New Australian specific-project focused explorer Maronan Metals Limited (ASX: MMA) has commenced trading on the Australian Securities Exchange (ASX) at following the successful completion of the oversubscribed A$15.0 million IPO.
The formation of Maronan Metals is the result of Red Metal Limited (ASX: RDM) spinning out its Maronan Project – an advanced exploration play in the proven Mount Isa terrain of Northwest Queensland.
The Maronan Project already boasts substantial resources of lead-silver and copper-gold and is one of Australia’s larger undeveloped base and precious metal deposits with mineralisation to within 40 metres of surface.
Several significant base and precious metal deposits occur with 150km of the Maronan Project including the “Tier 1” Mt Isa and Cannington operations and the large Ernest Henry mine.
The Maronan Project has significant exploration upside with demonstrated scope for wide, higher-grade zones of lead-silver and copper-gold.
In addition, there is potential for shallow, supergene-enriched, copper-gold as high value chalcocite and hinge zone plays for thickened and enriched silver-lead zones. Deeper extensions of both mineralisation styles offer scope for separate “Tier 1” plays.
The company has commenced detailed remodelling of the deposit, including the review of all previous drilling and datasets in preparation for the commencement of Maronan Metals maiden drill programme which is planned to commence early in the September 2022 quarter.
“Maronan Metals is excited by the opportunity to build on the excellent work Red Metal has undertaken to date in this highly prospective region of Queensland,” Managing Director Richard Carlton said.
“With several Tier 1 deposits within 150km of the Maronan Project and an existing JORC Inferred resource, it provides an excellent platform for our well-funded exploration program. Funding secured through our strongly supported IPO provides us an excellent opportunity to target early additions to the existing resources
“We have put together a small but focused Board, with many years of collective experience in the resources industry including Mt Gibson Iron director Simon Bird as Chairman and Red Metal’s MD Rob Rutherford as Non-Executive Technical Director.
“On behalf of the Maronan Metals Board, I wish to thank all of those involved in the successful spin-out from Red Metal and IPO, especially our Lead Manager Veritas Securities Limited. We welcome all shareholders onto our register and look forward to a bright future.”
For further information please visit: http://www.maronanmetals.com.au/
