Marmota Energy (ASX: MEU) has completed first pass drilling at its Moonbi gold target in South Australia with eight of the 14 holes intercepting sulphides indicative of Challenger-style gold potential.
Preliminary on-site geological observations of the sulphides present have been identified as arsenopyrite and pyrite.
This is considered to be encouraging as the presence of significant levels of arsenopyrite throughout drill holes is typical of the nearby producing Challenger mine’s ore zone.
Weathered basement rocks occur at very shallow depths in 14 reverse circulation holes drilled.
Samples from the completed first pass drilling at Moonbi have been returned to Adelaide and submitted for laboratory assay. Planning for follow-up exploration will be undertaken once analysis of assay results is completed.
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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