The 313th Sydney Mining Club – Lunchtime Event
Thursday 1 October 2026 at 12.15pm at the Ivy Ballroom
Double Big Silver Silver Mines joins Maronan
Dean Fredericksen presents the Maronan Silver Project with Jo Battershill presenting the Bowdens Silver Project.
Queensland’s Next Major Underground Mine Looms into Shape
Dean Fredericksen
Maronan Metals (ASX: MMA)
Many moons ago, Rob Rutherford’s Red Metal set out to drill geophysical anomalies up and down the country. Maronan has been its first big hit. A polymetallic deposit with high grade silver-lead grading to more copper rich at depth, this new find is looming as Queensland’s next large underground mine promising a mine life of 30 years – so far.
Scenarios are being finessed for the 65Mt global resource in hand with 40,000m of drilling scheduled for 2026 alone for a 2027 of studies and a boxcut towards the end of 2028. A third rig is arriving on site. Red Metal shareholders are happy with in-specie shares now directly held in Maronan Metals (ASX:MMA, market cap $135m). Drilling is running deep over a thousand metres depth with downhole EM vectoring to the more copper-gold mineralisation at depth.
Canada’s Kinterra Capital has just bought a 19.9% share in MMA for $22m so cash is strong for 18 months of intensive studies and drilling. On revenue it’s a silver mine at the top with lead credits and a slightly lower value/tonne copper-gold mine at depth (subject to where the copper price goes!).
Also not far from Cloncurry, AIC Mines (Eloise and Jericho deposits) is producing copper a dozen kilometres away and selling concentrates to a hungry Mt Isa. Various development scenarios could emerge for this exciting new deposit in the mighty Carpentaria Mount Isa Province.
Australia’s Biggest Undeveloped Silver Deposit Moves to Cusp of Development…Finally!
Jo Battershill
Silver Mines Limited (ASX: SVL)
Discovered by CRA Exploration almost 40 years ago and acquired by Silver Mines in 2016, Bowdens has grown into Australia’s largest undeveloped silver deposit and one of the largest globally.
A DFS released in July lifted Ore Reserves to 93.5Moz of contained silver and outlined a staged development with a potential 26-year operating life. Silver is expected to generate around 91% of project revenue, giving Bowdens unparalleled leverage to the silver price. The silver equivalent resource is a massive 396Moz Ag Eq. If it were a gold deposit, it would be the equivalent of a 6Moz resource, so it’s big.
Now the approvals process is moving again. The NSW planning department has completed its supplementary assessment and referred Bowdens back to the Independent Planning Commission, saying the new information does not fundamentally change its previous conclusions on the project. Things are getting to the pointy end now with the IPC public hearing resuming on 14-15 October and a determination expected by December 9. Hopefully an early Christmas present is in the offing
Silver Mines has also just raised $70m, giving it a strong balance sheet to progress Bowdens and its broader project portfolio.
There is plenty more ground to work with. Silver Mines controls a large position across the mineralised Rylstone Volcanics, covering around 80km of prospective strike around Bowdens, as well as silver and gold projects in California.
Jo Battershill will explain how Bowdens got here, what happens next in the approvals process and how Silver Mines plans to turn one of the world’s major undeveloped silver deposits into an operating mine.
Not to be missed!
Julian Malnic
Chairman
Sydney Mining Club
