The West Perth-based Marindi Metals Limited (ASX: MZN), established in 2006, is a metals and mining sector player that acquires, explores and develops gold, lithium, and base metal projects in Australia. Besides, the company also explores for copper, lead, zinc, and silver deposits.
Today, Marindi Metals released an update on the ongoing exploration activities across its Southern Forrestania Gold Project in Western Australia, where a recent review of regional geophysics, correlated with recently acquired higher-resolution SAM geophysics, has discovered 19 new targets at the Great Southern Gold Prospect, including large new 1-km2 GS19 target. Three other targets have also been tested during the drilling program with assay results awaited. The maiden Reverse Circulation drilling (1,855 meters) at the newly-acquired Great Southern Gold Prospect was completed earlier in March.
The large GS19 target area, previously identified as moderately prospective from historical geochemical auger sampling purchased in 2018, has now been termed as high potential due to a triple-junction intersection of significant structures and dolerite intrusives, similar to that seen at Classic Mineralsâ (ASX: CLZ) high-grade Kat Gap Gold Prospect. It is now considered a Priority 1 drill target on the basis of overlapping geochemical/geophysical evidence.
Also, the new SAM survey, recently completed over the Kit Kat Gold Prospect (KKGP), highlights significant structures and identifies three new high-priority target areas. The survey strongly validates the Kit Kat area as a more massive analogue to the high-grade Kat Gap area but on 100% Marindi ground.
Marindi Metals has also announced that the new phase of Shallow auger drilling campaign will commence shortly focussing on GS19 at GSGP (~300 holes) and across the three new targets at KKGP (~350 holes). The drill will quickly determine the mineralized potential of the new targets.
On February 12th, the company informed that Marindi geologists recently compiled the available geophysical data, including digitising of the historical hard copy of exploration reports and assay files, all of which revealed the presence of multiple anomalies of significant copper, gold and molybdenum values in a broad zone of iron-oxide alteration extending across over 1 km of strike at the Wanderer copper prospect, part of Marindiâs Kintyre Project in the Paterson region.
In the same month, Marindi Metals also got hold of the 100% ownership of the Caranbirini Zinc Project in the Northern Territory after Japan Oil, Gas and Metals National Corporation (JOGMEC) withdrew from the Joint Venture Agreement with the company for the same. As of late, the company is examining a couple of opportunities to progress exploration efforts at the high-potential Caranbirini and Yalco Zinc Projects in the Northern Territory and has engaged with several potential strategic partners.
During the half-year ended December 31st, 2018, the company accomplished crucial milestones on several projects. At the end of the period, the net loss amounted to $ 2.42 million, down on $ 2.79 million recorded in the prior comparable period.Â The net assets were valued at $ 5.71 million, and the net cash and cash equivalents stood at ~$ 509.6k.
Marindi has a market cap of AUD 9.92 million. The MZN stock closed at a sell-off price of AUD 0.005 with the end of the trading session on March 19th, 2019.
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