Maronan’s updated resource bodes well for potential future mining scenarios. Pic via Getty Images
Mining
Special Report: Maronan Metals has updated resources at its namesake lead-silver-copper-gold project in northwest Queensland, putting the early development potential of the Shallow Starter Zone in the spotlight.
The Maronan project sits in Queensland’s Carpentaria Province, placing it in the same neighbourhood as several Tier 1 lead-zinc-silver mines – including Mt Isa, George Fisher and Century, as well as other significant copper deposits such as Ernest Henry, Osborne and Eloise.
It is also just 90km north of South 32’s (ASX:S32) giant Cannington silver-lead-zinc mine that delivered FY2023 production of 195,600t zinc equivalent.
Amidst this regional bounty, Maronan Metals’ (ASX:MMA) flagship project is no slouch itself, standing tall as one of Australia’s largest and highest-grade undeveloped silver deposits with an inferred silver-lead resource of 32.1Mt @ 6.1% lead and 107g/t silver (290g/t silver equivalent) for 300Moz contained silver equivalent metal.
Separately, it hosts an inferred copper-gold resource of 32.5Mt @ 0.84% copper, 0.61g/t gold and 7g/t silver (1.4% copper equivalent) for 455,000t of contained copper equivalent metal.
Exploration focused on the Eastern Horizon within the Starter Zone – to follow up on previous shallow results that defined a broad interval of mineralisation over 21m averaging 5.1% lead and 126g/t silver – returned new intersections including 31m grading 6.1% lead and 139 g/t silver and 22.8m grading 5.8% lead and 138g/t silver.
On the parallel Western Horizon – which received less drilling, follow up of previous drilling that included results of 14.48m averaging 11.1% lead and 133g/t silver – returned new intersections of 8.4m grading 17.1% lead and 112g/t silver.
This work has delivered in spades, allowing MMA to define a resource of 11.1Mt @ 5.3% lead, 111g/t silver and 0.13g/t gold within the Shallow Starter Zone.
Importantly, this includes a maiden indicated resource of 2.1Mt @ 5.3% lead and 155g/t silver that comes to within 100m of the surface and confirms the project has the geological continuity needed to successfully transition from an inferred resource to a lower-risk indicated resource with further infill drilling.
Applying a range of silver cut-off grades to the Shallow Starter Zone block model has also highlighted the scope for very high-grade silver shoots totalling about 1Mt @ 6.4% lead, 246g/t silver and 0.23g/t gold.
More broadly, overall silver-lead resources at the Maronan project have increased to 32.1Mt @ 6.1% lead and 107g/t silver, while copper-gold resources have been cranked up to 32.5Mt @ 0.84% copper, 0.61g/t gold and 7g/t silver which remain open at depth.
Geological modelling has also facilitated the estimation of a new gold-only inferred resource of 1.8Mt @ 1.24g/t gold within magnetite-carbonate facies banded iron formation units at the Northern Fold structure.
“Declaring the maiden indicated resource in the Shallow Starter Zone with the high silver grade is the perfect start to 2024,” MMA managing director Richard Carlton said.
“This result so near to surface bodes well for potential mining scenarios. In addition, modelling has expanded the inferred copper-gold resource and allowed the estimation of a new gold-only resource adding to the project’s significant in-ground metal inventory.
“Our team has cost-effectively moved the Maronan deposit closer towards development and established an excellent database for early-stage mining studies and the next phase of drilling.”
MMA notes the silver-lead resource remains open at depth and is a target for future infill and step-out exploration drilling, while further infill drilling is expected to extend the higher grade shoots the company has started to identify.
Likewise, the copper-gold resource is also open at depth with the company planning to undertake infill drilling and deeper step-out exploration where higher grades of copper sulphide-dominant mineralisation is speculated.
MMA also proposes to carry out more metallurgical test work and targeted drilling on the shallower gold-only mineralisation.
This article was developed in collaboration with Manoran Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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