In a release to drilling progress at Maronan deposit in Mount Isa Inlier, Red Metal Limited (ASX: RDM) announced that the drilling is underway on the new Great Southern highly prospective electromagnetic conductors for copper and gold mineralization. These two recently identified Great Southern conductors are about 400 to 600 metres long just three kilometres south of Maronan silver-lead and copper-gold deposit.
This comes in addition to the ongoing drilling at the Punt Hill & Pernatty Lagoon copper-gold project, where the company has initiated a drilling program testing in partnership with OZ Minerals Limited to identify a new copper-gold mineral.
In the year seeking for additional discoveries the identification of the two Great Southern conductors are expected to materially enhance the economic potential of the current resources at Maronan. Thanks to ground electromagnetic surveying which has been used as a primary tool for exploration.
The reverse circulation percussion drilling program of the company targets to drill one 300 metres proof-of-concept hole into each of the conductors. On the completion of infill ground electromagnetic survey, the company verified a distinct zone of elevated conductivity just 1.5 km north of Maronan.
Russell Barwick led mineral explorer has characterized varying amounts of copper and iron sulphides (pyrrhotite) in vein and breccia zones at Maronan and the nearby Eloise Mine. The copper-gold mineralization at these strongly conductive deposits clearly depict the example of Iron Sulphide Copper-Gold deposit style.
Based on inferred resources of silver, lead, copper and gold, a Preliminary Mine Scoping Study for Maronan presents an economic and technical potential to proceed the project towards a final feasibility study. However, visual results from the ongoing drilling is expected to be announced on the completion of the program.
The Maronan lead-silver and copper-gold project is a large base metal deposit that Scoping Studies suggest is worthy of full Feasibility Study evaluation. The Maronan deposit comprises two separate styles of mineralization; bedded lead-silver mineralization partially overprinted by structurally controlled copper-gold mineralization and both styles remain open down plunge. The early stage tests have revealed that Maronan is characterized with advantageous metallurgical properties along with low power consumption for ore grinding and high metallurgical recoveries.
Red Metal Limited was seemingly muted initially but then the stock witnessed a fall of 3.85%. The Red Metal’s stock was trading at $0.125 as at 17 September 2018 (2:30 PM AEST). The stock has seen a performance change of -44.68% over the past one year.
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