Marmota (ASX:MEU) makes $1.3M offer for Jumbuck

• Marmota (MEU) has made a $1.3 million offer to acquire all the rights, title and interest of Tyranna Resources’ (TYX) Jumbuck Gold Project
• This $1.3 million offer will consist of a cash payment of $1 million and $300,000 worth of Marmota shares
• It has been outlined that Marmota will be granted 10 business days to undertake due diligence at the project
• This will enable the company to determine whether any of the subsidiary companies at Jumbuck have any debt, and if so how much
• Both Marmota and Tyranna shares are steady today, trading for 4.4 cents and 0.3 cents respectively

Marmota (MEU) has made a $1.3 million offer to acquire all the rights, title and interest of Tyranna Resources’ (TYX) Jumbuck Gold Project.

This $1.3 million offer will consist of a cash payment of $1 million and $300,000 worth of Marmota shares.

It has been outlined that Marmota will be granted 10 business days to undertake due diligence at the project to determine whether any of the subsidiary companies at Jumbuck have any debt, and, if so, how much.

“The Jumbuck Gold Project is our immediate neighbour in the Gawler Craton. It is our backyard. It is where we do our gold exploration. Our exploration team know the ground. We believe that if anyone can make it work, Marmota can,” Chairman Dr Colin Rose said.

“Marmota’s offer is unequivocally superior. We look forward to bringing Tyranna shareholders along with us, issuing free shares in Marmota to Tyranna shareholders, so they too can potentially benefit from their prior investment,” he added.

Jumbuck Gold Project

The Jumbuck Gold Project is located in northwest South Australia on the edge of the Gawler Craton.

The project covers a total area of 7926 square kilometres and is made up of two groups — tenements held 100 per cent by Tyranna and a number held in a joint venture, of which Tyranna holds 71 per cent.

Both Marmota and Tyranna shares are steady today, trading for 4.4 cents and 0.3 cents respectively at 2:12 pm AEST.