en.Wedoany.com Reported - Maronan Metals (ASX:MMA) has discovered high-grade silver-lead mineralization in shallow drilling north of the Starter Zone, with the latest assay results coming from five drill holes targeting the area to support the preliminary economic assessment released last September.
These drill holes are located within 120 meters of a fully approved exploration decline, approximately 250 meters from the Starter Zone. MMA stated that the strongest results came from drill holes MRN26002 and MRN26003.
Drill hole MRN26002 encountered multiple layers of silver-lead sulfide mineralization in both the Western and Eastern Lodes. In the Eastern Lode, the hole returned 7.3 meters grading 11.0% lead and 89 g/t silver from 345.7 meters, including 4.3 meters grading 15.8% lead and 118 g/t silver. The same hole also identified high-grade mineralization in the Western Lode, including 4.05 meters grading 10.2% lead and 123 g/t silver from 273.7 meters, and 5.5 meters grading 6.6% lead and 97 g/t silver from 299 meters.
MMA noted that the lead-rich sulfide mineralization encountered in the Western Lode was not expected north of the Northern Dyke and will be targeted in subsequent follow-up drilling. Drill hole MRN26003, located 90 meters up-dip from MRN26002, also intersected broad mineralized zones. This hole returned 14.2 meters grading 3.5% lead and 40 g/t silver from 251 meters in the Eastern Lode, including a high-grade interval of 3.25 meters grading 5.7% lead and 46 g/t silver.
Maronan Metals Managing Director Richard Carlton said the company is excited by the shallow, high-grade silver-lead mineralization discovered north of the Starter Zone, which was the focus of last September's preliminary economic assessment. The intercepts in MRN26002 and MRN26003 are only 120 meters from the approved exploration decline and will be followed up with further infill drilling as the drilling program progresses.
The Maronan project hosts 33.1 million tonnes of resources grading 108 g/t silver and 6% lead, in addition to a separate 32 million tonnes of copper-gold resources grading 0.85% copper and 0.63 g/t gold. Last year's PEA (Preliminary Economic Assessment) for the Starter Zone covered only 22% of the silver-lead resources and outlined a 10-year operation with a standalone processing plant. Under the base case scenario, the study forecast an EBITDA of A$981 million, cash flow of A$693 million, a pre-tax net present value of A$377 million, and an internal rate of return of 37% over the mine life.
Maronan is currently rapidly advancing its 40,000-meter surface infill drilling program, aiming to expand the indicated resource base beyond the Starter Zone and advance technical and regulatory workflows in preparation for the PFS (Pre-Feasibility Study). Carlton said two rigs are operating, with over 7,000 meters of drilling completed, and a third rig is planned to start in August, with shareholders expected to receive regular project updates in the coming months. The accelerated drilling activities and feasibility study work are supported by Kinterra Capital's A$22 million strategic investment in May, which boosted Maronan's pro forma cash position at the time to over A$36 million.
