Highlights
Maronan Metals intersected shallow, high-grade silver-lead sulphide mineralisation around 250 metres north of the Starter Zone.
Hole MRN26002 returned 7.3 metres at 11.0% lead and 89 grams per tonne silver from 345.7 metres.
A separate interval in MRN26003 delivered 14.2 metres at 3.5% lead and 40 grams per tonne silver from 251 metres.
The newly reported intersections are located within approximately 120 metres of the fully permitted exploration decline.
More than 7,000 metres of drilling has been completed, with a third drill rig scheduled to begin operating in August 2026.
Maronan Metals Limited (ASX:MMA) has reported shallow, high-grade silver-lead sulphide intersections from infill drilling north of the Starter Zone at its Maronan Project in northwest Queensland. The latest assay results came from a broader surface drilling campaign intended to provide technical information for the company’s prefeasibility work program.
Maronan Metals shares rose 6.33% to AUD 0.42 during the morning session on 15 July 2026, following the release of the drilling update. The stock remains up 75.00% over the past year, with the latest market movement coinciding with the announcement of mineralised extensions close to the project’s planned exploration decline.
About Maronan Metals
Maronan Metals is an Australian mineral exploration company focused on advancing the Maronan copper-gold and silver-lead deposit in the Cloncurry region of northwest Queensland. The area is described by the company as one of Australia’s more productive mineral provinces.
The company’s current work program is focused on defining the scale, geometry and grade of the Maronan mineralised system while collecting the data required for future project evaluation. The Starter Zone was previously assessed in a Preliminary Economic Assessment, also referred to as a Scoping Study, released in September 2025.
The latest drilling was completed north of that zone and forms part of a fast-tracked 40,000-metre surface infill program. The company intends to use the results to support prefeasibility-level studies and further refine its understanding of the silver-lead, copper-gold and gold mineralisation across the project.
New Mineralisation Identified Near Permitted Decline
The key feature of the latest announcement was the location of the newly intersected silver-lead sulphide mineralisation.
The reported intervals were recorded approximately 250 metres north of the Starter Zone and within around 120 metres of Maronan’s fully permitted exploration decline. The proximity to the decline is relevant to the company’s ongoing assessment of mineralised areas surrounding the proposed underground access.
Managing Director Richard Carlton said the new intercepts in holes MRN26002 and MRN26003 would be followed up as the infill drilling campaign progresses.
Two drill rigs are currently operating at the project, while more than 7,000 metres of drilling has already been completed. A third rig is scheduled to arrive and commence work in August, supporting the company’s plan to accelerate the 40,000-metre program.
Maronan expects further drilling-related announcements through the remainder of 2026 as assays are received and additional holes are completed.
MRN26002 Delivers Multiple High-Grade Intervals
Drill hole MRN26002 returned several notable silver-lead intersections across both the Eastern and Western Horizons.
Within the Eastern Horizon, the hole intersected 7.3 metres, with an estimated true width of 6.2 metres, grading 11.0% lead and 89 grams per tonne silver from a depth of 345.7 metres.
That interval included a higher-grade section of 4.3 metres, representing an estimated true width of 3.7 metres, at 15.8% lead and 118 grams per tonne silver from the same starting depth.
Additional Eastern Horizon mineralisation in MRN26002 included one metre at 3.2% lead and 72 grams per tonne silver from 358 metres, followed by 2.4 metres at 2.8% lead and 48 grams per tonne silver from 365.2 metres.
The hole also returned 0.7 metres at 5.0% lead and 99 grams per tonne silver from 378 metres, as well as 0.65 metres at 3.7% lead and 73 grams per tonne silver from 382 metres.
The Eastern Horizon results were recorded within a thick interval of banded carbonate facies sulphide mineralisation intersected at the targeted depth.
Western Horizon Adds Further Silver-Lead Results
MRN26002 also intersected several lead-rich sulphide zones within the Western Horizon.
One interval returned 4.05 metres, with an estimated true width of 3.4 metres, grading 10.2% lead and 123 grams per tonne silver from 273.7 metres.
A second material interval measured 5.5 metres, or an estimated true width of 4.7 metres, at 6.6% lead and 97 grams per tonne silver from 299 metres. This included 2.6 metres, with an estimated true width of 2.2 metres, grading 13.0% lead and 141 grams per tonne silver.
Other Western Horizon intersections included 2.9 metres at 4.2% lead and 39 grams per tonne silver from 254.1 metres, 0.6 metres at 5.0% lead and 30 grams per tonne silver from 260.4 metres, and 0.56 metres at 8.5% lead and 84 grams per tonne silver from 283 metres.
According to Maronan, this form of lead-rich sulphide mineralisation had not been expected north of the Northern Dyke. The area will therefore become a target for further follow-up drilling.
Broad Eastern Horizon Interval in MRN26003
Hole MRN26003 was drilled approximately 90 metres up-dip from MRN26002 and intersected broad silver-lead sulphide mineralisation within the Eastern Horizon.
The principal result was 14.2 metres, representing an estimated true width of 12.1 metres, grading 3.5% lead and 40 grams per tonne silver from 251 metres.
The broader interval included 2.4 metres at 4.3% lead and 72 grams per tonne silver from 251 metres and 3.25 metres at 5.7% lead and 46 grams per tonne silver from 254.75 metres.
