Maronan Metals Limited announced that assays from drill holes MRN22002W1 and MRN22002W2, centred on the Northern Fold structure, have highlighted significant widths of combined lead and silver mineralisation re-enforcing the resource potential at this target area. Both holes intersected multiple intervals of lead and silver mineralisation within a broad anomalous zone. Significant lead and silver down-hole intercepts include: The wide intercepts of lead-silver mineralisation are hosted by the soft, exhalative carbonate-galena ore type with estimated true widths of 23.5 metres in MRN22002W1 and 16.7 metres in MRN22002W2.

The lead equivalent value is considered an appropriate method for reporting combined lead and silver mineralisation at Maronan because of the exceptional metallurgical recovery of both the lead and silver and the resulting concentrates very high silver content and low levels of penalty elements. The lead equivalent calculation in Table 1 takes into account the preliminary metallurgical results that highlighted simple processing routes to achieve recoveries of 95% for the lead and 93% for the silver and uses price assumptions of USD 2000/tonne for lead and USD 20/ounce for silver. New results provide increased confidence in the geological interpretation through the Northern Fold structure.

Long section and cross-sectional interpretations show the wide intercepts of lead-silver mineralisation at the Northern Fold structure can be interpreted over a vertical distance of about 350 metres and a strike length of 150 metres. This mineralisation remains open down- plunge and will be the focus of future drilling once down-hole electromagnetic surveying has been completed within historic hole MRN14004. The simple metallurgy and low grinding cost estimates for the soft, coarse-grained lead-silver ore type at Maronan enabled the preliminary mine development model to be successfully run using a cut-off grade of 3.1% lead equivalent ­ well below the lead equivalent grades encountered in MRN22002W1 and MRN22002W2.

Subject to satisfactory completion of significant further work, the wide zones of lead and silver mineralisation at the Northern Fold structure may be amenable to cost effective bulk mining. A deep drill test targeting the potential for wide zones of high-grade Cannington style mineralisation below historic hole MRN12004B is in progress. Labelled MRN22005, this hole is currently at a depth of 900 metres and is on schedule for completion before the Christmas break.

Assay results from holes MRN22003 and MRN22003W1 testing the continuity of shallower, high-grade lead-silver targets are anticipated shortly. Down hole electromagnetic surveying of historic drill hole MRN14004 and the current hole MRN22005 will be initiated in January 2023.