Since we have a few new faces in here (myself included) I thought I would try and put together a little sumthin sumthin to bring a few up to speed.
A seriously good bit of dirt got the market excited today, but MZN has a much more going on. All info taken from recent announcements. Let’s have a look. Overview: “The Company’s primary assets are the Newman Base Metal Project located approximately 60km south west of Newman in Western Australia, the 100% owned Caranbirini Zinc Lead Project and the joint ventured Yalco Project in the MacArthur River region of the Northern Territory and the Forrestania Lithium Project located in the Forrestania Region of Western Australia.”
Newman Base Metal Project:
Prairie Deposit: “The Prairie Zinc Lead Silver Deposit is located along the Prairie Downs Fault and contains an indicated and inferred resource of 3 million tonnes at 5% zinc, 1.6% lead and 18g/t silver (see Resources and Reserves Section). This deposit was discovered, drilled out and the subject of an incomplete feasibility study by the previous owners prior to the global financial crisis in 2009. The resurgence in the zinc price has led Marindi to begin reassessing development options for the deposit which has the potential to transform the Company from explorer to meaningful zinc producer. “
“The deposit itself is mostly hosted in the Fortescue volcanics and could best be described as a vein style deposit with massive sulphide base metal veins hosted in a quartz envelope. The deposit remains open down dip/plunge. “ “During the year Marindi progressed mining studies on this deposit including; revisiting the historic resource, mine optimisation studies, metallurgy reviews and environmental surveys. The aim of this work is to help the Company to maximise the value of the deposit for shareholders.”
With zinc and lead on a tear atm this deposit is becoming increasingly attractive. With a good section of the PFDZ (Prairie Downs Fault Zone) being drilled currently, several satellite deposits could be located significantly increasing the value of this prospect.
I expect near term news from this drilling campaign and the company has announced assay results could be expected as early as late next week but more than likely the week after.
Wolf Deposit: “The Wolf Zinc Lead Silver and Vanadium Prospect is located approximately 1km north west of the Prairie deposit and a maiden resource estimation is planned for completion this year. The prospect has had multiple phases of exploration conducted on it by Marindi and previous operators targeting primary base metal sulphides. While exploration has confirmed significant base metal sulphide zones exist, recent work has also established a very large zone of zinc and vanadium oxide which is the subject of ongoing metallurgical test work to confirm an economic process route to produce zinc metal and vanadium pentoxide. “
“The mineralisation at Wolf is hosted by the Wolf breccia zone and has been traced over a strike length of 1.7 kilometres. The presence of zinc and vanadium in the same deposit is most unusual and the deposit is at an early stage of assessment.”
The first satellite deposit, located just 1km away from the significant Prairie deposit. Prove this up and add value. Zinc and Lead again are on the march, Vanadium getting to support levels and due for a bounce.
Husky South: “The program commenced on Saturday October 21 testing the recently discovered Husky South geochemical anomaly. Disseminated and massive sulphides have been intersected in the four traverses completed to date, see plans attached. The sulphides are dominated by lead (galena) with minor zinc (sphalerite) and trace copper (chalcopyrite).”
“· Approximately 18km strike length of the Prairie Downs Fault Zone yet to be drill tested. “
“· Defined over 400m to date with drilling ongoing”
“· Disseminated sulphides intersected over 10- 20m true width with zones of semi-massive to massive sulphide dominated by galena (lead) with minor sphalerite (zinc) and trace chalcopyrite (copper).”
“The Husky South anomaly extends for approximately 1.6km and RC drilling has been confined to 400m of the central sectionwhere previous prospecting and soil sampling returned rock chip samples from gossanous material of up to 54.3% Pb, 543g/t Ag and 0.3g/t Au and elevated lead in soils to 0.11%”
“On completion of the initial program at Husky South, the rig will move on to test the other high priority geochemical targets at Husky and Lone Wolf (see plans attached). This is expected to take another two weeks to complete and will conclude Stage 1 of the program. Marindi will then commence Stage 2 of the program by moving to the southern section of the PDFZ to test other geochemical and geological targets along the 23km strike extent of the PDFZ. Analytical results, including assays from Stage 1 are expected in 3-4 weeks.”
