Marmota Ltd (ASX:MEU) (Marmota Ltd (ASX:MEU)) now owns the Jumbuck Gold Project in South Australia, having paid Tyranna Resources Ltd (ASX:TYX, OTC:TYXXF) $3 million to increase its exposure to the precious metal.
The sale comprised both cash and share elements - $2.5 million in cash and $500,000 in Marmota shares at A$0.0534 per share, the volume-weighted average price over the six months prior to the sale announcement in October.
The South Australian company also prospects for uranium at Junction Dam and copper on the Yorke Peninsula.
This completed purchase renews its focus on gold, representing the most significant gold-related acquisition in its history.
New tenements
The tenements Marmota picks up through the acquisition are adjacent to Marmota’s Aurora Tank gold discovery, which has been yielding multiple close-to-surface intersections of 100 g/t gold over 1-metre.
They are also close to Marmota’s dominant holding in the underexplored Gawler Craton, near the productive Challenger gold mine in the Woomera Prohibited Defence Area.
“The acquisition of Jumbuck has reunited these tenements since the days of Dominion and the discovery of Challenger,” Marmota chairman Dr Colin Rose said.
“It includes six gold deposits with enormous potential, as Marmota has demonstrated at Aurora Tank. We are excited to be able to develop them.”
Challenger produced more than 1.2 million ounces of high-grade gold and was one of Australia’s most profitable open-pit gold mines.