ASX-listed Marmota (ASX: MEU) has pulled the rods on a maiden RC program at its Goolagong gold discovery in South Australia’s Gawler Craton.
Goolagong is just 20km north-west of the Challenger gold mine that has produced more than 1 million gold ounces and 35km south-west of Marmota’s Greenewood and Mainwood gold deposits that host 46,000 ounces and 12,000 ounces, respectively.
Proving itself to be lightning quick, much like the beloved Australian tennis star Evonne Goolagong Cawley who inspired the naming of the target, Marmota rolled in an RC drill rig just weeks after announcing an intriguing 2m hit running at 0.64 grams per tonne pulled up in the last throes of the air-core (AC) hole before blade refusal brought things to a grinding halt.
Equipped with a booster full of air to provide a bit more oomph, RC rigs can bite through harder rock where first-pass reconnaissance AC drilling will falter. Interestingly, the last metre of the AC discovery hole chipped in 0.75g/t, elusively suggesting the company has tapped into the outer edges of a much bigger gold system, increasing with grade at depth.
Management says the completed 16 RC holes for 1350m were designed to explore the top 80-odd metres surrounding the discovery hole. Samples have been expedited to the laboratory for analysis.
Meanwhile, the RC rig has been wheeled over to the company’s flagship Aurora Tank project to complete a handful of holes designed to test the outer limits of known gold mineralisation to assist with open pit mine design. The company has reeled up a string of bonanza hits in the past at its Aurora Tank gold deposit including 2m at 112g/t that also showed 1m grading at a whopping 217g/t and another 3m averaging 72g/t with 1m giving up an eye-watering 197g/t of the precious yellow metal.
Following on from drilling at Aurora Tank, management says the green tick has been given for drilling to begin at its Campfire Bore deposit. A 120-hole campaign has been planned at Campfire Bore to expand the current shallow mineral resource envelope that houses 2.78 million tonnes at 1.2g/t gold for 109,000 ounces.
The deposit forms part of Marmota’s Golden Moon joint venture (JV), where private company Coombedown Resources holds the remaining 10 per cent. It hosts four open deposits comprising 7.82 million tonnes at 1.14g/t gold for 286,000 ounces.
“Goolagong is just the canapé to start off a much larger gold drilling program: the rig will next be moving to Aurora Tank, and then on to Campfire Bore for the main course.” Marmota chairman Dr Colin Rose
The Gawler Craton is already home to several of SA’s richest mines, including BHP’s Olympic Dam, Carrapateena and Prominent Hill copper and gold mines. The three billion-year-old craton also has outstanding potential for the discovery of significant gold deposits, with a long history of gold mining at Barton Gold’s nearby Challenger, Tarcoola and Tunkilla gold deposits.
Evonne Goolagong went on to win seven singles grand slam tournaments during her illustrious career. Similarly, Marmota is quietly notching up its own “grand slam” discoveries.
As the gold price continues its record run, hitting an all-time high of $3671 per ounce late last week, market pundits will be casting an eager glance over the next round of assay results from Goolagong to see if Marmota can seal another victory.
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