Zenith Minerals (ASX:ZNC) was awarded a grant of AU$275,000 under the Queensland government's collaborative exploration initiative program to support deep diamond drilling at its Red Mountain gold project in the state, according to a Thursday Australian bourse filing.
The award is the maximum funding available under the program, which seeks to encourage the discovery of critical minerals in Queensland.
The funding will accelerate the testing of a potential large-scale intrusion-related gold system, with a potential porphyry copper and molybdenum source interpreted beneath current drill depths.
Zenith Minerals' shares rose a little over 2% in recent trading on Thursday.
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