Marmota on hunt to prove up new SA gold province

Marmota volition thin connected its acquisition successful uncovering golden to research the imaginable for a caller South Australian state featuring the yellowish metallic aft signaling affirmative results successful a maiden drill run astatine its Goolagong target.

Management says the results from Goolagong carnivore similarities to golden mineralisation astatine the adjacent Aurora Tank, Campfire Bore, Golf Bore and Challenger prospects that signifier portion of the company’s greater Gawler Craton project.

Marmota is readying a follow-up drill run to trial a golden find astatine its Goolagong imaginable successful South Australia.

The reconnaissance air-core (AC) drill run was designed to trial a north-east-striking gold-in-calcrete anomaly astatine a imaginable antecedently untouched by a drill bit. Assays returned promising results, with a 2m deed grading 0.64 grams per tonne golden from 36m including 1m astatine 0.53g/t from 36m successful summation to 1m going 0.75g/t from 37m.

Importantly, grades accrued to the extremity of the spread astatine 38m.

“Goolagong already has each the attributes of being a imaginable caller golden discovery, with golden grades expanding downhole.”

Aurora Tank is considered the company’s flagship deposit, with a raft of high-grade hits adjacent to aboveground including aggregate intersections grading much than 100g/t golden including highlights of 1m speechmaking 217g/t from 118m.

Campfire Bore holds a assets of 2.78 cardinal tonnes astatine 1.2g/t for 109,000 golden ounces, portion Golf Bore contains 3.79 cardinal tonnes going 1g/t for 119,000 golden ounces.

Marmota president Dr Colin Rose said: “Goolagong already has each the attributes of being a imaginable caller golden discovery, with golden grades expanding downhole, reproducible crossed 4m composites and 1m splits, and which lone stopped owed to hitting refusal with the recon AC rig. It besides highlights the grade of luck successful exploration: if the spread had been drilled 2m shorter, this could person been truthful easy missed.”

Goolagong is besides conscionable 20km north-west of the Challenger golden excavation that has produced much than 1 cardinal golden ounces and 35km south-west of Marmota’s Greenewood and Mainwood golden deposits that big 46,000 ounces and 12,000 ounces, respectively. The caller imaginable is 100 per cent-owned by the company, which besides holds the golden rights to the adjoining tenement.

Further south, it besides owns 100 per cent of the Western Gawler Craton task that contains 2 golden deposits – Typhoon with 16,000 ounces and Monsoon with 17,000 ounces.

The palmy latest deed was portion of a 17-hole AC programme investigating for golden mineralisation adjacent to aboveground astatine an mean extent of 33m. Management says each adjacent holes ended person to aboveground owed to refusal.

The institution plans to bring successful a bigger reverse-circulation (RC) rig to trial its caller golden find astatine depth, successful summation to deeper drilling astatine the adjacent holes. The programme is apt to enactment successful conjunction with a ample RC campaign

being planned for the Campfire Bore target.

With the existent golden terms inactive sitting good supra the $3500 per ounce mark, Marmota whitethorn person served a timely ace with its latest find astatine Goolagong arsenic it looks to physique connected an already awesome drawstring of tenements astatine its Gawler Craton project.

Is your ASX-listed institution doing thing interesting? Contact: mattbirney@bullsnbears.com.au

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