Macro Metals (ASX:M4M) said that recent drilling at its Goldsworthy East Iron Ore project and initial drilling at the Wandanya Manganese project did not encounter mineralization of significance, according to a Friday filing with the Australian bourse.
The company reported that the drilling at Goldsworthy East project yielded mineralization on the surface that did not carry through at depth, the filing said.
Likewise, the initial drilling program at the Wandanya Manganese Project resulted in only low levels of manganese, the filing added.
Macro Metals said that further analysis would be conducted on the data obtained from these drilling campaigns, and the company would assess the next steps for both projects.
Shares of the mining firm fell 27% at market close.
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