Marmota targets primary gold in next drilling program at Aurora Tank
Link copied to
Special Report: Marmota is set to begin its next drilling campaign at its Aurora Tank discovery and for the first time is targeting primary gold, not long after it discovered visible gold.
The company (ASX:MEU) plans to start a 46-hole, 3550m drilling program next week targeting primary mineralisation at the Goshawk prospect.
“This is the culmination of the last many months of work. It’s the first time we are targeting primary gold, and we are delighted to get the program underway,” chairman Dr Colin Rose told Stockhead.
Marmota’s Aurora Tank site is just 50km north-east of WPG’s (ASX:WPG) Challenger Gold Mine in South Australia — where more than 1.2 million ounces of gold have been dug up since 2002. At current prices that’s worth more than $2 billion.
Marmota is focused on its highly prospective tenements in the Gawler Craton — an under-explored, 6000 sq km area in South Australia’s Woomera Prohibited Area — a military missile-testing, pastoral and mining region in the State’s north-west.
Last month, Marmota announced it had uncovered the first visible gold from Aurora Tank.
Ten of the samples showed grades ranging from 5.9 grams per tonne of gold to 43 grams per tonne.
Anything over 5 grams per tonne is considered high grade.
A technique known as reflected light microscopy revealed visible gold in eight of the ten high-grade samples.
The gold is mainly hosted in hydrothermal vein quartz and the gold is therefore regarded as primary mineralisation with potential to follow it to depth.
Drilling will focus primarily on the new gold discovery at the Goshawk zone at Aurora Tank, with hole depths ranging from 50m to 195m.
In September 2017, Marmota reported 1m intersections from the Goshawk zone that included grades of as high as 101 grams per tonne.
A number of shallower holes will also be drilled to provide variography data – the variation in grade over short distances – which will assist in resource modelling.
The drilling program will also include a small nine-hole reconnaissance program at the Kingfisher zone, which is located about 1km south of Goshawk.
The Kingfisher zone contains similar gold-in-calcrete anomalies to those at Goshawk.
Marmota has received all the necessary approvals for its first drilling program of 2018 and expects the work to take about three weeks to complete.
This special report is brought to you by Marmota.
This advice has been prepared without taking into account your objectives, financial situation or needs. You should, therefore, consider the appropriateness of the advice, in light of your own objectives, financial situation or needs, before acting on the advice.
If this advice relates to the acquisition, or possible acquisition, of a particular financial product, the recipient should obtain a disclosure document, a Product Disclosure Statement or an offer document (PDS) relating to the product and consider the PDS before making any decision about whether to acquire the product.