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Marmota (ASX:MEU) acquires Jumbuck Gold Project for $3M
  • Following the signing of a formal agreement, Marmota (MEU) has acquired the Jumbuck Gold Project from Tyranna Resources for $3 million
  • The purchase price includes $2.5 million in cash and a package of fully paid ordinary shares in Marmota worth $500,000
  • Located in South Australia, the Jumbuck Project sits immediately next to Marmota's existing Gawler Craton Gold Project
  • While the sale has been confirmed and accepted, the transfer of ownership remains subject to a number of conditions
  • Shares in Marmota were up 9.09 per cent at the close of trading yesterday to 4.8 cents per share

Following the signing of a formal agreement, Marmota (MEU) has acquired the Jumbuck Gold Project from Tyranna Resources for $3 million.

Located in north-western South Australia, the project covers 7,926 square kilometres and consists of two separate packages: a number of tenements wholly owned by Tyranna, and those held under a joint venture in which Tyranna holds a 72 per cent interest.

Tyranna has now accepted Marmota's offer to wholly acquire the Jumbuck Project for $2.5 million in cash - of which $100,000 is due within two days - as well as a package of fully paid ordinary shares worth $500,000.

"We are very pleased to have executed the [share and asset sale agreement]," said Joe Graziano, Director of Tyranna Resources.

"The sale of the Jumbuck Gold Project will provide necessary funds for the company to progress its exploration strategy at the Dragon and Knight Nickel Project," he added.

While the offer has been accepted by Tyranna, completion of the sale remains subject to a number of conditions, including ministerial consent for the transfer of ownership.

Notably, the Jumbuck Project sits immediately next to Marmota's existing Gawler Craton Gold Project and near the Challenger Gold Mine, which was operated by WPG Resources and produced 1.2 million ounces of gold to date.

"The Jumbuck Gold Project is our immediate neighbour in the Gawler Craton. It is our backyard. It is where we do our gold exploration," said Colin Rose, Chairman of Marmota.

"Our exploration team know the ground. We believe that if anyone can make it work, Marmota can," he continued.

Shares in Marmota were up 9.09 per cent at the close of trading yesterday to 4.8 cents per share.


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