Marmota Energy (ASX: MEU) has intercepted sulphides indicative of Challenger-style gold potential in the first five holes drilled at the Moonbi gold target of its Indooroopilly project in South Australia.
Preliminary on-site geological observations of the potential gold-bearing sulphides present in all five holes identified them to be arsenopyrite and pyrite.
Lithologies encountered in the reverse circulation holes are distinctly Archaean Christie Gneiss, with dominant minerals noted to be similar to those observed at the nearby producing Challenger gold mine.
Weathered basement rocks occur at very shallow depths, as shallow as 2 metres in one hole, which also encountered sulphides throughout the hole from a depth of 25 metres.
Drilling is continuing at Moonbi with the rig moving to the southern end of the target zone to test further shallow features.
The program is expected to continue for another week with samples from the drilling to be processed for laboratory assay.
Moonbi
The Moonbi gold target is a magnetic high with coincident gold and copper-in-calcrete anomalies extending over an area of 4km x 4km, open to the south and east.
As with the nearby Challenger gold resource and other significant Archaean age lode gold sites in the region, the Moonbi target lies on the edge of a regional-scale gravity high.
The project is recognised by Marmota and South Australia’s Department for Manufacturing, Innovation, Trade, Resources and Energy as having high mineralisation potential and is the subject of a $65,000 grant to assist drilling.
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