Maronan Metals (ASX:MMA) is looking to potentially usher in an updated resource for its namesake Maronan Silver-Lead and Copper-Gold deposit in northwest Queensland.
The $34.5 million market capitalisation company says work has now begun on a resource review in the hopes of delivering an updated resource in the second half of FY24. This comes after Maronan posted additional wide, shallow intercepts of ‘high-grade’ silver with lead from the project.
Maronan says the results come from the Starter Zone as part of a 2023 drilling program, with assays for the remaining 5 holes anticipated before Christmas.
Key results include hole MRN23014A with 20.9m @ 4.4% lead (Pb) and 150 grams per tonne (g/t) silver (Ag) (270g/t silver equivalent (AgEq) including 6.3m @ 5.2% Pb and 384g/t Ag (511g/t AgEq); and hole MRN23016 with 22.8m @ 5.8% Pb and 138g/t Ag (300g/t AgEq), including 2.08m @ 11.7% Pb and 563g/t Ag (869g/t AgEq).
Maronan concluded exploration drilling in early October leading into the North Queensland wet season, having completed 16,784m of drilling since the program began in August 2022.
Maronan Metals Managing Director Richard Carlton says: “The outstanding results from MRN23014A and MRN23016 and further solid results from MRN23015 and MRN23017 continue to demonstrate the strong geological and grade continuity of the Eastern Horizon within the shallow Starter Zone, re-enforcing its near-term development potential.”
“The outstanding results … continue to demonstrate the strong geological and grade continuity of the Eastern Horizon within the shallow Starter Zone, re-enforcing its near-term development potential”
Maronan Metals is a mineral explorer focused on realising the growth potential of its namesake project in the Cloncurry region of northwest Queensland — one of Australia’s most productive mineral provinces.
The project currently holds a JORC 2012-compliant Inferred Mineral Resource Estimate (MRE) of 30.8 million tonnes (Mt) @ 6.5% lead with 106g/t silver (using a 3% Pb cut-off grade) and 11Mt @ 1.6% copper with 0.8g/t gold (using a 1% copper cut-off grade).
Maronan Metals had $3.585 million cash and cash equivalents at hand as of 30 September 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Maronan Metals
