- Maronan Metals (MMA) confirms broad zones of lead and silver mineralisation at its namesake project in Northwest Queensland
- Two drill holes completed at the Northern Fold structure returned 27 metres grading 4.9 per cent lead and 96 g/t silver, and 27.5 metres at three per cent lead and 63 g/t silver
- Maronan says the results increase the company’s confidence in its geological interpretation of the area
- This work was completed as part of an ongoing 10,000 metre drilling program evaluating the potential for continuous zones of copper-gold and lead-silver mineralisation
- Company shares are down 11.9 per cent trading at 26 cents at 2:15pm AEDT
Maronan Metals (MMA) has confirmed broad zones of lead and silver mineralisation at its namesake project in Northwest Queensland.
Two drill holes were completed at the Northern Fold structure as part of a wider 10,000 metre drilling program to evaluate the potential for continuous high-grade zones of copper-gold and lead-silver mineralisation.
Of the recently completed drill holes, one returned eight metres at 8.1 per cent lead and 131 grams per tonne (g/t) silver within a wider 27-metre interval, grading 4.9 per cent lead and 96 g/t silver.
The other drill hole returned eight metres at 5.4 per cent lead and 118 g/t silver within a 27.5-metre interval at three per cent lead and 63 g/t silver.
Maronan said the results have increased the company’s confidence in its geological interpretation of the area.
Moreover, the wider intervals of lead-silver mineralisation at the project can now be interpreted over a vertical distance of 350 metres and a strike length of 150 metres, remaining open down plunge.
Given this interpretation, the company believes further work may prove the Northern Fold structure amenable to cost effective bulk mining.
Assays are still pending for another two drill holes that tested the continuity of shallower, high-grade lead-silver targets.
Meanwhile, drilling to test the potential for wide zones of high-grade mineralisation below a historic drill hole is underway.
Maronan is also planning downhole electromagnetic surveying of a historic and one of its current drill holes in the new year.
Company shares were down 11.9 per cent trading at 26 cents at 2:15pm AEDT.