Marmota Completes Initial Drilling at Goolagong Gold Site
MEU (MEU) Share Update July 2024 Thursday 25th
Marmota Completes Initial Drilling at Goolagong Gold Site
Marmota Limited (ASX: MEU) has successfully completed its first RC drilling program at the promising Goolagong gold site, marking a significant milestone in their exploration efforts.
Instant Summary:
- Completion of the first RC drilling program at Goolagong.
- 16 holes drilled, totaling 1350 meters.
- Hole depths averaged around 84 meters.
- Discovery air-core hole 23MR184 showed significant gold presence.
- Next drilling phases to occur at Aurora Tank and Campfire Bore.
Drilling Program Details
Marmota Limited has announced the completion of its first RC drilling program at the Goolagong gold site. The program included 16 holes with a total drilling length of 1350 meters, and each hole had an average depth of approximately 84 meters. This marks a significant step in exploring the potential gold resources at Goolagong.
The initial discovery at Goolagong was made on April 30, 2024, when air-core hole 23MR184 was drilled to a depth of 38 meters, where it encountered harder rock. The last two meters of this hole showed increasing gold grades, with 2 meters at 0.64 g/t gold from 36 meters to the end of the hole. Importantly, the area below 38 meters has not yet been tested.
Next Steps
Following the completion of the RC drilling at Goolagong, the drilling rig and team are now mobilizing to the Aurora Tank site. This is part of a larger gold drilling program that will also include drilling at Campfire Bore. Marmota's Chairman, Dr. Colin Rose, expressed excitement about the potential findings from the Goolagong site and the upcoming drilling phases.
Dr. Rose stated, 'Goolagong is generating considerable interest at Marmota, and we are delighted to have completed the first ever RC program. We look forward to getting the samples to the labs and seeing what the assays produce. Goolagong is just the canapé to start off a much larger gold drilling program.'
Background and Context
The Goolagong site is part of Marmota's Project X. The initial discovery was promising, with significant gold presence in the last two meters of the air-core hole. This follow-up RC drilling program aims to explore deeper and gather more comprehensive data on the site's gold potential.
Marmota Limited is a South Australian mining exploration company focused on gold and uranium. Their gold exploration efforts are centered on the Aurora Tank discovery, which has shown outstanding intersections in the Gawler Craton. The company's flagship uranium resource is located at Junction Dam, adjacent to the Honeymoon mine.
The completion of the RC drilling program at Goolagong is a positive development for Marmota Limited. The initial findings from the air-core drilling were promising, and the RC drilling will provide more detailed data on the site's gold potential. This could lead to increased investor confidence and a potential rise in the company's stock price as the results are analyzed and released.
Investor Reaction:
Investors and analysts are eagerly awaiting the assay results from the RC drilling program. The initial discovery at Goolagong has generated considerable interest, and the successful completion of the RC drilling program is seen as a positive step forward. Dr. Colin Rose's optimistic comments further bolster investor confidence in Marmota's exploration efforts.
Conclusion:
Investors should keep an eye on the upcoming assay results from the Goolagong RC drilling program and the subsequent drilling phases at Aurora Tank and Campfire Bore. Marmota Limited's strategic exploration efforts could yield significant returns, making it a company worth monitoring closely.