The company’s shares were last trading at $0.019, up 11.76% intraday.
Kingsgate Consolidated Ltd’s (ASX:KCN) Challenger mine has produced over one million ounces of gold (i.e. over $1.68 billion at current prices).
Marmota is searching for Challenger-style gold systems in its tenements covering about 5,300 square kilometres of prospective area in the Gawler Craton.
The new tenements add a further 480 square kilometre of highly prospective ground, consolidating Marmota’s portfolio in the area.
Last month, Marmota reported multiple gold intersections at the Goshawk Prospect in Aurora Tank.
The highlight results include:
- 4 metres at 8.0 g/t gold from 24 metres;
- 4 metres at 3.7 g/t gold from 24 metres; and
- 4 metres at 4.9 g/t gold from 32 metres.
In July, Marmota finalised an agreement to pay $50,000 to farm-in partner Apollo Minerals Ltd (ASX:AON) to increase its stake to 100% ownership of Aurora Tank.
In addition to gold, Marmota is exploring for copper at the Melton project on the Yorke Peninsula, South Australia.