Gold: It DOES grow on trees, and this company is hitting paydirt by scanning leaves
Marmota Energy (ASX:MEU) analyses trace gold in tree and shrubs – which it reckons is a rapid, low impact and very effective way to find mineral deposits.
How does it work? Basically, gold in the soil is absorbed by tree roots and trace amounts end up in the leaves.
Last year, drilling returned a bunch of high grades including 88 g/t gold, 38m from surface at the Goshawk discovery.
Goshawk, part of the Aurora Tank project in South Australia, was one of the first targets found using Marmota’s biogeochem (tree sampling) method.
In December, Marmota immediately followed up with a detailed biogeochem program, which has now identified a bunch of brand-new drill targets in the area.
Planning is already under way for a drill program to test the newly identified gold targets, as well as extensional drilling at Goshawk.
Investors appear to taking a ‘wait and see’ approach to the $9.3 million market cap stock, with the Marmota share price – which has ranged between 1.3c and 2c over the past year – currently trading for 1.5c.
Following a full strategic review, Artemis told investors its Carlow Castle gold-copper-cobalt project is the “prime development asset”. The explorer also wants more gold ore to start production at its Radio Hill processing plant and plans to secure it through third-party toll treating deals.
The administrators are in discussions with potential investors for funding to allow the miner to continue trading while the administrators pursue a recapitalisation via a Deed of Company Arrangement.
First pass drilling at Chesser Resources’ (ASX:CHZ) flag ship project in Senegal has returned shallow hits, including 1m at 16.3 grams per tonne, 23m from surface.