Marindi Metals Limited (ASX: MZN) today announced the strategic expansion of its copper-gold ground-holding in the Paterson Province of Western Australia. It has been reported to execute through the in-fill pegging around the company’s existing tenements and securing new tenement package across the emerging copper-gold belt.
Marindi’s tenement holding now covers 1,200km including three highly-prospective crustal lineaments in Paterson Province. The projects around the newly secured ground of Marindi includes Citadel Project of Antipa Resources, Kintyre uranium deposit of the Cameco Australia and an area to the south of the Rudall River National Park that contains the same stratigraphic hosts as the Nifty and Kintyre deposits.
This comes after the company conducted a provincial-scale review of geophysical and structural data, cross-referenced against available ground. In that review, the company reportedly identified the significant exploration opportunities around its current existing Kintyre copper-gold project, and south of the Rudall River National Park and in the north near Antipa’s Citadel Project.
Managing Director of Marindi Metals, Simon Lawson stated that the expansion of Paterson tenement package outlines a strategic commercial opportunity for Marindi. He added “While the company’s primary focus remains firmly on pursuing high-grade gold at Southern Forrestania, it has identified an opportunity to pick-up several highly prospective target areas, some adjacent to company’s existing ground at Kintyre, to create an expanded project footprint in the Paterson Province.
Paterson Province hosts the world-class Telfer gold-copper deposit, the significant Nifty copper deposit and the Kintyre uranium deposit, plus several new potentially large-scale copper-gold discoveries. The management advised that the activity in the Paterson province includes exploration and potential discovery on a district-scale for large intrusive-related copper and gold targets under cover.
Mr. Lawson informed the company is currently working with consultant Southern Geoscience with the view to collate, re-process and merge all available geophysical information across the newly expanded project areas.
Moreover, the company’s core focus remains on its high-grade gold project at Southern Forrestania. At this project, Marindi currently underway the review of its highly successful geophysical survey at the Great Southern gold prospect and the value of recently ‘discovered’ historical gold exploration data. It is done to refine the Program of Work application which will further allow the geophysical surveys and drilling of priority gold targets by early 2019.
The ultimate aim of Marindi is to attract a strategic partner to help explore for large intrusion-related copper and gold systems in the Paterson Province, concluded Mr. Lawson. In today’s trading session, Marindi’s stock price mounted by 20% to last trade at $0.006 on 5 December 2018. The stock over the past one year has witnessed a negative performance change of 63.89%.