Maronan Metals Unveils Robust Silver-Lead Drilling Results, Accelerates Mine Development

Drilling Success Bolsters Resource Confidence

Maronan Metals Limited (ASX: MMA) has wrapped up its 2024 drilling campaign, achieving the upper end of its guidance with over 10,000 metres drilled across 23 holes. The program focused on the near-surface Starter Zone of the Maronan silver-lead deposit in northwest Queensland, a region renowned for its mineral wealth.

Assay results from key drill holes MRN24005 and MRN24006 have revealed wide, high-grade intercepts of silver and lead mineralisation. Notably, MRN24005 returned 18.41 metres at 5.3% lead and 146 g/t silver, including higher-grade sub-intervals, while MRN24006 delivered 11.94 metres at 7.8% lead and 158 g/t silver. These results confirm the continuity and thickness of the mineralised zones, strengthening confidence in the existing resource model.

Advancing Mine Development and Permitting

Encouraged by the drilling outcomes, Maronan Metals has accelerated its mine development studies. These include metallurgical flotation optimisation and ore sorting testwork aimed at improving processing efficiency, as well as advanced mine scenario modelling to evaluate underground mining methods and surface portal locations. Geotechnical assessments are also underway to inform infrastructure design and excavation plans.

Crucially, the company has initiated preparatory work for a Mineral Development Licence (MDL) application, a key regulatory step enabling the construction of an exploration decline. Engagement with government departments and local stakeholders has been active, with a target to lodge the MDL application by the third quarter of fiscal 2025.

Financial Position and Outlook

During the December quarter, Maronan Metals reported exploration and evaluation expenditure of approximately $2.13 million, reflecting its commitment to advancing the project. The company ended the quarter with cash reserves of $5.4 million, providing a runway of over two quarters at current spending levels. No mining production activities were recorded during the period, consistent with the project's development stage.

Looking ahead, the company plans to release an updated mineral resource estimate in April 2025, incorporating the latest drilling data. This update will be pivotal in refining the project's economic potential and guiding subsequent feasibility studies.

Strategic Positioning in a Rich Mineral Province

The Maronan project is situated in the Cloncurry region of Queensland, one of Australia's most prolific mineral provinces. The deposit's geometry and grade continuity offer significant optionality for mining approaches, with the soft, bedded carbonate-hosted silver-lead ore presenting potential cost advantages in processing and extraction.

Maronan Metals has also been active in raising its profile through industry conferences and research coverage, signaling its intent to attract investor interest as it advances towards development milestones.