Nov 7, 2024

Maronan Metals Hits 18.41m @ 5.3% Pb, 146g/t Ag at Maronan Project, Queensland

Introduction:

Maronan Metals (ASX: MMA) has reported consistent wide intercepts of ore-grade silver with lead mineralisation within the Starter Zone at its Maronan Project in Northwest Queensland, highlighted by 18.41m at 5.3% lead, 146g/t silver (292 g/t Silver Equivalent).

Last Close: $0.24 | Market Cap: $49.31M‍

Performance: 5d: -9% | 1m: +7% | 6m: -17% | 1y: +9%

Drill Results:

18.41m @ 5.3% Pb, 146g/t Ag (292 g/t AgEq) from 309m (Eastern Horizons) including 2.91m @ 9.0% Pb, 138 g/t Ag (394g/t AgEq) and 2.56m @ 5.9% Pb, 381 g/t Ag (528g/t AgEq) (MRN24005)
11.94m @ 7.8% Pb, 158g/t Ag (377 g/t AgEq) from 369.06m (Eastern Horizons) including 6.3m @ 10.7% Pb, 207 g/t Ag (509g/t AgEq) (MRN24006)
5.2m @ 4.7% Pb, 72 g/t Ag (205 g/t AgEq) from 240.4m (Western Horizons) (MRN24005)‍
4.14m @ 4.8% Pb, 37 g/t Ag (176 g/t AgEq) from 307.86m (Western Horizons) (MRN24006)

Project Overview:

The Maronan Project is located in the Cloncurry region of Northwest Queensland, approximately 90km north of the giant Cannington Silver-Lead-Zinc Mine. It is one of Australia's largest and highest-grade undeveloped silver resources in a Tier 1 jurisdiction with established infrastructure access.

The project currently contains a JORC 2012 compliant Inferred and Indicated Resource of 32.1 Mt @ 6.1% lead with 107 g/t silver (using >3% lead cut-off grade), including 2.1 Mt @ 5.3% lead with 155 g/t silver Indicated Resource. Additionally, there is a copper-gold resource of 32.5 Mt @ 0.84% copper with 0.61 g/t gold and 7 g/t silver.

Program Details:

The 2024 drill program has surpassed 7,000 metres, focusing on thicker mineralised intervals of the Eastern Horizons within the East 30 and East 40 panels. The wide intervals of mineralisation in MRN24005, MRN24006, and surrounding holes occur within the Eastern Horizons mainly as soft, bedded carbonate-lead sulphide ore type. These continuous thick intervals of soft ore, together with their steep geometry, offer significant comminution, processing, and potentially bulk mining cost advantages.

Understanding These Results:

The consistency in width and grade of mineralisation between MRN24003, MRN24003W1, MRN24004, MRN24005, and MRN24006 shows good short-range repeatability, which is essential for successful mine development. The mineralisation occurs within the Eastern Horizons mainly as soft, bedded carbonate-lead sulphide ore type.

The continuous soft ore, together with its steep geometry, offers significant comminution, processing, and potentially bulk mining cost advantages. These results continue to build confidence in the Maronan resource model, with the predictability being a key characteristic of the bedded Maronan silver-lead ore.

Management Commentary:

Richard Carlton, Managing Director of Maronan Metals, stated:

“These consistent results continue to build our confidence in the Maronan resource model. This predictability is a key characteristic of the bedded Maronan silver-lead ore and an essential characteristic for any successful mine development. Drilling on the down plunge potential of the thickened high-grade zones is ongoing and a resource review will be undertaken early in 2025 once all assay results are at hand.”

Next Steps & Catalysts:

Assay results from a further 11 holes are expected over the next few months. Drilling on the down plunge potential of the thickened high-grade zones is ongoing.

A resource review will be undertaken early in 2025 once all assay results are at hand. Additional metallurgical test work, geotechnical studies, and key permitting activities are ongoing.

Commodity Outlook:

Silver continues to maintain strong fundamentals as both an industrial metal and a precious metal. The Cloncurry region represents a premier mining jurisdiction with established infrastructure and a supportive regulatory environment for resource development.

Conclusion:

The latest results from Maronan demonstrate significant potential to expand the current resource base. With mineralisation remaining open at depth and multiple targets still to be tested, the project continues to demonstrate characteristics of a resource with growth potential.

Sources:

MMA Drill Results Announcement

Additional Figures:

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Nov 21, 2024