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Marmota (ASX:MEU) has revealed the first detailed assays from its maiden program on the Greenewood gold discovery within the Gawler Craton of South Australia.
In a Thursday (December 11) launch, the corporate highlighted outcomes together with 95 grams per tonne (g/t) gold from 22 metres (as a part of a spectacular thick intercept of 33 metres at 10 g/t gold from 22 metres downhole and 109 g/t gold from 26 metres downhole in the identical gap.
“The outcomes are a few of the finest seen within the Gawler Craton because the discovery of the Challenger deposit in 1995,” the corporate wrote.
In keeping with the report, this system has yielded grades inside 17 metres to 67 metres from floor over a 900 metres strike size and that the mineralisation stays open alongside strike.
The corporate added that the outcomes function excellent gold intersections together with a number of bonanza gold grades near floor, very good recoveries in metallurgical testwork.
“(This exhibits) glorious potential for low-cost, low capex open pit heap leach gold manufacturing.”
Situated roughly 35 kilometres northwest of Marmota’s flagship Aurora Tank gold deposit, Greenewood has solely had a median of seven,000 metres of reverse circulation (RC) drilling since its discovery.
It’s a part of the Golden Moon three way partnership, whereby Marmota holds 90 % through its 100%-owned subsidiary Half Moon.
Stage 2 drilling at Greenewood commenced final November 19, with the corporate sharing progress that the drilling staff is presently reaching over 350 metres per day.
Targets for stage 2 embrace a median of 85 deliberate holes for the RC drill program and round 8.500 metres for complete RC drilling, topic to time earlier than Christmas break.
Shares of Marmota closed at AU$0.130 on Thursday following the information, rising 83.10 % from its AU$0.071 shut on Wednesday (December 10).
Don’t neglect to comply with us @INN_Australia for real-time information updates!
Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
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