Maronan Metals Drills Shallow High-Grade Silver-Lead North of Starter Zone

Maronan Metals Drills Shallow High-Grade Silver-Lead North of Starter Zone at Maronan

Maronan Metals (ASX: MMA) has reported new high-grade silver-lead drill results from infill drilling at its Maronan Project in north-west Queensland, with the standout intercepts sitting within 120 metres of the company's fully permitted exploration decline and around 250 metres north of the Starter Zone.

The latest results came from holes MRN26002 and MRN26003, which intersected shallow sulphide mineralisation across both the Eastern Horizon and Western Horizon. For investors, the combination of grade, shallow depth and proximity to planned underground access is the central point. The drilling forms part of a fast-tracked 40,000 metre surface infill program intended to support prefeasibility study work.

"We are thrilled to have intersected shallow high-grade silver-lead mineralisation north of the Starter Zone," said Richard Carlton, Managing Director of Maronan Metals. "The intercepts in MRN26002 and MRN26003 are located within just 120m of our permitted exploration decline and will be followed up with further infill drilling as the program progresses."

With more than 7,000 metres of drilling already completed, two rigs currently operating and a third rig scheduled for August, the company has outlined a sizeable pipeline of pending results through the remainder of 2026.

Key Drill Results from MRN26002 and MRN26003

The reported assay results show multiple zones of lead-silver mineralisation in both target horizons. The strongest intervals are summarised below.

MRN26002 Highlights

MRN26003 Highlights

The company stated that MRN26003 was drilled 90 metres up-dip of MRN26002, providing continuity between the two holes in this northern area. In practical terms, that helps support the current geological interpretation rather than presenting these intersections as isolated points.

Why Proximity to the Decline Matters

The most commercially relevant part of the update may be location rather than grade alone. The mineralised hits are close to Maronan's fully permitted exploration decline, which is the planned underground access tunnel for drilling, sampling and potential future mine development.

That matters because closer mineralisation can reduce the amount of underground development needed to access ore zones. Shorter distances can improve mine design flexibility and may lower development intensity if future studies continue to support extraction.

Furthermore, in MRN26002, lead-rich sulphide mineralisation in the Western Horizon was intersected north of the Northern Dyke, where the company had not previously expected it. Maronan confirmed this area will be followed up with additional drilling.

The latest intersections are particularly noteworthy for several reasons:

• Within 120m of the permitted exploration decline
• Around 250m north of the Starter Zone from the 2025 Scoping Study
• Shallow relative to many underground base metals targets
• Part of a broader drill campaign feeding directly into prefeasibility study work

Geological Context at the Maronan Project

The Maronan deposit contains silver-lead mineralisation across two sub-parallel units known as the Western Horizon and Eastern Horizon. These are separated by a package of quartz-rich metamorphosed sedimentary rocks, with the spacing between them varying from about 30 metres to 100 metres, according to the announcement.

Maronan also hosts separate copper-gold and gold-only mineralisation styles. However, the current drilling focus remains the silver-lead sulphide system that could support the company's prefeasibility work.

The company describes the lead-silver mineralisation style as similar to the nearby Cannington deposit in terms of geological type. That comparison is relevant as regional context only and should not be read as implying equivalent scale, economics or development certainty.

What Are Eastern and Western Horizons?

In accessible terms, a horizon is a distinct layer or zone of rock that can be tracked underground. At Maronan, the Western Horizon is the upper mineralised layer and the Eastern Horizon is the lower one.

For investors, this matters because separate horizons can create multiple mining targets within the same deposit. If both horizons contain consistent grade and width, they may support a broader future resource base and more than one mining area.

What Does Estimated True Width Mean?

Drill results are often reported in two ways:

• Down-hole width: the length of mineralised rock cut by the drill hole
• Estimated true width: the company's estimate of the actual thickness of the mineralised zone

Because drill holes usually cut through rock at an angle, the down-hole interval can be longer than the real thickness. Estimated true width adjusts for that angle. At Maronan, true widths for the reported holes are generally about 85% of the down-hole intercept, suggesting the intersections are not heavily exaggerated by drilling angle.

Other Holes in the Announcement Add Context

The release covered five reported holes: MRN26001, MRN26002, MRN26003, MRN26005 and MRN26006.

MRN26001 targeted the boundary between silver-lead and gold-only mineralisation at the northern end of the deposit. It returned several gold intersections, including:

• 8.24m at 0.74 g/t gold from 275.76m
• 6.0m at 1.24 g/t gold from 294m

It also intersected narrower silver-lead zones on the Eastern Horizon, including 1.57m at 5.0% lead and 72 g/t silver from 257.23m.

MRN26005 did not intersect its planned main Eastern Horizon target after unexpectedly hitting a post-mineral dyke running sub-parallel to the drilling direction. Even so, the hole extended copper-gold mineralisation further north beyond the Starter Zone and intersected oxide silver-lead mineralisation on the Western Horizon. The company noted that this oxide silver-lead material is not currently considered recoverable and is not included in current Maronan Resources.

MRN26006 was abandoned due to bogged rods before reaching target depth. It intersected oxidised Western Horizon mineralisation and a 1.3m interval at 4.74 g/t gold from 116.7m, but failed to test the intended copper-gold and Eastern Horizon targets. Maronan confirmed a redrill is planned.

Drill Program Status and Upcoming Results

The broader 2026 program is considerably larger than the five holes reported in this update. A number of completed holes are still awaiting assay results, while several more are in logging.

This pending pipeline is important because it gives the market multiple near-term data points rather than a single isolated release. The addition of a third rig in August could furthermore increase the pace of drilling and support regular assay flow if laboratory turnaround remains steady.

According to the announcement, Maronan intends to complete 35,000 metres to 40,000 metres of surface drilling over the next 12 months.

What This Could Mean for the Prefeasibility Pathway

The current programme is aimed at converting parts of the existing resource from Inferred to Indicated classification. That distinction matters considerably in mining studies.

An Inferred Resource is based on more limited geological evidence and carries lower confidence. An Indicated Resource, however, has stronger drill support and typically provides a firmer basis for engineering and economic studies. If drilling continues to improve confidence in areas close to the proposed underground access, that may strengthen inputs into the prefeasibility study.

The announcement also reconnects the current work with the Starter Zone assessed in Maronan's 23 September 2025 Preliminary Economic Assessment (Scoping Study). The reported intersections sit north of that area, potentially pointing to additional mineralised material beyond the zone previously considered in early-stage development work.

Why Investors Are Paying Attention to Maronan Metals

Several elements in this drilling update are likely to matter for investors following ASX silver-lead developers:

• High-grade sulphide intercepts have been reported in shallow positions
• The mineralisation sits close to a fully permitted exploration decline
• The drilling is linked directly to prefeasibility study inputs
• A sizeable number of holes remain pending assays
• The project is located in the Cloncurry region of north-west Queensland, a well-known mining district

In addition, the company stated that the Maronan Project is held 100% by Maronan Metals, with MDL 2028 granted on 27 February 2026. The residual EPM13368 tenure is under renewal and expected by the company to be granted shortly.

Key Takeaway

The latest Maronan drilling update points to shallow, high-grade silver-lead sulphide mineralisation extending north of the Starter Zone, with the strongest reported intervals coming from MRN26002 and MRN26003. The location of those hits, within 120 metres of the permitted exploration decline, is likely to be as important as the grades themselves.

With more than 7,000 metres drilled, two rigs active, a third rig scheduled, and multiple holes still awaiting assay results, Maronan appears set for a steady stream of exploration updates as it advances infill drilling to support prefeasibility work at the Maronan Project.

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