New diamondrig at Aurora Tank. Source: Marmota
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  • Marmota (MEU) begins the week in a trading halt while it plans the details of an upcoming capital raising
  • The company will remain in the halt until Wednesday, July 20, or when further details are released to the market, whichever occurs first
  • On June 23, Marmota announced it had completed reverse circulation drilling at the Aurora Tank gold project in South Australia
  • Drilling tested further extensions of the northwest flank which has intersected up to 197 g/t gold and samples are undergoing testing with results expected in six weeks
  • Shares in Marmota last traded at six cents on July 15

Marmota (MEU) has begun the week in a trading halt while it plans the details of an upcoming capital raising.

The company will remain in the halt until Wednesday, July 20, or when further details are released to the market, whichever occurs first.

Marmota is yet to disclose how much it intends to raise or what it will use the funds for once received.

On June 23, Marmota announced it had completed drilling at the Aurora Tank gold project in South Australia.

All up, 99 reverse circulation holes, for 12,000 metres, were drilled with 79 completed at Aurora Tank and 20 completed on the surrounding tenements.

The aim of this drilling was to test further extensions of the northwest flank which has previously returned up to 197 grams per tonne gold.

Chairman Dr Colin Rose said if it weren’t for “logistical issues” the company would have liked to expand the program further.

“We are hoping this will be our final drill program at Aurora Tank prior to our lodging a mining lease application at Aurora Tank. The program develops a number of parallel extensions that are still open, and should enable us to complete work on an optimal open pit design,” Dr Rose said.

Samples have been sent to the lab in Adelaide for testing with results expected in around six weeks.

Shares in Marmota last traded at six cents on July 15. The company has a $58.8 million market cap.

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