Zenith Minerals has finalised the sale of its remaining 49% interest in the Develin Creek Copper-Zinc Project to QMines.

The Develin Creek Copper-Zinc-Silver project is situated 80km north-west of Rockhampton in central Queensland, Australia.

It contains multiple high-grade volcanogenic massive sulphide (VMS) deposits within the Rookwood Volcanics.

The transaction follows detailed metallurgical testwork, leading to an adjustment in the final payment.

QMines has compensated Zenith with an adjusted cash payment of $975,000 (A$1.41m) and issued 10,261,194 fully paid ordinary shares, valued at $687,500 at the time of issuance.

These shares will be under a five-month voluntary escrow period.

The completion date of the sale was postponed from its initial settlement date to 30 September 2024.

This extension allowed QMines to secure shareholder approval for the share issuance, which was obtained at its General Meeting on 23 September 2024.

The proceeds from the sale are earmarked for advancing Zenith’s portfolio of gold and lithium projects. Drilling activities are scheduled to start at the DFN project within the next two weeks.

Zenith Minerals managing director Andrew Smith said: “We are pleased to have finalised the sale of Develin Creek to QMines.

“This transaction represents the culmination of a productive collaboration with QMines and underscores our ongoing commitment to delivering value to our shareholders.

“We are excited about the continued growth and development of the Develin Creek project under QMines' stewardship.”

In August last year, QMines agreed to acquire the Develin Creek Copper-Zinc project from Zenith Minerals.

The transaction involved a total consideration of A$4.5m in cash and shares, along with further work commitments.