The inferred resource for the fresh lead-silver mineralisation is 30.8 million tonnes at 6.5% lead and 106 grams per tonne silver at a 3% lower cut-off grade.

Using a lower 8% cut-off, the resource is 7Mt at 10.68% lead and 144gpt silver, while a lower 1% cut-off delivers a resource of 45.3Mt at 5.05% lead and 86gpt silver.

The inferred resource for the fresh and weathered copper and gold deposit is 19.2Mt at 1.24% copper and 0.6gpt gold, using a lower 0.5% copper cut-off.

Both resources extend down to 1200m, but remain open at depth.

The company said the deposit has significant size potential and grade variations allow flexibility in how the resources can be appraised.

“Maronan can be viewed as a large tonnage, but moderate-grade opportunity, or as offering high-grade resources of more limited tonnes,” the company said.

The company will now use 3D block models to facilitate underground mining studies.

Red Metal shares were unchanged at A3.7c.