Zenith Minerals Limited announced new wide high-grade gold intersections at the Cowarra Gold Project in NSW, confirming Zenith's investment strategy. The project will form part of the proposed spin-off of company, Mackerel Metals Limited, that is planned to hold Zenith's gold and base metal assets. On 13 May 2021 Zenith announced that it had added a new gold feeder project to its exploration portfolio by way of a staged equity investment in pre-IPO vehicle (Oxley).

Oxley's Cowarra Gold Project comprises multiple gold zones hosted in Lachlan Orogenic Belt sedimentary rocks associated with gold mineralised strike extensive shear zones. Host rocks and structural setting are like that of some of the major Victorian gold deposits. Previous drilling results from the Cowarra-Victoria gold deposit include: 35m @ 2.3 g/t Au from 23m depth in CRC001; 15m @ 4.2 g/t Au from 57m depth in CRC022.

A total of 10 RC drill holes for 1,207m were completed across 3 prospects Victoria, King and Democrat to confirm the style and geometry of gold mineralisation. New gold drill results include: OCRC001 ¡ 24m @ 1.1 g/t Au (true width 30% of reported downhole intersection; OCRC002 ¡ 6m @ 1.9 g/t Au and 8m @ 2.3 g/t Au (true width 25% of reported downhole intersections; OCRC004 ¡ 37m @ 1.0 g/t Au (true width); OCRC005 ¡ 6m @ 3.4 g/t Au and 21m @ 3.7 g/t Au and 19m @ 3.6 g/t Au (true width 50% of reported downhole intersections); OCRC006 - 21m @ 5.0 g/t (true width 50% of reported downhole intersection); OCRC007 ¡ 12m @ 2.0 g/t Au and 26m @ 2.5 g/t Au (true width); OCRC008 ¡ 2m @ 1.5 g/t Au and 2m @ 3.5 g/t Au and 12m @ 1.0 g/t Au (true width); OCRC009 - 14m @ 1.7 g/t Au and 4m @ 1.7 g/t Au (true width); OCRC010 ¡ 12m @ 1.0 g/t Au (true width).