Marmota Limited
Marmota Limited
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South Australian explorer Marmota is launching a quick follow-up drilling campaign after assaying delivered bonanza gold grades at its Aurora Tank discovery in the Gawler Craton.
A five-week shutdown while the Australian defence forces conduct military exercises and weapons testing will punctuate a new drilling campaign by South Australian explorer Marmota at its Aurora Tank discovery.
Marmota will begin a quick follow-up drilling program next week after reporting bonanza gold grades up to 217g/t over 1m reported this week from drilling in the Goshawk Zone at Aurora Tank. The detailed assay results also demonstrated multiple high-grade extensions of mineralisation in two directions and at depth.
Explorer Tyranna Resources has followed up the rejection by shareholders last week of its planned sale of the Jumbuck gold project to Syngas, signing a formal agreement to sell the South Australian tenement package to rival bidder Marmota.
Tyranna Resources has terminated the agreement to sell its Jumbuck gold project in South Australia to transitioning petroleum exploration company Syngas after it was voted down by shareholders at its AGM.
Shareholder approval was a condition precedent for the $A2.25M transaction announced in August.
South Australian explorer Marmota has again boosted its bid for Tyranna Resources’ Jumbuck gold project, offering $A2.5M cash and shares worth $0.5M for the 8,000sqkm parcel of tenements surrounding the prolific Challenger gold mine in the state’s northwest.
The new offer exceeds the $2.25M agreed transaction between Tyranna and Syngas, which is due to be voted on by shareholders at their virtual AGM on Nov 26.
Signs of a revival in the uranium sector have convinced Australian explorer Marmota to begin a strategic review of its 100%-owned Junction Dam project in SA, 50km west of Broken Hill.
Junction Dam, with its JORC inferred resource of 5.4Mlb @ 557ppm U3O8, has been inactive since 2014 when the uranium downturn led Marmota to focus on its gold and copper exploration assets.
South Australian explorer Marmota aims to expand its Gawler Craton exploration portfolio with a $A1.3M cash/shares offer to acquire Tyranna Resources’ Jumbuck gold project in the state’s northwest.
Marmota’s offer of $1M cash plus the issue of $0.3M in shares to Tyranna shareholders seeks to gazump the Oct 2019 term sheet agreement by Tyranna to sell the project to transitioning oil and gas explorer Syngas for $0.95M cash.
South Australian explorer Marmota has linked up with WPG Resources, owner of the Challenger Gold processing plant, as it weighs development options for its 100%-owned Aurora Tank gold project.
Aurora Tank is 50km NE of the 650,000tpa-capacity CIP plant near Woomera. Under their MoU, the companies will investigate toll treatment, JV, profit sharing or other arrangements.
Marmota began its first diamond drlling program this month at Aurora Tank after achieving aircore results up to 2m @ 67g/t from 32m amid significant shallow gold mineralisation over 500m strike.
Western Australian-based hedge fund Asymmetric Investment Management is funding Marmota Energy’s $A2M bid for Kingsgate Consolidated’s producing underground Challenger Gold Mine in South Australia, a bid already rejected by Kingsgate.
Marmota wants Challenger as it is only 25km from Marmota’s recently identified Westpoint Hill gold anomaly.
Kingsgate has dismissed out of hand a rival bid by explorer Marmota Energy to purchase the Challenger gold mine in South Australia.
Marmota's $A2M offer doubles the agreed value of PYBAR Group's Diversified Minerals and WPG Resources deal this week. Kingsgate says it's not satisfied Marmota has the financial capability to fund its offer, and says the earlier deal presents the best outcome with significantly less risk.