Western Australia-based Zenith Minerals has secured a new potash brine project via three 100 per cent-owned exploration licences at Yalgoo.
The find is located immediately south of the Geraldton-Mt Magnet Road and east of the Geraldton port.
Zenith managing director Mick Clifford said while assessing regional government geophysical data on the miner’s Waratah Well lithium project, the technical team identified a “very large” potash brine target in the region.
“If drill testing is successful in confirming the presence of sub-surface potash rich brines, then this project has a potential major logistical advantage over those that are farther from ports,” he said.
“Most competitor Western Australian potash brine projects are located hundreds of kilometres from port facilities, with the transport of potash product to coastal port being a significant component of the total operating costs of these projects.”
Zenith is being developed as a pure lithium company to refocus on minerals containing lithium and related metals required for rechargeable lithium-ion batteries for electric vehicles and renewable energy storage, backed by an alliance with the EV Metals Group (EVM).
EVM may earn a 60 per cent interest in the lithium rights in two initial 100 per cent-owned Zenith projects, Waratah Well and Split Rocks, by sole funding the completion of a feasibility study within 24 months, with Zenith retaining a 40 per cent project share.
On and from completion of a feasibility study, Zenith and EVM will form a joint venture in respect of the project lithium rights.
On the back of continued growth efforts and lifting fertiliser prices, shares of Zenith have surged by more than 66 per cent since the beginning of 2022.