Marindi Metals Limited has secured a “strategic and highly prospective” addition to its flagship Newman Base Metals Project in WA after applying for the Deadman Flats tenement block adjoining its existing tenement package.
Marindi said the new tenement covers an extension to the mineralised Prairie Downs Fault Zone (PDFZ), the main geological structure which hosts the base metal mineralisation in the area, and the historical Deadman Flats alluvial and hard rock gold workings.
According to the company, a review of open file data from the tenement (WAMEX A29372 and A 53459) has revealed maximum gold rock chip values from Deadman Flats of up to 21.0g/Au with historical RAB drill intersections o 4m @ 1.43g/t Au from 24m in hole DMP032.
The tenement also covers the Nirran Nirran fault which is interpreted to be a parallel structure to the PDFZ that hosts several zones of mineralisation including the Deadman Flats gold workings, the Jillary Well copper and uranium occurrence, the Prairie uranium occurrence and quartz veins anomalous in barium, antimony and base metals.
“The Mirindi application covers ground that has historically been explored for gold but over the last 20 years has mainly been explored for iron ore. The obvious base and precious metal potential of the ground make it valuable and important addition to the Marindi portfolio,” Managing Director Joe Treacy told the ASX on Wednesday.
“The company’s recently completed and highly successful capital raising and the proceeds of the current Share Purchase Plan will allow Marindi to include exploration of the 20km Nirran Nirran fault as part of the expanded regional exploration program currently underway at the Newman Base Metal Project.”