Marmota pumps the pedal on SA gold play
Uranium, titanium and gold explorer Marmota Limited will hit the fast lane with its flagship Gawler gold project in South Australia, after a trio of game-changing developments persuaded the company to put its foot on the gas at the project's near-surface bonanza-grade gold resource.
Management says whilst its uranium and titanium projects will continue to advance, for now however, it will shift its focus sharply to gold at Gawler where it says it has the quickest opportunity to get into cashflow at a time of record gold prices.
Key to this focus will be the company's Aurora Tank gold prospect, part of a vast 10,000 square kilometre gold hub held by Marmota in South Australia's revered Gawler Craton.
The company's recent metallurgical results at Aurora Tank - unveiled two weeks ago - delivered exceptional 93 per cent gold recoveries using low-cost column leach testing, which confirmed the project's economic potential and has unlocked a quick route to its all-important first cashflows.
'The results of the metallurgical test work have been very positive for the project.'
Marmota Limited chairman Dr Colin Rose
The metallurgical program was designed and managed by US-based Kappes Cassiday and Associates with Australian Minmet Metallurgical Laboratories performing the test work, including 31 composites from 197 metres of drill core.
Gold started leaching fast, with over 55 per cent extracted in just 10 days. After 59 days, tests on a moderately weathered sample hit the impressive 93 per cent recovery point using an 8mm crush.
Marmota Limited chairman Dr Colin Rose said: ' It has been a long wait for the results of the metallurgical test work but the outcomes have been very positive for the project.'
Exploration drilling at Aurora Tank has already picked up exceptional bonanza grades near surface.
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ABC News
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Sky News AU
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