432,666 7,286,455 Carbonate-siliceous sinter lens. 0.02 0.08 10 0.7 0.41 ZEU023 432,714 7,286,452 Ironstone block exposed by rip line. 0.44 0.48 320 0.9 2.17 Table 1. Reid Well Base-Metals Prospect Assay Results 2021. Figure 4. VMS base-metal target; exhalative malachite, chalcocite, and galena-bearing barite lens. (Sample# ZEU016; See Figure 3). Prior to drilling, detailed mapping conducted on site defined a further four exhalative barite lenses showing indications of copper mineralisation, extending the known strike length to over 300m. Mapping indicates the deposit is highly sheared with more competent barite lenses forming elongate lobes, stringers, and pods. A total of 18 rock chip samples were taken along the mapped lenses. 22 RC drillholes were completed for a total of 1,598m drill advance on the Reid Well Base-Metals Prospect (Figure 6, Table 2). www.zeusresources.com For personal use only Figure 5. Detail of mineralised outcrop. (Sample# ZEU016 = 1.4% Cu, 0.19% Pb, 125 ppm Zn & 18.4 ppm Ag) Hole ID GDA94_E GDA94_N GPS_RL Survey Dip Azi Max Comments Method Depth Z21RC001 432,702 7,286,514 318 GPS -60 30 36 Z21RC002 432,694 7,286,501 321 GPS -60 30 72 Z21RC003 432,685 7,286,487 322 GPS -60 30 114 Z21RC004 432,667 7,286,529 321 GPS -60 30 36 Z21RC005 432,657 7,286,512 320 GPS -60 30 72 Z21RC006 432,648 7,286,499 319 GPS -60 30 114 Z21RC007 432,641 7,286,544 318 GPS -60 30 36 Z21RC008 432,628 7,286,524 319 GPS -60 30 72 Z21RC009 432,621 7,286,516 319 GPS -60 30 114 Z21RC010 432,654 7,286,567 320 GPS -60 210 60 Scissor hole on main mineralised zone Z21RC011 432,587 7,286,554 320 GPS -60 30 36 Z21RC012 432,577 7,286,539 321 GPS -60 30 72 Z21RC013 432,569 7,286,527 328 GPS -60 30 114 Z21RC014 432,492 7,286,665 326 GPS -60 30 36 Z21RC015 432,482 7,286,652 326 GPS -60 30 62 Z21RC016 432,473 7,286,640 327 GPS -60 30 114 Z21RC017 432,465 7,286,628 326 GPS -60 30 132 Z21RC018 432,438 7,286,682 325 GPS -60 30 36 Z21RC019 432,428 7,286,666 334 GPS -60 30 72 Z21RC020 432,419 7,286,654 327 GPS -60 30 114 Z21RC021 432,564 7,286,599 324 GPS -60 30 30 Z21RC022 432,557 7,286,590 324 GPS -60 30 54 Table 1. Reid Well Base Metal Prospect, Drill Collar Locations. Drill logging indicates the copper-bearing barite lens(es) mapped at surface continue in the subsurface and dip ~ 45 degrees to the south. Minor to moderate indications of Cu mineralisation were consistently observed in RC drill chips within the barite zones and a total of 491 samples are submitted for geochemical assay. www.zeusresources.com For personal use only Figure 6. Reid Well drillhole locations. 2. Thirty-Three Supersuite Lithium-Caesium-Tantalum (LCT) Pegmatite Prospectivity Previous work by Arrow immediately to the east of Zeus' E09/2147 tenement has identified the Thirty- Three Supersuite as a fertile parent granite with the potential to generate LCT Pegmatite swarms. Geochemical sampling by Arrow observed distinct Niobium/Tantalum fractionation trends extending outwards from the parent granite intrusion. Rock chip sampling returned results up to 3.77% Li2O and subsequent exploration drilling at the Malinda Lithium Prospect (~2-3 kms west of Zeus' tenement boundary) intersected up to 2.0% Li 2 O and >800ppm Ta 2 O 5 with high-grade mineralisation confirmed as Li-bearing spodumene. Lepidolite was also identified within two proximal drill holes at the T-Bone prospect ( See Segue Resources ASX Announcement, 09 October 2017 ). The Thirty-Three Supersuite extends ESE along strike along the southern margin of Zeus' tenement. Zeus considers the tenement has substantial potential to host related LCT Pegmatite mineralisation. Extensive tourmaline alteration of the country rock also suggests the granitoids of the Thirty-Three Supersuite are highly fractionated and have the potential to generate LCT Pegmatites. Subcropping deformed pegmatites, similar in character to those encountered further west at Arrow's Malinda Lithium Prospect, have been previously identified on Zeus' E09/2147 tenement ( See Zeus ASX Announcement, 1 October 2021 ). Further continued mapping and prospecting has been undertaken along the prospective zone extending outwards from the intrusive contact of the Thirty-Three Supersuite with the host country rock. www.zeusresources.com This is an excerpt of the original content. To continue reading it, access the original document here .

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