Marmota Energy (ASX: MEU) has discovered visible copper and nickel sulphide mineralisation in surface outcrop on its wholly owned Pundinya tenement in the Gawler Craton of South Australia, which has rocketed shares 400% higher.
By late-morning trade over 17 million shares had changed hands, with shares hitting an intra-day high of A$0.26, compared to yesterday’s closing price of $0.052.
The extensive outcrop was discovered within a 5 kilometre long coincident copper-nickel in calcrete anomaly and magnetic target at the Durkin prospect.
Infill surface sampling currently in progress at the prospect has confirmed large scale outcrop with a number of sites containing good quality visible copper and nickel mineralisation.
NITON XRF spot readings have also been undertaken of key sample sites with readings returning results far exceeding previously reported maximum copper results from sampling.
The readings include copper grades of up to 654.32 copper, well above the previously reported maximum of 175 parts per million copper.
These results confirm the potential of the Durkin prospect to host large scale near surface copper and nickel sulphide deposits.
The strong similarities between the prospect and Sirius Resources’ (ASX: SIR) Nova discovery in the Fraser Range of Western Australia bode well for the potential to define a new nickel province in the Gawler Craton.
Exploration plan
The Pundinya tenement has received heritage clearance, which allows immediate exploration access.
Infill sampling programs are underway focusing on zones of outcrop and shallow potential. The results will be used to finalise targets for electromagnetic geophysics and follow up low cost shallow drill testing.
Drill testing at Durkin is planned to be part of a broader program to also drill test a number of gold and copper targets on nearby tenements that Marmota holds in the Gawler Craton.
Gold targets identified for Challenger-style gold mineralistion on both the nearby Indooroopilly and Aurora Tank projects will also be drill tested.
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