Marmota Energy (ASX: MEU) has found nickel grading 1.38% in the Gawler Craton in South Australia, from assays from two holes drilled at 22 metres depth.
This should be enough to put some pep in the Marmota share price today, the Durkin project is located 60 kilometres south of the Challenger Gold mine operated by Kingsgate Consolidated (ASX:KCN).
The first pass RC drilling from Durkin copper/nickel prospect were selected one metre interval drill samples from key drill holes that intercepted thick intervals of copper and nickel sulphides.
The new results follow previous announcements of nickel and copper mineralisation being intercepted along a three kilometre zone in June.
Best results achieved from the geochemical analysis were 3 metres at 0.9% nickel from 22 metres depth including 1 metre at 1.38% nickel.
Promisingly, the analysis confirms that mafic rocks were intercepted during the drilling program and that the rock units that contain the higher grade nickel are a hornblende gabbronorite, a mafic rock commonly associated with nickel sulphide mineralisation.
Infill ground magnetic and gravity surveys are planned along the defined zone of nickel mineralisation.
There looks to be potential for high grade base metals mineralisation within an under-explored drilled area.
More to follow...
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