Marmota enters new Golden Moon JV to grow its Gawler Craton gold project in SA

Golden Moon JV created to grow Marmota’s Gawler Craton gold resources
Tenements are right near MEU’s flagship Aurora Tank gold discovery
Gold prices have hit all-time highs

Special Report: Marmota (ASX:MEU) has entered an agreement with Coombedown Resources to create the Golden Moon JV, a virtual stone’s throw from its flagship Aurora Tank gold deposit, part of the Gawler Craton gold project in South Australia.

With gold hitting all-time highs of more than $3,500/oz, explorer Marmota Ltd (ASX:MEU) says the timing is perfect for the gold-rich region where the Challenger gold mine was successfully operated from 2002.

Challenger was discovered by Dominion – the same explorer/producer that first started work on the Golden Moon JV assets.

Under the terms of the JV, MEU will own 90% of the tenements and minerals, free-carrying Coombedown until a decision to mine is made across the key JV gold deposits of Golf Bore, Campfire Bore, Greenwood and Mainwood.

Location of Golden Moon JV gold deposits adjacent to Marmota’s flagship Aurora Tank gold discovery. Pic: MEU

Adding ounces to Gawler

The Golden Moon JV includes 4 gold deposits with JORC resources. All reported gold resources are within 100m of the surface and amenable to low-cost open pit mining.

The new JV complements MEU’s Aurora Tank discovery where recent assay results from drilling has yielded multiple near-surface bonanza gold grades exceeding 100g/t over 1m, in 5 separate zones.

Metallurgical testwork to optimise gold recoveries is already underway to transition Aurora Tank into a low-cost, low capex open pit gold mine using heap leach methods.

Exposure to gold and uranium

“Marmota shareholders are fortunate that our two core assets are also the two most desirable assets at the present time: gold and uranium,” MEU chair Dr Colin Rose says.

“On the gold front, Aurora Tank is already at an advanced stage that is now transitioning from exploration, and almost halfway through the metallurgical testing program to optimise gold recoveries in low-cost, low-capex heap leach production.

“The new Golden Moon JV heralds the beginning of a new era of gold exploration and resource growth in the Gawler Craton.

“Work first started on these assets under the guidance of Dominion which discovered the Challenger gold mine.

“Remarkably, due to various legal transactions and delays nothing has happened on these highly attractive projects for years.

“The new Golden Moon JV clears the deck, with a clean new structure and we are delighted to be working with a professional and experienced JV partner focused on getting things done, and with whom we have an excellent working relationship.

“Golden Moon complements Aurora Tank brilliantly. We cannot wait to get drilling.”

Uranium

MEU also plans to grow its Junction Dam uranium resource and has prioritised 4 targets on the same palaeochannel that flows through Boss Energy’s (ASX:BOE) Honeymoon yellowcake mine on the adjacent side of the tenement.

“On the uranium front, we are preparing our Junction Dam re-start program to grow our existing uranium JORC resource,” Rose says.

The project boasts a 5.4Mlb uranium oxide resource at an average grade of 557ppm U3O8, and an exploration target of 22 million to 33 million pounds U3O8.

This article was developed in collaboration with Marmota Ltd, 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.