Marmota’s (ASX:MEU) phase 2 drilling program at its Aurora Tank Gold Project in South Australia has returned multiple significant gold intersections, all close to the surface.
The Aurora Tank project is situated 50 kilometres northeast of Kingsgate Consolidated’s (ASX:KCN) Challenger gold mine, which has produced over one million ounces of gold.
Marmota drilled 14 new intersections greater than 1 g/t gold (+4 metres composite samples) including:
- 4 metres at 5.0 g/t gold from 32 metres (8 metres at 3.6 g/t gold from 32 metres);
- 4 metres at 3.1 g/t gold from 16 metres; and
- 4 metres at 3.2 g/t gold from 12 metres.
The latest drilling extends the significant results from Marmota’s September program, yielding the best 4 metre composite result to date.
Marmota is searching for Challenger-style gold systems in its tenements covering more than 5,000 square kilometres of prospective area in the Gawler Craton.
The latest drilling has confirmed significant gold mineralisation over a 750 metre strike length, with mineralisation consistently within 50 metres of the surface.
Marmota will now carry out analysis of 1 metre drill samples over interesting intersections and analyse the data to interpret the geometry of mineralised zones to help select the next target locations.
Subsequently, a drilling program will expand the number of planned holes, and will consist of closer spaced drilling to prove geological continuity and enable a JORC compliant mineral assessment.
Marmota’s share price has increased by about 33% since the start of this year, last trading at $0.024.