The company is a spin-off of RDM and the capital raising was aimed at generating the cash to test what the company claims is singificant potential on the Maronan project, south east of Cloncurry.

It will drill for high-value copper, gold, silver and lead mineralisation as were as the shallow depths but also potentially larger and higher grades at depth.

Previous exploration has found an inferred resource of 30.8 million tonnes at 6.5 per cent lead with 106 grams per tonne silver and 11 million tonnes at 1.6 per cent copper and 0.8 grams per tonne of gold.

“With over 2 million tonnes of lead, 100 million ounces of silver and 170,000 tonnes of copper and 300,000 ounces of gold in resources … Maronan is one of Australia’s larger undeveloped projects,” the company’s prospectus said.

It said the mineralisation starts at a depth of 40m and drilling had demonstrated the scope for significant intervals of high grade copper-gold and lead-silver mineralisation.

The company is headed by Simon Bird, Richard Carlton and Robert Rutherford and will have the ASX code of MMA. It is expected to have a market capitalisation of $50 million. RDM will control at least 55 per cent of the company.