Microsoft Word - 20160331 Appendix 5B
ASX ANNOUNCEMENT 29 April 2016
QUARTERLY ACTIVITY REPORT MARCH QUARTER 2016
HIGHLIGHTS
The March 2016 Quarter saw assay results for work conducted on the Gawler Craton gold project in the December 2015 Quarter; the company expanded its strategic position in the Gawler Craton around the Challenger gold mine; and preparation for a new drilling program at the 100% owned West Melton copper project.
Gold exploration program assay results
- new cornerstone investor
Exploration Activities during Quarter
GOLD Gawler Craton
Tenement
|
Name
|
MEU Holding
|
EL4510
|
Ambrosia
|
100%
|
EL5684
|
Pundinya
|
100%
|
EL5195
|
Muckanippie
|
100%
|
EL4702
|
Indooroopilly
|
100%
|
EL4995
|
Mt Christie
|
100%
|
EL5060
|
Lake Anthony
|
100%
|
EL5377
|
Cudyea
|
100%
|
EL5759
|
Mulgathing
|
100%
|
Multi-commodity potential (gold, copper, nickel, zinc, uranium)
Figure 1: Marmota's Gawler Craton Gold Project showing the location of the new tenements
Work undertaken during reporting period
Background
-
Marmota is searching for Challenger-style gold systems. The Challenger mine has already produced 1 million ounces of gold (over A$1.5 billion of gold, at current prices).
-
Marmota has a dominant tenement holding around Challenger. Marmota tenements cover approximately 4,500 km2 of highly prospective area around the Challenger gold mine, in the Woomera Prohibited Defence Area in the Gawler Craton.
-
Marmota is adopting the same calcrete sampling methodology that was used to find Challenger -- to highlight areas of gold anomalism with the potential for Challenger- style gold mineralisation.
The gold program is ongoing and expanding.
Widgety Prospect [ see ASX:MEU 1 February 2016 ]
-
In December 2015, Marmota completed a RC drilling program with 1,652 metres drilled, testing 3 areas of interest identified at the Widgety Prospect [ see Fig. 2 & 3 ] .
-
The Widgety drilling program consisted of 29 angled RC holes with lengths varying from 50 to 102 metres [ see ASX:MEU 1 February 2016 for details ].
-
29 angled RC holes were drilled to test 3 separate areas
-
Magnetic anomaly North (5 holes), and magnetic anomaly South (2 holes):
The program to both the North and South areas did not have the benefit of refinement via gold-in-calcrete testing, as infill calcrete sampling program did not extend to either of these areas.
-
Central zone: This area was the subject of calcrete sampling programs; those programs yielded a number of clusters of gold-in-calcrete anomalies exceeding 20ppb, but no sharply defined 'hot zone'.
Results: In each drillhole, 3 metre composite samples were assayed for 49 elements including gold, with the focus being on the gold occurrences. The highest gold occurrence was 70ppb Au in hole WRC0009 from 30-33 metres downhole. No further follow-up work is warranted.
Figure 2: Marmota gold-in-calcrete sampling Figure 3: Higher-resolution magnetic survey highlighted
additional targets, to both the North and South