Microsoft Word - MEU - QuarterlyActivitiesReport - September 2015 - 301015 final
ASX ANNOUNCEMENT 30 October 2015
QUARTERLY ACTIVITY REPORT SEPTEMBER QUARTER 2015
HIGHLIGHTS
The previous June Quarter saw a significant re-structuring of Marmota: new Chair, new technical director, substantial cost savings, new offices and new capital. Refreshed and rejuvenated, the focus of the current September quarter has been: 'All systems go'. In July, Marmota launched an aggressive gold exploration program across its prime tenement holdings around the Challenger gold mine. The program is already producing exceptional results.
Corporate
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Share Purchase Plan (completed in July): doubly oversubscribed
New ground acquired [ see ASX release: 6 October 2015 ]
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Marmota has expanded its tenement holdings near the Widgety prospect (ELA 2015/00175) [ see Figure 1 ]
NEW Gold exploration program
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Marmota has adopted the same calcrete sampling methodology that was used to find Challenger
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Since July, Marmota's in-house geoscientists have been stationed in the Gawler Craton, auger drilling calcrete samples.
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The calcrete sampling program has already yielded:
1 Results obtained after end of quarter
Exploration Activities during Quarter
GOLD Gawler Craton
Tenement
|
Name
|
MEU Holding
|
EL4510
|
Ambrosia
|
100%
|
EL4526
|
Pundinya
|
100%
|
EL5195
|
Muckanippie
|
100%
|
EL4702
|
Indooroopilly
|
100%
|
EL4995
|
Mt Christie
|
100%
|
EL5060
|
Lake Anthony
|
100%
|
EL5377
|
Cudyea
|
100%
|
ELA2015/00175
|
Mulgathing
|
100%
|
Multi-commodity potential (gold, copper, nickel, zinc, uranium)
Figure 1: Marmota's Gawler Craton Gold Project + location of new tenements
Work undertaken during reporting period
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Part 1: Targeting known anomalies around Challenger gold mine
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Camel prospect
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Widgety prospect
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Part 2: Testing high prospectivity areas that have no (or very little) data coverage,
including:
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Telstar target
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Mudguard target
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Westpoint Hill target
Background
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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).
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Marmota has a dominant tenement holding around Challenger. Marmota tenements cover around 4,000 km2 of highly prospective area around the Challenger gold mine, in the Woomera Prohibited Defence Area in the Gawler Craton.
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Marmota has adopted 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. Once results are received and properly analysed, a strategy for each area will be determined.
Widgety Prospect [ see ASX release: 14 October 2015 ]
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Calcrete sampling via auger drilling was carried out at the Widgety prospect (50km SE of Challenger) on a fine 50m x 50m grid pattern, in-filling existing anomalous data.
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Assay results returned strong gold anomalous assay results, defining several anomalous gold clusters, each around 250m wide.
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96 sample locations at Widgety returned anomalous gold-in-calcrete readings ≥ 20 ppb
(out of 331 samples taken at Widgety) [see Figure 2 below].
For comparison: a gold-in-calcrete result of 20ppb is better than 98.4% of all calcrete sampling data recorded in the South Australian Government database of 192,677 samples.
Figure 2: Widgety: Detail of gold-in-calcrete anomalism (contoured at 10ppb and 20ppb gold)