Substantial Resources of Lead-Silver and Copper-Gold in Proven High Pedigree Province

The Maronan lead-silver and copper-gold deposit is an emerging large poly-metal deposit in the world class Carpentaria Province of Northwest Queensland which hosts several Tier 1 lead-zinc-silver mines and significant copper-cobalt and copper-gold deposits.

The Maronan Project has JORC 2012 compliant Inferred Resources of:

  • 30.8Mt @ 6.5% lead with 106 g/t silver (using a 3% lead cut-off grade)
  • 11Mt @ 1.6% copper with 0.8 g/t gold (using a 1.0% copper cut-off grade)

With over 2Mt lead, 105M oz silver, 170kt copper and 300koz gold in resources, based on the quantities and grades set out above, Maronan is one of Australia’s larger undeveloped deposits.

A drilling program commenced in August 2022 has confirmed the integrity of the original geological model and identified potential for deeper bulk tonnage copper-gold and also silver-lead mineralisation.

Significant Exploration Upside

The separate copper-gold and lead-silver mineralisation types commence below approximately 40 metres of transported cover with both open down plunge and showing signs of increasing thickness and grades at depth where two separate Tier 1 plays are speculated.

Drilling to date has also demonstrated scope for significant intervals of high-grade copper-gold and lead-silver mineralisation, thickened hinge zones showing enrichment of silver and lead mineralisation and potential for high-value supergene enriched, copper and gold mineralisation as chalcocite.

Drilling Program in Progress

Since IPO in April 2022 up until June 2023, Maronan Metals have completed over 10,000m of diamond drilling, testing all the key targets listed in the prospectus. In addition, over 15,000m of historic drill core has been re-logged and a new 3D geological model has been created. As a result of works completed to date there remain five key focus areas for on-going exploration at the Maronan Project:

  1. Proving up 5 – 10Mt of resource to a JORC code indicated resource within the “Starter Zone”, a 500 x 600m block at the south end of the deposit, where drilling has demonstrated higher grade lead-silver mineralisation to within 150m of surface to upgrade the existing scoping study to potential PFS level
  2. Continued testing of the potential bulk-mineable Copper-Gold mineralisation with a view to growing the existing inferred Resource.
  3. With further geological review – targeting for deeper Cannington style vent core mineralisation.
  4. Follow-up of known surface EM anomalies that may represent additional ISCG style copper gold targets.
  5. Seeking other projects where the skill set of the Maronan Team can build value for Maronan shareholders

Positive Preliminary Mining Studies

Preliminary studies taking into account the deposit’s promising metallurgical recovery, soft ore, high silver credits and favourable geometry provide a strong economic and geological case for continuing with further exploration drilling.