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Marmota nails high grade gold in first pass drilling at Campfire Bore
Brought to you by BULLS N’ BEARS
By Andrew Todd
Marmota Ltd has nailed multiple high-grade gold hits in its first ever drilling campaign at the company’s Campfire Bore project in SA, with one hit going 16 grams per tonne over 4m from just 56m. Management says it is bullish on the initial results saying they confirm the deposit’s “enormous potential to grow” and affirm its decision on an expanded drilling program from 16,500m to more than 20,000m.
Other headline numbers from the program that is part of the broader Golden Moon joint venture (JV) include 4m grading 9.4g/t from 101m and a 4m section going 9.1g/t from 139m.
Marmota’s camp site at its Campfire Bore gold project outside of Coober Pedy in South Australia.
One much longer 16m intersection came in at 2.7 g/t gold which included a 4m section grading 8.6 g/t gold from only 42m.
The drilling is Marmota’s first at the project which the company says was historically drilled but too shallow by prior owners at about 20 or 30m in depth in some locations.
‘We are delighted to already be finding new high-grade gold extensions in the first stage of our first ever drilling program at Campfire Bore.’
Marmota Ltd executive chairman Dr Colin Rose
Notably, it hasn’t been drill tested since 2018 when gold prices were half of what they are in Australia today.
Marmota says it has a strong belief the recently-acquired project could quickly rival the potentially open-pittable gold resource at its nearby flagship gold project known as Aurora Tank.
Potential for near-surface gold remains over a 1.5km strike length according to the company, with drilling unveiling a particularly promising open ended high-grade zone at the southern end of Campfire Bore.
Marmota Ltd executive chairman Dr Colin Rose said: “Marmota is progressing a pipeline of gold deposits in the Gawler Craton, to follow on after Aurora Tank. We are delighted to already be finding new high-grade gold extensions in the first stage of our first ever drilling program at Campfire Bore.”
The company’s Aurora Tank project recently underwent promising shallow drilling that revealed bonanza grade gold hits including 50g/t, 34g/t and 29g/t.
Drilling at Aurora now totals more than 60,000m, in comparison to Campfire Bore where only 10,000m of drilling to date has exposed 109,000 ounces of near-surface gold.
Campfire Bore is just 30km east of Aurora Tank near the historical mining town of Coober Pedy in SA’s Gawler craton.
When included with the broader Golden Moon JV area and the existing shallow gold resources – all within 100m of surface – Marmota’s aspiration to move as quickly as possible to establish a gold production hub potentially looks plausible.
Its very first program at Campfire Bore has delivered some impressive early results from the initial 86 RC drill holes for some 11,690m and stage-2 drilling is just over the horizon with the company wasting no time in expanding its promising footprint.
As gold prices continue above $4,000 per ounce, Marmota will no doubt look to quickly capitalise on market conditions, deploying its aggressive exploration strategy in the hope it can set the stage to become SA’s next low-cost gold producer and another notch on the belt of the rich Gawler Craton.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au