Aurora Tank Gold roars towards development as Marmota wraps up drilling
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The 99 hole program, which was expanded from the original 85 holes in late May, includes a number of holes that form part of the government funded Accelerated Discovery Initiative and is expected to be the company’s final drill program before lodging a mining lease application for Aurora Tank.
Most of the holes – 79, to be precise – were drilled at Aurora Tank, to test extensions of the new NW Flank, sub-parallel extensions, extensions at depth targeting primary mineralisation, extensions to the east of the Aurora Tank mineralised zone, and to aid resource modelling and optimal pit design.
The remaining 20 reconnaissance holes were drilled by Marmota (ASX:MEU) on surrounding tenements.
“This has been a thoroughly exciting and intriguing program. Were it not for a variety of logistical issues, we would have liked to extend the program further,” chairman Dr Colin Rose says.
“We are hoping this will be our final drill program at Aurora Tank prior to our lodging a Mining Lease application at Aurora Tank.
“The program develops a number of parallel extensions that are still open, and should enable us to complete work on an optimal open pit design.”
The completion of drilling follows on the heels of the company receiving the first realistic pit wall parameters for an open pit at the project, which identified five geological domains that do not vary much across the site – a result that simplifies the design of the pit.
This is a key step in taking the project from discovery to production by low-cost, open-pittable mining using heap leach methods.
Marmota also plans to start exploration for rare earth elements after Petratherm (ASX:PTR) found ionic clay-hosted mineralisation right on the boundary of their respective tenements.
Exploration costs are expected to be low, thanks to the shallow nature of this mineralisation, which will allow for large areas of ground to be tested quickly.
Success could be hugely prospective for the company given that it is the largest tenure holder in the Northern Gawler Craton.
This article was developed in collaboration with Marmota, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.