Shares in Maronan Metals (ASX:MMA) are in the green today after the company reported its best-ever silver intercept at the Maronan Silver-Lead and Copper-Gold Project in Queensland.
The current drilling program is focused on the upper part of the Starter Zone, where additional data is needed to improve the quality of the resource estimate. According to a March announcement, the silver-lead deposit measures 32.1 million tonnes @ 6.1% lead and 107 grams per tonne (g/t) silver.
Notably, it was the first hole of this infill work — MRN24002 — that returned 23.32m @ 5% lead and 175g/t silver, including 0.71m @ 22.1% lead and 1,520g/t silver.
Maronan says the intercept correlates with other high-grade drilling results in the area, and that such strong thickness and grade continuity provides confidence in the existing resource model.
The Sydney-based explorer also noted that “potentially mineable” copper-gold mineralisation was identified in hole MRN24002, with the specific type of copper ore having previously shown good metallurgical recovery rates in recent testwork.
“Our 2024 drill program is off to a good start after the successful fundraising in June,” Managing Director Richard Carlton says.
“It is very exciting to see high-tenor silver mineralisation at shallow depths, but even more positive is the strong continuity of the mineralisation between holes supporting our 2024 resource model.”
Maronan raised $9 million earlier this year from a $5.65 million placement led by Veritas Securities and a heavily oversubscribed share purchase plan that delivered another $3.37 million — well above the $1.5 million target.
As of June 30, the company had $10.1 million in cash.
Write to Oliver Gray at Mining.com.au
Images: iStock
