Marmota Energy Ltd (ASX:MEU) will gain full control of the Aurora Tank Gold Project, 50 kilometres northeast of Kingsgate Consolidated Ltd’s (ASX:KCN) Challenger Gold Mine in South Australia.
The company will pay $50,000 to farm-in partner Apollo Minerals Ltd (ASX:AON) to increases its stake to 100% ownership of Aurora Tank.
Marmota is searching for Challenger-style gold systems in its tenements covering about 4,500 square kilometres of highly prospective area at the Woomera Prohibited Defence Area in the Gawler Craton.
Marmota is adopting the same calcrete sampling methodology that was used to find Challenger to highlight areas of gold anomalism with the potential for Challenger style gold mineralisation.
Interestingly, gold was identified at the Mars Aurora Tank prospect by calcrete sampling revealing a discrete gold-in-calcrete anomaly extending over 2 kilometres strike length.
Moreover, near surface gold mineralisation was intersected from a 35-hole drill program in 2015 at Mars Aurora, with results including 4 metres at 5 g/t gold from 16 metres.
The company raised $267,750 last month from Southern Cross Capital Pty Ltd, a cornerstone investor in Marmota.
In addition to gold, Marmota is exploring for copper at the Melton project on the Yorke Peninsula, South Australia.
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