Macro Metals(ASX:M4M) considers the Wandanya Manganese Project to be the most near-term cash flow generating opportunity for the company, says Managing Director Simon Rushton.
In mid-October 2024, RSC Consulting completed a detailed geological mapping and rock chip sampling programme across the three prospect areas at Wandanya – Crossroads, Donkey, and Wandanya.
Historically, the majority of exploration activities have focussed on the Donkey prospect. However, the recent fieldwork at the Crossroads and Wandanya prospects has further highlighted the potential for grade and scale across those prospects, both of which are yet to be drill tested.
Rushton says Macro’s technical team is excited to get drills spinning as soon as possible so they can better understand the likely scale and quality of the Crossroads and Wandanya prospects. “Aside from standalone mining services contracts, we consider Wandanya to be the most nearterm cash flow generating opportunity for Macro; firstly from revenue we intend to generate through a bulk sample campaign and thereafter through expediting a mining lease application across the project,” he says.
“We intend to achieve both in the shortest possible time. Operationally, the Macro Mining Services team is ready from an equipment and logistics perspective to execute the bulk sample campaign as soon as we have the necessary approvals in place and the Pilbara Ports Authority has confirmed it can facilitate short term export arrangements through common user bunkers on a campaign basis, which is a perfect export solution for getting our bulk samples to market.
Exploration has a binary outcome and will either be successful or not. As with all other exploration companies, Macro cannot change what lies underneath the ground, however all Macro team members, including the board of directors, are unequivocally and resoundingly committed to using all available technical tools at our disposal to quickly, diligently and cost effectively evaluate our exploration assets.”
Rushton adds that consistent with this approach, Macro Metals is concurrently progressing exploration activities on multiple fronts, including at Goldsworthy East, Wandanya, and Turner.
Since the board’s restructure six months ago, the company has amassed a significant (and still growing) portfolio of highly prospective exploration assets that we now need to evaluate.
Given Macro only started detailed technical evaluation of this portfolio less than six months ago, the company has adopted a strategy of refraining from dwelling on one particular asset and not continuing to throw additional financial resources at it unless there is material exploration success on initial drilling, says Rushton.
“This is certainly not to say the asset is written off at that point, rather it will be considered unlikely to meet our primary focus of quickly and cost effectively bringing a 100% owned Macro project into operation and so we move onto evaluating the next priority asset in the portfolio,” Rushton adds.
The MD also reiterates Macro is not building a ‘one trick pony’ that relies solely upon exploration success. Instead, it is building the foundations of a diversified mining and mining services business.
Executive technical director Rob Jewson says the mapping program completed across the Wandanya Project has highlighted a number of opportunities for high-grade manganese mineralisation with a substantial surface expression.
“The Crossroads prospect has previously had a multitude of rock chip results up to 55.2% Mn collected from across it and we are awaiting results from rock chips collected by RSC last week,” says Jewson.
“One of the key takeaways from the mapping most recently completed is the potential of the mineralisation to extend under a goethitic cap undercover. The drilling we have planned for, as soon as our submitted POW is approved, aims to test the consistency of this mineralisation and determine its extent and grade distribution.
“Results of the rock chip sampling undertaken as part of the recent mapping program will be released to the market in coming weeks. Upon completion of the requisite heritage and environmental surveys we look forward to commencing a drilling program to rapidly evaluate the scale of this target.”
Write to Adam Orlando at mining.com.au
BUT WAIT THERE'S MORE!!!!!!!!!
