South Australian explorer Marmota (ASX:MEU) is preparing to begin a ‘major’ regional reconnaissance program at its project in the Gawler Craton of South Australia.
The $39.17 million market capitalisation company reports this campaign is set to be its largest regional reconnaissance program ever, comprising multiple targets over multiple minerals on several tenements across the circa-10,000km-square tenement package.
Under stage one of the exploration program, Marmota is planning to drill 200 aircore (AC) holes across about 7,000m, 11 reverse circulation (RC) drillholes across about 1,000m, and 130 auger holes across about 650m.
Detailed diagrams of specific targets will be provided as the program is carried out, and Marmota notes the rigs may be changed out for some drillholes based on the ground conditions.
Commenting on the program, Marmota Chair Colin Rose says: “This is shaping up as our most interesting and exciting exploration program since Marmota’s gold discovery of Aurora Tank, with multiple targets over multiple tenements.
“The timing is also perfect, being carried out simultaneously just as the metallurgical testwork program for our flagship Aurora Tank gold deposit gets underway”
The program, known internally as Project X, has been under development for more than a year and represents an enormous amount of work by Marmota’s exploration team.
The timing is also perfect, being carried out simultaneously just as the metallurgical testwork program for our flagship Aurora Tank gold deposit gets underway, aimed at optimising the gold recoveries from low-cost open-pit heap leach mining there.
Aurora Tank is yielding the highest gold grades from any exploration project we are aware of in South Australia, with multiple intersections exceeding 100g/t gold over 1m.”
Marmota is a South Australian exploration company focused on finding gold, copper, and uranium across its tenement holding in the Gawler Craton region.
The company’s copper project lies in the Melton Project on the Yorke Peninsula, while its uranium resource is at Junction Dam, adjacent to the Honeymoon site.
On 10 July 2023, Marmota received $875,000 in tax credits under the Federal Government’s Junior Minerals Exploration Incentive scheme for the financial year ending on 30 June 2024.
Write to Harry Mulholland at Mining.com.au
Images: Marmota Ltd
