Marmota Energy (ASX:MEU) shares were flying as much as 127% higher today after detailing a targeting scheme near its Challenger gold mine in South Australia that revealed exciting anomalous geology.
The company’s shares were last trading 109% up at A$0.023.
The support has coincided with the identification of strong gold anomalies at the Widgety expansion area of Challenger, where gold-in-calcrete readings were higher than 20 parts per billion in 96 of 331 samples taken.
For comparison, a gold-in-calcrete result of 20ppb is better than 98.4% of all calcrete sampling data recorded in the SA state government database of 192,677 samples.
Assay results indicate the gold anomaly is coherent, with consistent results up to 60ppb gold (10ppb is considered anomalous) covering an area 1,700 metres by 1,000 metres
Widgety also has associated aeromagnetic anomalies.
Earlier this month, Marmota expanded its tenement holding around Widgety and lodged a new exploration application for areas immediately adjacent to, or close to the prospect.
These tenements are believed to have excellent potential for significant gold anomalism.
Detailed ground magnetometry and gravity will be used to further refine targets at Widgety in advance of reverse circulation now scheduled to begin in November.
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