Marmota Energy Ltd (ASX:MEU) has successfully completed its share purchase plan, with eligible shareholders applying for $530,000 of shares, which is more than 75% over the $300,000 target.
The shares will be issued at $0.015 each.
Last week, Marmota completed a 4,385 metre drilling program at the Aurora Tank Gold Project, 50 kilometres northeast of the Challenger Gold Mine in South Australia.
The drilling program was to test the Goshawk Prospect at Aurora Tank with the intention of fully defining geochemical dispersion from gold mineralisation.
Assay results for the drill samples are expected to be received in about 1 month.
Marmota is searching for Challenger-style gold systems in its tenements covering about 5,300 square kilometres in the Gawler Craton.
Kingsgate Consolidated Ltd’s (ASX:KCN) Challenger mine has produced over one million ounces of gold.
Drilled intersections from the project area in 2014 and 2105 included 4 metres at 5 g/t gold from 16 metres and 16 metres at 1 g/t gold from 20 metres.
In addition to gold, Marmota is exploring for copper at the Melton project on the Yorke Peninsula, South Australia.
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