Marmota Limited (ASX: MEU), a mineral exploration business, started its first gold drilling program at Aurora Tank, its 100 percent owned project, in 2016. During the financial year, exploration has been very successful with outstanding 1m intersection which includes 101g/t gold in September 2017 and in November 2018 drill hole results suggested maximum gold assay over 1m (g/t Au).
Goshawk mineralized zone at Aurora Tank conducted its first metallurgical tests and it yielded 94% to 97% gold recoveries. This zone is readily leachable with fast leaching kinetics.
Marmota Limited has also conducted Biogeochemical explorations. The sample of plant tissue is taken for chemical assay. For these tests, daily 60 – 90 samples are taken. This process includes depth penetration of roots which include arid zone, drought tolerant plants, as deep as is needed to get water.
In Goshawk Trial, plant samples were collected over 3 zones of mineralization for Biogeochemical Exploration. The zones are high-grade zone, moderate grade zone and lower grade zone. So far only 54 samples are collected and due to clearing they are unable to get samples from their all planned locations. The species which are sampled they are Acacia anuera (Mulga), Senna a. spp (Senna).
The biogeochemical exploration results suggest that they have elevated Au in Acacia and Senna leaves. There is a good Au in plant samples over the zones of better mineralization, low Au in plant samples over zones of weaker mineralization and they also elevated Au in plant samples collected outside Au in calcrete anomaly.
The aim of Biogeochemical Exploration in Goshawk trial is to have better understanding of responses over varying depth to Au and it will generate new Au targets which is not present in calcrete geochemistry. So far sampling is completed and in some areas plant sampling is not possible due to clearing issue and they have total 383 plant samples in which 294 samples are of Acacia and rest 89 are Senna.
Another one of the Marmota’s key interesting prospects is Gawler Craton CAR prospect and it was identified by infill calcrete sampling around a gold-anomalous hole (CAR 84) drilled in 1991 in the TTBDP. The CAR prospect is located near the contract of Gawler range volcanics, Hiltaba Graniotes and Archaean Gneiss with anomalous copper, lead and zinc in nearby holes. During Hydrothermal alteration the Gawler range Volcanics – Hiltaba Granite event was noted at around 1590 Ma which is associated with widespread gold mineralization.
The targets are large secondary dispersion haloes overlying mineralization and developed in strongly weathered basement regolith. It will help to penetrate with low-cost drilling. The aim is to highlight those areas of gold anomalism with the potential for challenger and other new styles of gold mineralization.
In last six months, the share price of the company plunged by 22.22 percent as at end of November 2018 and after that stock price recovered little bit; and on 5 December 2018, MEU shares were down 11.11 percent. MEU shares are trading at $0.016 with a market capitalization of $10.45 million as on 7 December 2018.