Marmota (ASX:MEU) reports a single isolated wildcat hole has returned an ‘unusual’ gold find at the Comet West tenement, located in the Woomera Prohibited Defence Area in South Australia.
The company drilled 7 reconnaissance holes on the Comet West tenement, and one of the holes intersected ‘significant’ gold at 47m downhole returning 1m @ 7.7g/t Au.
This hole is located en echelon with the nearby Aurora Tank gold discovery also owned by the company, and the Mars Gold Deposit to the northeast.
Marmota says the hole is also ‘highly anomalous’ in rare earth metals (REE), and for a first pass drill program with no gold-in-calcrete anomaly at surface, the company says its a ‘positive’ start for exploration at Comet.
Marmota Chairman Colin Rose said this a ‘highly unusual’, ‘intriguing’ and ‘exciting’ outcome for a recon program.
“To put this in context, the usual path to finding gold is to start with some surface expression of gold (calcrete sampling) that then guides drilling. Here, by contrast, there is no expression of gold in the surface calcrete sampling.
“Finding significant gold over 5g/t Au on a single hole in the middle of nowhere, without surface expressions or other guiders… is probabilistically like finding a needle in a haystack”
Finding significant gold over 5g/t Au on a single hole in the middle of nowhere, without surface expressions or other guiders… is probabilistically like finding a needle in a haystack.
Gold has now been confirmed in the 4m composite, in repeat samples and in the separate detailed 1m splits. There is no doubt that there is significant gold in the sample.
More intriguingly, it is located on the same trend line as the Aurora Tank gold discovery and the Mars gold deposit 10km to the northeast, with the ground on Comet in between and never tested or drilled.
Marmota intends to carry out a follow-up program as a priority at Comet, commencing in early November when the area re-opens following a Woomera Defence Closure.”
The Comet West tenement is located south of the Aurora Tank gold discovery in the Woomera Prohibited Defence Area in South Australia.
Marmota reports exploration work conducted at Comet is jointly funded by the South Australian Government under a $225,000 grant as part of the Accelerated Discovery Initiative, and the program consists of a small number of holes drilled on Comet and Woorong Downs deposit.
The company also reports this exploration is the first ever drilling by any company on the Comet tenement.
Marmota is a South Australian mining exploration company focused on gold, copper and uranium.
The company’s gold exploration is centred on its tenement holding in the Gawler Craton near the Challenger Gold Mine in the Woomera Prohibited Defence Area.
Marmota’s copper project is based at the Melton Project on the Yorke Peninsula, and its uranium resource is at Junction Dam, adjacent to the Honeymoon Mine.
Images: Marmota Ltd