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Marindi Metals Pty Ltd

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Marindi Metals is commencing a 3,000m drilling programme on its highly prospective Newman Zinc Project, located at the northern margin of the Capricorn Orogen in central Western Australia. The Company acquired the project in mid-2015, and the results of subsequent work have highlighted the prospectivity of the Project.

The previous operator concentrated activities on defining a resource at the Prairie Downs Deposit, and even with subsequent work by Marindi, some 21km of the 24km strike of the key Prairie Downs Fault Zone within the Project area remains largely unexplored – this includes two large soil geochemical anomalies with strike lengths of up to 5km.

Work by Teck and Marindi at the Yalco and Caranbirini Projects near Glencore’s Macarthur River Mine has identified target areas, with planned work now to define drill targets for future testing.

Given the above, and the experience of the Board and Management, we rate Marindi as a SPECULATIVE BUY. Key price movers will be positive results from the current drilling programme, with assay results due within the next few months.

Marindi Metals is a Western Australian and Northern Territory zinc focussed Exploration Company. Its key project is the Newman Base Metal Project, located near Newman in Western Australia, where historical work has defined a shallow resource of 3Mt @ 5% Zn and 1.6% Pb.

The company also has two projects in the McArthur Basin of the Northern Territory – Yalco, where Teck is earning 70% through a farm-in, and Caranbirini, held 100% by Marindi. Both projects cover geology similar to that that hosts the nearby McArthur River Mine, operated by Glencore.

The application for lithium prospective tenements in the Forrestania Greenstone Belt has recently been announced.

In the flagship Newman Zinc Project (“NZP”, or “the Project”) Marindi Metals (“Marindi” or “the Company”) has a highly prospective predominantly zinc project in a largely underexplored area.

Previous work was concentrated on the Prairie Downs prospect, which resulted in the definition of an Indicated and Inferred Mineral Resource of 3Mt grading at 5% Zn and 1.6% Pb, which is potentially open-pittable, and is open along strike and at depth. Work by Marindi, following their acquisition of the Project in mid-2015 has returned very encouraging results at other prospects, including Wolf and Prairie Pup, highlighting the potential to define additional resources.

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Markets: Manganese, Silver