2008

March 2008 Highlights

A significant molybdenum (Mo) discovery was made at the Anthony prospect. The discovery has the potential to be a large molybdenum deposit (conceptually 100 million tonnes) and a ‘company making’ discovery.
13 reverse circulation (‘RC’) drill holes were completed with visible molybdenum mineralisation noted in 11 holes.
A maximum value of 3015 parts per million (‘ppm’) (0.302%) Mo was returned over 6 metres (‘m’) from 114m in hole RC08A 012.
The 12 holes analysed to date all contain intercepts greater than 200ppm Mo, the cut-off grade for some molybdenum mines and new developments.
For the next stage in defining the deposit the Company is planning a diamond and RC percussion drill program to allow a resource estimation by the end of 2008.
A new application has been lodged for a tenement, 30km southwest of Anthony, containing an aeromagnetic anomaly similar to the Anthony anomaly. Other potential porphyry molybdenum targets are being identified.
A Share Purchase Plan (SPP) for shareholders registered on 28 March 2008 has been announced. It aims to raise a maximum of $1.818 million at an issue price of 8c per share. The price for the new shares is a 10.1% discount to the average price prior to the announcement to the ASX on 25 March 2008. Losing date for application for the new shares under the SPP is 22 April 2008.

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Quarterly Activities Report 31 March

Anthony Molybdenum (Mo) Discovery

Analyses of the initial 13 reverse circulation (RC) percussion holes (mostly to a vertical depth of 130m) have been completed. All holes contained Mo intercepts greater than 200ppm Mo. A number of 3m sections exceeded 1000ppm Mo.
Diamond drilling has demonstrated increased mineralisation at depth: Three holes have been completed to a depth of 300m (approx 250m vertical). Mineralisation is present at the end of each hole.
Potential by-product: The primary sulphide Mo mineralisation contains minor but significant amounts of rhenium.
Further analysis of hole RC08A009 returned 96.6g/t silver, 0.6g/t gold, 2.0% lead and 0.15% copper at the end of the hole. A diamond drill extension is planned.
An extensive RC percussion drill program is planned to commence in the September quarter.
Consultant group Hellman and Schofield Pty. Limited has been engaged to develop: a relational database for the deposit, and to advise on quality assurance measures to verify the drilling data.
Expressions of interest are being sought from metallurgical laboratories for the development of an appropriate treatment process for the oxidised mineralisation.

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Quarterly Activities Report 30 June

Anthony Molybdenum Deposit

A seven hole diamond drilling program (including extensions to three reverse circulation percussion holes), totalling 1761m has been completed.
Diamond drilling has demonstrated that the mineralisation is open in most directions and to a depth of at least 300m.
Geological logging of the drill core by ZGM staff and consultant Dr Greg Corbett has indicated that the Anthony deposit may be part of a larger complex porphyry system.
A preliminary internal scoping study based on extrapolating current results suggests the project would be economically viable at half current contract molybdenum prices.
Preliminary metallurgical test work has been commissioned on the oxide mineralisation.

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Quarterly Activities Report 30 September

Anthony Molybdenum Project

Geological mapping has shown that porphyry-style molybdenum mineralisation is related to a northwest-trending porphyry dyke.
The deposit is up to 300m wide and extends to at least 300m depth. It is at least 1000m in strike length and remains “open” to the northwest and southeast.
ZGM is preparing a drilling plan aimed at defining a resource in accordance with the guidelines of the JORC Code.
Other parallel dykes, not yet been tested for their molybdenum potential, provide targets for future exploration.

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Quarterly Activities Report 30 December