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- Marmota (MEU) has intersected gold at the Comet (West) Tenement in what is reportedly the first drilling ever carried out by any company in the area
- In June, seven reconnaissance holes were drilled at Comet with up to 7.7 g/t gold intersected over a one-metre interval
- Work was jointly funded by a $225,000 grant under the South Australian Government’s Accelerated Discovery Initiative
- According to Chair Dr Colin Rose, the company plans to undertake priority follow-up drilling at Comet in early November
- Marmota is up 4.35 per cent with shares trading at 4.8 cents at 12:44 pm AEDT
Marmota (MEU) has intersected gold at the Comet (West) Tenement EL6084 in what is reportedly the first drilling ever carried out by any company in the area.
In June, seven reconnaissance holes were drilled at Comet with up to 7.7 grams per tonne (g/t) gold intersected over a one-metre interval from a depth of 47 metres.
The hole this intersection came from is slightly anomalous in rare earth elements and this finding reportedly marks the potential for a new discovery.
Work was jointly funded by a $225,000 grant under the South Australian Government’s Accelerated Discovery Initiative.
Holes were drilled on two tenements to the south of Marmota’s Aurora Tank gold discovery.
Company Chair Dr Colin Rose said this is a “highly unusual, intriguing and exciting outcome” for a recon program.
“To put this in context, the usual path to finding gold is to start with some surface expression of gold that then guides drilling. Here, by contrast, there is no expression of gold in the surface calcrete sampling,” Dr Rose said.
“Finding significant gold over five g/t on a single hole in the middle of nowhere, without
surface expressions or other guiders … is probabilistically like finding a needle in a haystack.”
The company intends to carry out a follow-up program at Comet which is set to commence early next month.
Marmota was up 4.35 per cent on the market with shares trading at 4.8 cents at 12:44 pm AEDT.
