South Australian gold and uranium explorer Marmota (ASX:MEU) is building up its resource base via a joint venture (JV) deal with privately held Coombedown Resources.
Marmota, which has a $45.52 million market capitalisation, via its wholly owned subsidiary Half Moon, has entered into the new Golden Moon JV the goal of which is to “substantially grow the size of the gold resources” within the JV tenements and develop them to production.
The JV tenements sit close to the company’s flagship Aurora Tank gold discovery, where bonanza gold hits of over 100 grams per tonne have been reported, which Marmota says creates obvious and attractive economies of scale.
The company has already lodged a program for environment protection and rehabilitation with the Department of Energy and Mining to begin drilling at Golden Moon.
“The new Golden Moon JV heralds the beginning of a new era of gold exploration and resource growth in the Gawler Craton,” Marmota Chairman Colin Rose says.
“Work first started on these assets under the guidance of Dominion, who made the discovery of the Challenger gold mine.
“Remarkably, due to various legal transactions and delays, nothing has happened on these highly attractive projects for years.
“The new Golden Moon JV clears the deck, with a clean new structure.”
The JV relates to tenements EL5998 and EL6569, under which Marmota, via Half Moon, holds a majority 90% interest, as well as 90% of the minerals including gold.
Coombedown will be free-carried by Half Moon until a decision to mine is made. The latter will also operate as manager of the tenements.
Key tenements within the JV which include existing gold JORC resources are the Golf Bore, Campfire Bore, Greenewood, and Mainwood deposits.
Golden Moon has witnessed minimal drilling compared to Marmota’s Aurora Tank Project, however, has potential for growth, Marmota says. No drilling has been completed at Golden Moon since 2018.
All reported resources are close to surface and are amenable to low-cost, open-pittable mining, according to Marmota.
Meanwhile, Rose states the company is preparing the restart program for its flagship Junction Dam Project to grow the company’s existing uranium JORC resource, adjacent to Boss Energy’s (ASX:BOE) Honeymoon Mine.
Marmota is an explorer focused on gold and uranium. Gold exploration is centred on its discovery at Aurora Tank in the Gawler Craton.
As of December 2023, Marmota had $3.133 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Marmota