Newman Conglomerates: “Recent field visit at the Newman Project 400km southeast of Karratha has confirmed the presence of conglomeratic units within the Hardey Formation at or near the Archaean Sylvania Dome contact. The Hardey Formation is the host to numerous gold occurrences in the East Pilbara, the most notable being the Beaton’s Creek gold in conglomerate deposits at Nullagine.”
“Marindi geologists have now identified the Hardey Formation over approximately 60 strike kilometres, confirming previously mapped interpretations. In some localities basaltic material underlies the Hardey Formation, however the geology is not well understood and Marindi are unsure whether this represents Mt Roe Basalt or structurally emplaced basaltic units from higher up (younger) in the sequence.”
Early signs are great! We witnessed today what a good bit of dirt can do for a share price. If MZN confirm gold in conglomerate potential anywhere along this 60km+ strike potential I won’t even begin to guess our s/p.
The company have taken rock chip samples from 5 locations, expecting results in the next 3-4 weeks. If there is gold lookout!
More exploration is needed before anyone gets too excited though!
Forrestania Lithium: “• Exploration underway at Forrestania” “• Targeting world-class Earl Grey-style Lithium Deposits” “As reported in the ASX release dated 28th September 2017, a strong tin anomaly lies on the western edge of our tenements near Digger Rocksand South Ironcap.Tin is a proxy for pegmatite and high tin values are associated with the nearby world-class Earl Grey deposit (128mt at 1.44% Li2O) and Bounty pegmatite occurrences owned by global lithium producer SQM and Kidman Resources Ltd (ASX: KDR). Nickel producer Western Areas Ltd (ASX: WSA) also reported a drill intersection of 50m @ 0.95% Li2O from a drill hole in this area last year.”
“The soil sampling will firstly target the anomalous tin zones before moving onto the other tenement areas. As previously reported, the program is expected to take approximately six weeks to complete.”
BELLARY DOME PROJECT:
I won’t bother too much about today’s announcement as all should have read it by bow, Just re-post the highlights.
Contains historically mapped and sampled known gold-bearing conglomerate units in the equivalent setting/position to Purdy’s Reward.
Hosts approximately 25km strike of the basal contact between the Mt Roe Basalt and conformably underlying conglomerate unit of the Bellary Formation.
Alluvial gold workings with gold values up to 22g/t Au within the prospective horizon.
Options fee of $100,000 and 10m shares paid to Bacome Pty Ltd.
Complements Marindi’s existing Pilbara assets prospective for Gold and Base Metals.
Exploration to be completed over the coming weeks with the company to make a decision to proceed within 45 days. The length of time granted for d/d and the amount the company is willing to offer for his bit of land even before signing on should tell you it’s potential.
I don’t believe we will have to wait anywhere near the 45 days. They will have boots on the ground asap and I expect this to be closed before the end of November. Exciting times.
Other events:
We still have to pay KDR their costs for the court case, no word on what it is yet.
“Marindi was unsuccessful in its claim against Kidman Resources in the Supreme Court of Western Australia (refer ASX release dated 7 July 2017). As expected, on 13 September 2017 the Court awarded reasonable costs against Marindi Metals. Marindi has made a provision in its accounts with regards to the costs order.”
I would like to know the amount
Sentiment:
Plenty of stale old holders, I feel we went someway to flushing them out today but I reckon there is still some overhang from last year.
Chart below with my thoughts (amateur chartist so please someone ad to this).
Approx :
$1.6 mill cash
1.3-1.4 Billion SOI (Need to confirm?)
Have a good weekend everyone and best of luck next week.
All in my opinion only and happy to be corrected on any of the above
