Microsoft Word - Draft ASX release_Acquisition of Wallaby Tenements - 14042016 v6
ASX ANNOUNCEMENT 14 April 2016
Acquisition of New Tenements around Challenger
Marmota Energy Limited (ASX: MEU) ("Marmota")
KEY POINTS
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Marmota has entered into an agreement with a private party to acquire a 100% interest in 3 tenements around the Challenger gold mine - EL 5087, 5088 and 5527
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Tenements cover over 800 km2 of highly prospective ground around Challenger
ACQUISITION OF TENEMENTS
Marmota has entered into a binding agreement with a private party to acquire a 100% interest in 3 tenements around the Challenger gold mine in the Central Gawler Craton - EL 5087, 5088 and 5527 - delineated in red in Figure 1 below.
The consideration for the tenements is 1 million Marmota shares to be issued on completion of the acquisition. The acquisition is subject to approval of the SA Government to the transfer of the tenements to Marmota.
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Figure 1: Marmota's Gawler Craton Gold Project showingthe location of the new tenements
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Figure 2: Updated Marmota Tenements around Challenger,and Neighbours
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SA GOVERNMENT GRANTS MULGATHING TENEMENT
Marmota is also pleased to advise that the SA Government has granted the Company's exploration licence application (ELA 2015/00175) for areas immediately adjacent to, or close to, the Company's Widgety prospect ( see ASX Release: 5 October 2015 ).
The new Exploration Licence area is delineated in purple in Fig. 1.
The Company believes the new tenements have excellent potential for significant gold anomalism.
For further information, please contact:
Marmota Energy Limited
David Williams Managing Director Email: [email protected]
Unit 6
79-81 Brighton Road
Glenelg SA 5045
ABN: 38 119 270 816
T: (08) 8294 0899
F: (08) 8376 8633
www.marmotaenergy.com.au
About Marmota Energy Limited
Marmota Energy Limited (ASX: MEU) is a South Australian mining exploration company, focused on gold, copper and uranium. Gold exploration is centred on the Company's dominant tenement holding in the highly prospective and significantly underexplored Gawler Craton, near the Challenger gold mine, in the Woomera Prohibited Defence Area. The Company's cornerstone copper project is based at the Melton project on the Yorke Peninsula. The Company's largest uranium project is at Junction Dam adjacent to the Honeymoon mine. For more information, please visit: www.marmotaenergy.com.au