Marmota completes largest-ever expansion of gold interests

Marmota is digesting its acquisition of the Jumbuck gold project from Tyranna Resources, representing the largest expansion of its gold interests in the Company’s history

The tenements that make up Jumbuck are adjacent to the company’s standout Aurora Tank gold discovery and the third-party Challenger gold mine which produced more than 1.2 million ounces of high-grade gold, and adds 6 new gold prospects with a JORC resource of over 300,000 ounces to Marmota’s arsenal.

Marmota (ASX:MEU) chairman Dr Colin Rose said the Jumbuck project “fits like a glove with Marmota’s Aurora Tank gold discovery and our existing Gawler gold tenements”.

“The acquisition of Jumbuck has reunited these tenements for the first time since the days of Dominion and the discovery of Challenger,” he added.

“It includes six gold deposits, with enormous potential as Marmota has demonstrated at Aurora Tank, and we are excited to be able to now develop them.”

Drilling at Aurora Tank has returned multiple outstanding close-to-surface intersections that exceed 100 grams per tonne (g/t) gold over 1m, while drilling at the high-grade NW Flank has defined a strike of about 285m that remains open to the northeast and at depth.

Recent diamond drilling to advance Aurora Tank to production has also revealed visual gold in core for the first time.

marmota jumbuck gold tenements — Marmota’s pre-existing tenements together with the acquired Jumbuck tenements and interests. Pic: Supplied

Acquisition details

The company completed the $3m acquisition of the Jumbuck gold prokect after winning a 3-way bidding war between Marmota, Syngas and Alliance Resources. Marmota has released the final $2.2m in cash and issuing $500,000 in MEU shares (priced at 5.237c each) to the vendor.

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.