Zenith Minerals is undertaking a capital raising of up to $1.95 million to fund further exploration in Central Queensland and at its Split Rocks project in WA.

“The recent strong gold results from our 100 per cent owned Split Rocks in the Forrestania belt and Red Mountain in Queensland warrant immediate follow up, along with continued work on lithium targets at Split Rocks, Waratah Well, and progressing our new wholly owned REE project in Wyoming,” managing director Mick Clifford said.

The company last week announced results from a recent geophysical survey at the Red Mountain gold-silver project, located within about 100km of the Cracow and Mount Rawdon mines in Central Queensland.

It said the work by Planetary Geophysics supported a gold target at the project, showing up anomalies adjacent to zones of high-grade gold previously shown in surface results.

The company said samples from an infill geochemical program had been sent to the laboratory, with results expected in November.