Marmota now drilling 10 new gold targets

Published at Jul 30, 2018, in Small Caps

Marmota Limited (ASX:MEU) has kicked off its first reconnaissance drill test program over 10 new gold targets at its highly prospective holdings in the Grawler Craton, South Australia.

Over the last two years, MEU has discovered a portfolio of 10 new gold-in-calcrete anomalous zones on its tenements surrounding the Challenger Gold Mine, which has produced more than 1.2 million ounces of gold over its life.

Each of these zones have been carefully refined and checked by follow-up infill sampling to define consistent anomalous zones of gold-in-calcrete.

Intriguingly, this is the first substantial program of drill testing new gold targets in the north-west Gawler Craton carried out by any company for at least the last ten years.

The AC drill program will comprise up to 60 drill holes, drilling a total of around 3,000 metres, with hole depths to 50 metres. Drilling is anticipated to take around two to three weeks.

Interestingly, this is the same method which led to the discovery of both the Challenger Gold Mine and Aurora Tank — via drill testing gold-in-calcrete anomalous zones.

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

10 of the new targets are gold; one target is polymetallic. These can be seen below circled in red:

The objective of the program is to detect gold mineralisation or secondary gold dispersion underneath the gold-in-calcrete anomalies discovered by MEU. If gold mineralisation or secondary gold dispersion is detected below any of these anomalies, MEU will implement a more intensive follow-up drill program, which could potentially lead to a new gold discovery.

MEU noted that there are too many targets to describe each in detail; instead, the company has provided a look at two of particular interest — namely, Target 1 (CAR) and Target 8 (Polynorth).

Target 1: ‘CAR’ EL 6166 (Muckanippie)

The CAR prospect was originally identified by the Tarcoola Tallaringa Bedrock Drilling Project (a government research program) in 1991 when stratigraphic drill hole CAR 84 identified anomalous downhole gold. No further work was carried out at that time or since.

In early 2016, MEU commenced a calcrete sampling program on a 400 metre spaced grid over the host Muckanippie tenement, which resulted in the identification of a broad gold-in-calcrete anomaly near the same historic drill hole CAR 84. Later that year, MEU carried out a more detailed 100 x100 metre infill calcrete sampling program, resulting in the gold-in-calcrete anomaly seen in the image below:

Target 1 (CAR): Gold-in-calcrete anomaly on regional 400m spaced grid

In February this year, MEU completed a detailed ground magnetic survey over the target (with line spacing over the target area of 40 metres).

This target appears to be located at a possible contact between Hiltaba suite granite and Gawler Range Volcanics, suggesting at the possibility that it may be related to a Hiltaba age sub-volcanic or porphyry intrusive complex with large tonnage potential.

Target 8: ‘Polynorth’ EL 6082 (Lake Anthony)

The initial calcrete samples that led to the discovery of this anomaly were collected by MEU in late 2015. Infill 100 x100m calcrete sampling was completed in 2016, and the target was cleared for drilling in late 2017.

Target 8 (Polynorth) – Gold-in-calcrete anomaly with proposed drill holes

A coincident magnetic anomaly was detected in the regional magnetic (TMI RTP) data. In March this year, MEU completed a detailed ground-based magnetic survey, using 40 metre line spacing.

It is worth noting that the magnetic anomaly is not quite coincidental with the gold-in-calcrete anomaly and the strike of both features is different. The anomaly appears to trend parallel to probable fold hinge zone trends in the metamorphic basement which wrap around the northern end of the associated magnetic anomaly. This is thought to be a structurally favourable location for gold mineralisation.

Moreover, the linear nature of the anomaly is suggestive of a shear zone environment, which fits with the Archaean Mulgathing Complex regional geological basement.

Where to invest $1,000 right now

When the experts at Next Investors have a stock pick, it may pay to listen.

The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.

They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.

Click the link below to see what they are currently investing in.


S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!