ASX ANNOUNCEMENT 31 October 2016
QUARTERLY ACTIVITY REPORT SEPTEMBER QUARTER 2016
HIGHLIGHTS
Aurora Tank 100% ownership and control
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In July, Marmota entered into an agreement with its joint venture partner Apollo Minerals. Under the agreement, Marmota assumed full control of Aurora Tank (EL 5589), and increased its stake to 100% ownership [ ASX:MEU 4 July 2016]
Gold
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Re-booted gold exploration strategy in Gawler Craton
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In September 2016, Marmota commenced its first drilling program at Aurora Tank, at the Goshawk Gold Prospect:
- 98 angled aircore drill holes for a total of 4,385metres drilled
-
Subsequent to the end of the Quarter [ASX:MEU 25 October 2016 ], the Company was delighted to report that the drill program returned multiple significant gold intersections. Highlights include 15 intersections greater than 1 g/t gold including:
|
8.0 g/t
|
gold
|
from 24m
|
- Hole 16AT043
|
|
3.7 g/t
|
gold
|
from 24m
|
- Hole 16AT044
|
|
4.9 g/t
|
gold
|
from 32m
|
- Hole 16AT061
|
|
3.9 g/t
|
gold
|
from 20m
|
- Hole 16AT062
|
|
3.3 g/t
|
gold
|
from 36m
|
- Hole 16AT028
|
|
3.1 g/t
|
gold
|
from 24m
|
- Hole 16AT019
|
» Significant gold over 750m strike length [ see Fig. 2 ]
» Consistently close to surface
Corporate
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New capital
A Share Purchase Plan (SPP) was offered to eligible shareholders in September 2016. The SPP received overwhelming support from shareholders, with eligible shareholders applying for $530,000 of shares, which is more than 75% over the
$300,000 SPP target.
-
AGM: The AGM will be held at 3pm on Tuesday 8 November 2016 at:
Level 29, Westpac House, 91 King William Street, Adelaide
Exploration Activities during Quarter
GOLD Gawler Craton
|
Tenement
|
Name
|
MEU Holding
|
|
EL5830
|
Ambrosia
|
100%
|
|
EL5684
|
Pundinya
|
100%
|
|
EL5195
|
Muckanippie
|
100%
|
|
EL5799
|
Indooroopilly
|
100%
|
|
EL4995
|
Mt Christie
|
100%
|
|
EL5060
|
Lake Anthony
|
100%
|
|
EL5377
|
Cudyea
|
100%
|
|
EL5759
|
Mulgathing
|
100%
|
|
EL5087
|
Woorong Downs
|
100%
|
|
EL5088
|
Comet
|
100%
|
|
EL5527
|
Bradman
|
100%
|
|
EL5861
|
Carnding
|
100% ‡
|
‡ tenement granted on 6 October 2016
Figure 1: Marmota's Gawler Craton Gold Project
Work undertaken during reporting period
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$1.7 billion of gold, at current prices).
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Marmota has a dominant tenement holding around Challenger. Marmota tenements cover approximately 5,300 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 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.
Gold Exploration Activities
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Under the direction of Dr Wills, Marmota commenced a re-booting of its gold exploration program around the Challenger gold mine.
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Marmota has adopted a new 'taskforce' approach to provide a focused and systematic approach to gold exploration.
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Marmota has already identified 7 new anomalous gold zones of interest, and as it works through the existing and newly-acquired tenements, the pool gets richer and more interesting.
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The calcrete sampling program is currently working its way through multiple targeted areas on the:
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In July 2016, Marmota entered into an agreement with joint venture partner Apollo Minerals. Under the terms [ see ASX:MEU 4 July 2016 ], Marmota has assumed full control of Aurora Tank (EL 5589) and increases its stake to 100% ownership.
-
Aurora Tank represents the Company's most advanced gold project.
-
In September 2016, Marmota completed ahead of schedule a drilling program over a grid (see Fig. 2) of 98 angled aircore drill holes for a total of 4,385 metres
[ see ASX:MEU 19 September 2016 ].
-
This drilling program was designed to test the Goshawk gold Prospect at Aurora Tank (EL5589) with the intention of defining geochemical dispersion from gold mineralisation.
Subsequent to the end of the Quarter, in late October, assay results were received for the September drilling program [ see MEU ASX Release: 25 October 2016 ]. Marmota was delighted to report that the September drilling program at Goshawk Prospect at Aurora Tank returned multiple significant gold intersections, all close to the surface.
Highlights include:
-
15 intersections greater than 1 g/t gold including:
|
8.0 g/t
|
gold
|
from 24m
|
- Hole 16AT043
|
|
3.7 g/t
|
gold
|
from 24m
|
- Hole 16AT044
|
|
4.9 g/t
|
gold
|
from 32m
|
- Hole 16AT061
|
|
3.9 g/t
|
gold
|
from 20m
|
- Hole 16AT062
|
|
3.3 g/t
|
gold
|
from 36m
|
- Hole 16AT028
|
|
3.1 g/t
|
gold
|
from 24m
|
- Hole 16AT019
|
-
Significant gold over 750m strike length [ see Fig. 2 ]
-
Consistently close to surface
-
New mineralisation intersected, including at eastern and western extremities of previously known zone
Figure 2: Best downhole gold results at Goshawk Prospect at Aurora Tank