Mining company Marmota has commenced drilling at Aurora Tank after raising $6.5 million in funding.
Marmota Limited is set to begin drilling on its funded Aurora Tank gold project in the Gawler Craton region, in the northwest of South Australia. Reporting high-grade intersections there back in April.
The exploratory drilling will begin after Marmota recently raised $6.5 million (before costs) in the middle of July through shares (5.3 cents per share). Accelerating plans and gaining funding for the drilling in the Aurora Tank gold discovery.
Marmota identified new targets and objectives in the Aurora Tank region, making extensions to the northwest flank which boasts up to 105 grams per tonne of gold. One gram of gold per tonne is considered to be commercial.
Marmota Limited chairman Dr Colin Rose said the company was excited by the results.
“This is Marmota’s largest-ever RC drill program at Aurora Tank and with a special focus on primary mineralisation extensions. It is shaping up as one of our most interesting, varied and exciting drill programs to date,” Dr Rose said.
Other high-grade intercepts that were found in the northwest region were 1m at 74 grams per tonne gold and 1m at 53 grams per tonne gold.
The northwest flank featured in ‘Top Drill Intersections per State – Q1 2019’, published in the RSC Mineral Intelligence Report back in May 2019.
The RSC, based in Australia and New Zealand, provides geological consulting, exploration management and contract geological services to the mining and exploration industry.
The program, which is set to last four weeks, is targeting extensions in the north, northeast and east region also, prioritising primary mineralisation.
The drilling program, set to cover 7500 metres and drilling to a depth of 88 metres, will also use selected in-fill drilling to aid resource modelling and optimal pit design.
The Aurora Tank project begins at a time when gold has hit $US $1,856.13 (A$2607.90) per ounce, the highest since 2011. Interest rates have also hit an all-time low due to COVID-19, a positive for non-yielding assets like gold.
“Our financial position is now the strongest that I can ever recall it being,” Dr Rose said in the mid-July press release on funding.
“Ahead of us is our largest and potentially most interesting and exciting drill program to date.”
Pictured, RC drilling commences at Aurora Tank gold discovery.
Originally published on the Lead: Record gold drill underway at Aurora Tank in South Australia