Source: The Lead South Australia
Market Herald logo


Be the first with the news that moves the market
  • Marmota (MEU) has finished the first phase of a major sampling program near the Aurora Tank gold discovery in South Australia
  • The company is testing over 1700 individual sample locations covering a 300-square kilometre area within the highly prospective Gawler Craton
  • Sampling included calcrete and biogeochemical, or tree sampling, to find anomalous gold — the same method that led to discovering the North West Flank at Aurora Tank
  • Additionally, the company explored the nearby Woorong Downs and Comet tenements for the first time since purchasing them in 2016
  • Marmota is up 4.55 per cent and shares are trading at 4.6 cents

Marmota (MEU) has finished the first phase of a major sampling program near the Aurora Tank gold discovery in South Australia.

The company is testing 1768 individual sample locations that cover 300 square kilometres of ground on a 400-metre-spaced sample grid.

Marmota is focused on exploring for gold in the prospective, yet under-explored, Gawler Craton, near the Challenger gold mine.

In 2019, the gold and base metals explorer discovered the North West Flank at Aurora Tank while following up on elevated gold in biogeochemical sampling. Since then, the discovery has consistently yielded outstanding grades through sampling and drilling.

The sampling work included the calcrete sampling and biogeochemical sampling — or sampling of tree leaves — which originally led to discovering the Aurora Tank area.

“With Marmota repeatedly obtaining outstanding gold intersections at the Aurora Tank gold discovery over multiple programs, it is not surprising that the focus of our attention has been on Aurora Tank,” Chairman Dr Colin Rose said.

As the two methods of sampling successfully resulted in a discovery, the company has been implementing these methods to optimise the potential for finding anomalous gold.

In addition to its high-grade gold discovery, Marmota is also conducting biogeochemical sampling at the surrounding Woorong Downs and Comet tenements.

This is only the first time the company has carried out any exploration work on the tenements since it first purchased them back in 2016.

“They contain some of the most prospective and least explored ground in Marmota’s tenement package and are situated adjacent to the Aurora Tank discovery. I am hopeful that our shareholders will soon hear a lot more about these tenements in the near future,” he said.

Exploration is being jointly funded by the South Australian Government under a $225,000 grant that was awarded in June 2020.

Samples from phase one have been sent off to the lab and results will be reported as they’re received. Marmota plans to conduct further drilling and exploration.

Marmota is up 4.55 per cent and shares are trading at 4.6 cents at 11:56 am AEDT.

MEU by the numbers
More From The Market Herald

" Arcadia Minerals (ASX:AM7) commence drilling at Bitterwasser

Arcadia Minerals (AM7) has commenced its drilling program at the Bitterwasser Lithium Clays Project in Namibia.
Bulletin Resources (ASX:BNR) - Chairman, Paul Poli

" Bulletin Resources (ASX:BNR) confirms spodumene at Ravensthorpe

Bulletin Resources (BNR) has confirmed the presence of spodumene at the Deep Purple and Creek pegmatite outcrops.
M3M Mining (ASX:M3M) - Executive Director, Simon Eley

" M3M Mining (ASX:M3M) identifies high-priority targets at Edjudina

M3M Mining (M3M) has identified multiple high-priority gold targets at the Edjudina Gold Project in Western Australia.
Bellevue Gold (ASX:BGL) - Managing Director, Steve Parsons

" Bellevue Gold (ASX:BGL) completes $200m loan facility

Bellevue Gold (BGL) has executed a project loan facility totalling $200 million with Macquarie Bank (MGQ).