Marmota non-executive director demonstrates faith in gold strategy with on-market purchase
An upcoming diamond drill campaign will begin soon in a bid to accelerate a lucrative South Australian gold discovery towards shovel-ready status.
Company
ASX:MEU
Marmota Limited is a South Australian mining exploration company focused on gold, titanium and uranium. Gold exploration is centred on the company’s gold discovery at Aurora Tank that is yielding outstanding intersections in the highly prospective and significantly underexplored Gawler Craton in the Woomera Prohibited Defence Area.
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An upcoming diamond drill campaign will begin soon in a bid to accelerate a lucrative South Australian gold discovery towards shovel-ready status.
An upcoming diamond drill campaign will commence in roughly three weeks in a bid to accelerate a lucrative South Australian gold discovery towards shovel-ready status.
All conditions precedent to the updated share and sale agreement have been satisfied, leaving only receipt of the Ministerial Consent for completion.
The mining exploration company recently completed the upgrade of camp infrastructure at Aurora Tank, doubling water storage capacity, which is necessary for the diamond drilling program.
With the camp upgrade now complete, Marmota will be able to proceed with its planned diamond drilling program.
The extensional drilling program recorded the new highest 4-metre intersection at Aurora of 4 metres at 70 g/t gold from 64 metres.
Exploration is centred on the highly prospective and significantly underexplored Gawler Craton, near the Challenger gold mine.
Marmota's offer is fully funded and not conditional on any capital raising.
The company measured anomalous gold in tree leaves and based its drill targets on several biogeochem gold-in-tree leaf anomalies outside Aurora Tank’s known mineralisation.
There were more than 178 intersections greater than 1 g/t gold obtained from drilling last September.
Wider intersections at Aurora Tank included 10 metres at 6 g/t gold and 5 metres at 13 g/t gold.
Assay results of up to 17 g/t gold from the Goshawk deposit.
Aurora Tank has been extensively explored by Marmota.
Aurora Tank project is located 50 kilometres northeast of the Challenger gold mine.
The halt will remain in place until the opening of trade on Friday.
The project is situated 50 kilometres from the Challenger gold mine.
Marmota Energy (ASX:MEU) has been granted a trading halt by the ASX, with its shares placed in pre-open.
Marmota Energy Ltd’s (ASX:MEU) share price has increased after adding two new tenements at the Aurora Tank Gold Project, 50 kilometres northeast of the Challenger Gold Mine in South Australia.
Marmota Energy Ltd (ASX:MEU) has been granted a trading halt this morning, pending drilling results from the Aurora Tank tenement.