Maronan Metals posts first copper-gold assay results from North QLD Maronan project
Maronan has hit everything its looking for at Maronan, but low grades and vast depths to be overcome
Source: iStock
Mentioned
KEY POINTS
- Maronan has hit copper and gold in its first-stage drill results
- The Maronan project in North QLD is a lead-silver and copper-gold play in the Gulf of Carpentaria, a well established mining region
- Two drill rigs remain on-site; downhole electromagnetic imaging to commence shortly in two historical drillholes
Maronan Metals (ASX:MMA) has posted its first assay results from the company’s North QLD-based Maronan lead-silver, copper-gold project, sending the share price up nearly 7.5% heading into mid-afternoon trades.
Today’s news ultimately confirms that the company is hitting both copper and gold in early-stage assays.
While overall grades are low, it is a confirmation targeted mineralisation does in fact exist on the company’s acre nearby the NT border.
Investor information provider Undervalued Equity describes high grade gold as that exceeding concentrations of 5 grams of gold per tonne of ore (5g/t) and high grade copper as that exceeding concentrations of 1.5%.
Compare that to the following results from Maronan:
33m @ 0.28% copper and 0.59g/t gold from 649m depth, including:
11m @ 0.51% copper and 0.07g/t gold from 667m depth
09m @ 1.93g/t gold from 661m depth
Lead-silver success, too
The company also hit lead-silver, though, notes this style of mineralisation was not the primary target.
Undervalued Equity classifies high grade silver as that exceeding 50g/t; while lead is considered high grade in concentrations over 10%.
As for lead-silver, Maronan reports:
2.2m @ 5.87% lead and 66g/t silver from 574m depth, including:
0.8m @ 11.8% lead and 128g/t silver from 774m
Worth noting is that the early stage results come from significant depths underground exceeding 500m (half a kilometre vertical depth) and do not constitute a shallow deposit.
What comes next?
Two drill rigs remain on-site testing the continuity of mineralisation at one prospect called the Northern Fold target, as well as “shallower zones along the eastern and western lead-silver horizons.”
The company is currently preparing to “re-open” two historic drillholes located in the project envelope ahead of downhole electromagnetic surveying which will allow the company to better refine 3D geological models attempting to map the dimensions of underground deposits.
“Maronan’s drilling is off to an excellent start with the first assay results now delivered,” company MD Richard Carlton said.
“It’s very pleasing results from our first hole have confirmed integrity of the current geological model.”
“We look forward to announcing further assay results when they come to hand in the coming weeks.”
The state of Maronan Metals' three month charts