Further Eastern Horizon intervals included 1.25 metres at 3.3% lead and 70 grams per tonne silver from 274 metres, as well as 1.54 metres at 3.2% lead and 64 grams per tonne silver from 282.7 metres.
Within the Western Horizon, MRN26003 returned 0.5 metres at 7.2% lead and 76 grams per tonne silver from 144.5 metres. It also intersected 1.25 metres at 5.6% lead and 61 grams per tonne silver from 183.3 metres.
The company attributed the narrower Western Horizon intersection to folding observed in the drill core.
Gold Mineralisation Recorded in MRN26001
Drill hole MRN26001 was positioned near the boundary between the project’s silver-lead and gold-only mineralisation toward the northern part of the deposit.
The hole returned several gold-bearing intervals, including 0.5 metres at 1.05 grams per tonne gold from 45.95 metres and one metre at 1.20 grams per tonne gold from 189 metres.
It also intersected 1.76 metres at 1.06 grams per tonne gold from 260.24 metres, followed by 8.24 metres at 0.74 grams per tonne gold from 275.76 metres.
A further interval returned six metres, with an estimated true width of 5.1 metres, grading 1.24 grams per tonne gold from 294 metres.
Within the Eastern Horizon, MRN26001 intersected 1.57 metres at 5.0% lead and 72 grams per tonne silver from 257.23 metres. A narrower interval of 0.4 metres at 3.9% lead and 72 grams per tonne silver was recorded from 306.38 metres.
Oxide Mineralisation Intersected in MRN26005
MRN26005 was designed to test Eastern Horizon silver-lead mineralisation north of the Starter Zone. However, the hole unexpectedly encountered a post-mineral dyke running broadly parallel to the drilling direction and did not reach the main Eastern Horizon target.
The hole did intersect oxide silver-lead mineralisation within the Western Horizon, including 14 metres at 7.9% lead and 36 grams per tonne silver from 48 metres. The interval had an estimated true width of 11.9 metres and included 0.2 metres of core loss.
Within this result, a 3.5-metre section returned 11.8% lead and 119 grams per tonne silver from 52.5 metres. This section had an estimated true width of three metres and included 0.1 metres of core loss.
A further two-metre oxide interval graded 5.0% lead and four grams per tonne silver from 77 metres.
Maronan stated that oxide silver-lead mineralisation is not presently considered recoverable and is therefore excluded from the current Maronan Resources.
MRN26005 also extended copper-gold mineralisation farther north beyond the Starter Zone. The hole returned six metres at 0.31% copper and 0.67 grams per tonne gold from 65 metres.
MRN26006 Scheduled for Redrilling
Operational difficulties affected MRN26006, which was unable to reach the intended Eastern Horizon target because of bogged drill rods. The hole also failed to test the planned copper-gold target and will be redrilled.
Before being abandoned, MRN26006 intersected the oxidised upper portion of the Western Horizon.
Reported intervals included 5.98 metres at 7.9% lead and four grams per tonne silver from 94.5 metres, 1.4 metres at 7.2% lead and nine grams per tonne silver from 104.6 metres, and three metres at 5.8% lead and two grams per tonne silver from 108 metres.
Core loss was experienced in parts of these oxidised sections despite the use of triple-tube drilling. As with the oxide material encountered in MRN26005, this mineralisation is not presently regarded as recoverable and is not included in the existing resource estimate.
The hole also returned 1.3 metres at 4.74 grams per tonne gold from 116.7 metres. The company identified this as supergene gold mineralisation at the base of the Western Horizon.
A replacement hole is planned to commence shortly to test the targets that MRN26006 was unable to reach.
Drilling Program Moves Toward Prefeasibility Work
The reported results form part of a broader program designed to improve geological confidence and provide information for Maronan’s prefeasibility activities.
The company listed 21 drill holes in its summary of work completed or underway during 2026. Several holes have been completed and are awaiting assay results, while others were being logged at the time of the announcement.
Holes MRN26004, MRN26007, MRN26008, MRN26009, MRN26010, MRN26011, MRN26012, MRN26013, MRN26014, MRN26015 and MRN26016 were listed as awaiting assays.
MRN26017 through MRN26021 had been completed and were undergoing logging.
With another rig expected to join the campaign in August, Maronan is seeking to accelerate the generation of drill information across the mineralised system. Further infill drilling will focus on the newly identified shallow sulphide extensions, particularly around the Eastern and Western Horizons north of the Starter Zone.
What This Means for Investors
Maronan Metals’ latest drilling update identified multiple silver-lead sulphide intervals north of the Starter Zone, including high-grade results from MRN26002 and a broad mineralised section in MRN26003.
The location of the intersections within around 120 metres of the fully permitted exploration decline provides additional geological information around an area relevant to the company’s development studies. The unexpected Western Horizon sulphide mineralisation north of the Northern Dyke has also created another target for follow-up work.
However, the results also included oxide mineralisation that is not currently considered recoverable, while two drill holes were unable to test all intended targets due to a post-mineral dyke and drilling difficulties.
With more than 7,000 metres completed, assays pending from several holes and a third rig scheduled to begin work in August, the company expects continued drilling updates during the remainder of the year.