- Marmota (MEU) has received gold results grading up to 74 grammes per tonne from its Aurora Tank Project in South Australia
- The NW flank, which is part of the project, has also intersected multiple high-grade assay results
- Results from this area peaked at 27 grammes per tonne gold and this recent drill has doubled the length from 95 to 190 metres
- Marmota is now looking to advance the Aurora Tank Project into production
- Company shares are up 12.5 per cent and are trading for 3.6 cents each
Marmota (MEU) has received gold results grading up to 74g/t from its Aurora Tank Project in South Australia.
Throughout December 2019 and January 2020, Marmota undertook an extensional reverse circulation (RC) drilling program at the project.
Results have now been received from all one metre samples.
Significant results include one metre at 74g/t gold from 64 metres, one metre at 53g/t gold from 69 metres, and one metre at 44g/t gold from 64 metres.
These high-grade gold results also returned high levels of antimony, arsenic and bismuth. Follow-up work is now being undertaken.
The NW flank, which is part of the Aurora Project, has also intersected multiple high-grade assay results.
The flank is a relatively new find as it was only discovered in Marmota’s 2019 drilling program that initially aimed to follow-up elevated gold levels.
Results from this area peaked at five metres at 27g/t gold and this recent RC drill has doubled the NW flank length from 95 to 190 metres.
“This was Marmota’s seventh drilling program at Aurora Tank and each and every one of those programs so far has been a success,” Chairman Dr Colin Rose said.
“This program has seen Marmota prove up and double the size of the NW flank with multiple high-grade intersections, and with geological continuity as it extends to the NE,” he added.
As the known mineralisation at Aurora keeps increasing, and the price of gold is higher than it was last year, Marmota is in the strongest financial position has been in years.
Because of this, no capital raisings have been planned for the foreseeable future.
Marmota is now looking to advance the Aurora Tank Project into production and will need to begin working on regulatory approvals that are necessary to mine and produce.
Company shares are up 12.5 per cent and are trading for 3.6 cents each at 12:29 pm AEST.