Maronan Metals’ (ASX:MMA) ongoing drilling program at its namesake project in northwest Queensland has returned its ‘highest ever’ silver grade of 872 grams per tonne (g/t).
The $31.50 million market capitalisation company reports drillhole MRN23013 intercepted 21.15m @ 5% lead (Pb) and 195g/t silver (Ag), including 6.15m @ 6.9% Pb and 517g/t Ag, and 2m @ 10.4% Pb and 851g/t Ag.
The company says the results have confirmed the ‘strong’ continuity between holes, with the return of a ‘broad’ interval of mineralisation, including the 872g/t Ag assay.
Other ‘significant’ intercepts include drillhole MRN23010 with 4.20m @ 6.6% Pb, 327g/t Ag, and 0.15g/t Au; and drillhole MRN23011 with 5.10m @ 6.9% Pb and 121g/t Ag, including 3m @ 5.6% Pb and 147g/t Ag.
Commenting on the new record set, Maronan Metals Managing Director Richard Carlton says: “The outstanding results from MRN23013 and further soil results from MRN23010, MRN23011, and MRN23012 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”
Maronan adds that the new data further supports its geologists’ steep-plunge interpretation for the thickened ‘high-grade’ silver-lead zones, providing ‘greater’ predictability for future drilling.
The company has completed 15,145m of diamond drilling at the Maronan Project to date.
Drilling is continuing to focus on expanding and improving confidence within the near-surface starter zone in preparation for updating the 2015 resource and previous mine development study in H1 CY24.
Maronan Metals is an Australian mineral explorer focused on the growth potential of its namesake copper-gold and silver-lead deposits in the Cloncurry region of northwest Queensland.
As of 30 June 2023, the company had $5.93 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Maronan Metals
