Marindi Metals confirms potential for conglomerate gold at Newman Project
Marindi Metals (ASX:MZN) has confirmed the potential for conglomerate hosted gold based on its recent field visits to the Newman Project, 400 kilometres southeast of Karratha, Western Australia.
Significantly, conglomeratic units were found to be present within the Hardey Formation at or near the Archaean Sylvania Dome contact.
The Hardey Formation is host to numerous gold occurrences in the East Pilbara, the most notable being the Beaton’s Creek gold in conglomerate deposits at Nullagine.
Marindi’s geologists have now identified the Hardey Formation over circa 60 strike kilometres, confirming previously mapped interpretations.
In some localities basaltic material underlies the Hardey Formation.
Marindi also revealed that the Deadman’s Flat tenement, host to the Deadman’s Flat alluvial gold field, was granted on 3 October 2017.
All of the prospective horizon within the Hardey Formation is now located on granted tenements.
Marindi’s share price has increased circa 17% intra-day and were trading at $0.014.