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MARMOTA LIMITED — AGM Information 2011
Nov 17, 2011
65315_rns_2011-11-17_1ee9f6cf-a38a-438a-9f6f-afd7f9ca7151.pdf
AGM Information
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MARMOTA ENERGY LIMITED
Annual General Meeting
November 2011
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1
Copyright Marmota Energy Limited
Forward Looking Statements
“These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside of the control of, and may be unknown to, the Company. Actual results and developments may vary materially from those expressed in these materials. The types of uncertainties which are relevant to the Company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory framework which applies to the business of the Company and general economic conditions. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.
Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or any change in events, conditions or circumstances on which any such statement is based.”
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Corporate Information Stock Code ASX: MEU Shares 150 m Market Cap (at 10 Nov 2011) A$9 m Cash (at 30 Sept 2011) A$4.7 m
Brief Corporate History
-
Listed on the ASX November 2007 from Monax exploration uranium assets
-
2008 – 9 Improved exploration licence position, obtaining tenements with listed precious metal and uranium occurrences (100% owned by Marmota)
-
Entered into strategic alliance with Ramelius Resources for high grade gold project generation
-
Entered into an option agreement on Junction Dam mid 2009
-
Junction Dam high grade uranium discovery late 2009
-
Earn-in met on Junction Dam 2010
-
Acquired Pundinya high grade uranium project mid 2010
-
2011 iron ore discovery at Western Spur
-
2011 significant copper, gold, silver intercepts - Yorke Peninsula
-
Experienced Board and Management Team
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3
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Today's Presentation South Australia:
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Uranium Copper Iron ore
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Western Australia: Rudall East uranium project United States: Big Blue JV Angel Wing JV
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4
Junction Dam Uranium JV
-
Extends Marmota’s footprint in best uranium address in South Australia
-
JV with Teck Australia, PlatSearch, and Eaglehawk Consulting, where Marmota is set to earn 87.3% of the uranium rights on Junction Dam
-
Junction Dam covers the eastern extension of the Yarramba Palaeochannel, which hosts the nearby Honeymoon uranium mine
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5
Junction Dam location Honeymoon Mine
6
Junction Dam Exploration
-
Exploration program was launched in mid September 2009.
-
High resolution ground gravity survey over the western target zone was completed.
-
Augmented by soil and radon surveys.
-
Geophysics defined 20 km extent of the Yarramba Palaeochannel.
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High resolution Bouguer gravity image.
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Junction Dam Phase 1 Drilling Results
-
Phase 1 drilling: 20 Holes drilled
-
Multiple holes returning peak grades greater than 1000 ppm eU3O8* over a 1.5 km strike length open at both ends
-
Outstanding high grade intercepts including: ave 2011 ppm with peak grade of 7,551 ppm (JDRM0118) and
-
ave 889 ppm with peak grade of 3,226 ppm (JDRM0121 ) eU3O8*
-
Significant uranium discovery in an established uranium province
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Equivalent grades (eU3O8) from
Borehole Wireline Pty Ltd gamma probe
3024, calibrated at Adelaide Test Pits.
Dead time 6.06656e-6, k factor 2.47442e-
5, 108mm hole, water filled.
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Junction Dam Phase 2 Drilling Results
-
Multiple holes returning peak grades greater than 1000 ppm eU3O8* over significant interval thicknesses
-
PFN holes completed confirming high grades
-
Strike length increased to 2km open north and south
-
High grade intercepts in Phase 2 including: ave 1272.8 ppm with peak grade of 5192 ppm (SARM008) and
-
ave 825.9 ppm with peak grade of 2510 ppm (SARM004 ) eU3O8*
-
Potential at the Saffron prospect- exploration target of 3 – 9Mt at a grade of .03 - .05% eU3O8 ~
-
~Cautionary Statement: The initial estimate of U3O8 potential within the Junction Dam project is based on conservative grade estimates applied over a sedimentary ‘roll front’ strike length of 1.5km. Marmota notes that this initial view on an exploration target is conceptual in nature. There has been insufficient exploration to define this exploration potential as a Mineral Resource and it is uncertain if further exploration will result in the determination of such a Mineral Resource.
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Hole prefix ‘SAR’: Equivalent grades (eU3O8) from Borehole Wireline Pty Ltd gamma probe 3785, calibrated at Adelaide Test Pits. Dead time 4.27264e-6, k factor 2.2702e-5, 108mm hole, water filled.
Junction Dam Phase 1 & 2 Drilling Results cont.
| HOLE ID | EASTING | NORTHING | DEPTH FROM | THICKNESS (metres) | AVERAGE GRADE | PEAK GRADE | GRADE |
|---|---|---|---|---|---|---|---|
| (metres) | eU3O8*(ppm) | eU3O8*(ppm) | THICKNESS | ||||
| m%eU3O8 | |||||||
| JDRM0111 | 484800 | 6488818 | 124.8 | 0.8 | 588.237 | 1152 | 0.047 |
| JDRM0114 | 485000 | 6488530 | 124.07 | 3.15 | 174.605 | 830 | 0.055 |
| JDRM0115 | 485000 | 6488330 | 128.86 | 0.75 | 648.597 | 1676 | 0.049 |
| JDRM0116 | 485000 | 6488130 | 123.98 | 0.85 | 540.732 | 1411 | 0.046 |
| JDRM0117 | 485000 | 6487850 | 116.42 | 0.9 | 509.983 | 1095 | 0.046 |
| 123.27 | 0.85 | 674.378 | 1996 | 0.057 | |||
| JDRM0118 | 484799 | 6488726 | 124.03 | 5.95 | 423.793 | 7551 | 0.252 |
| JDRM0121 | 484800 | 6488530 | 127.88 | 2.7 | 427.609 | 3226 | 0.115 |
| JDRM0122 | 484810 | 6488330 | 126.1 | 3.15 | 238.561 | 1328 | 0.075 |
| SARM002 | 484784 | 6488669 | 124.69 | 6.85 | 67.845 | 135 | 0.046 |
| SARM003 | 484794 | 6488617 | 123.88 | 5.5 | 106.763 | 459 | 0.059 |
| SARM004 | 484798 | 6488567 | 129.84 | 0.85 | 825.935 | 2510 | 0.070 |
| SARM007 | 484805 | 6488385 | 128.2 | 1.85 | 693.498 | 1935 | 0.128 |
| SARM008 | 484749 | 6488715 | 124.75 | 1.7 | 1272.899 | 5192 | 0.216 |
| SARM009 | 484749 | 6488533 | 125.7 | 6.55 | 117.728 | 935 | 0.077 |
| SARM012 | 484596 | 6488740 | 125.32 | 4 | 156.526 | 888 | 0.063 |
| SARM013 | 484594 | 6488645 | 123.66 | 3.15 | 633.658 | 2720 | 0.200 |
| SARM021 | 484706 | 6488438 | 126.16 | 3.85 | 357.926 | 2565 | 0.138 |
| SARM022 | 484695 | 6488358 | 126.15 | 4.15 | 584.18 | 3674 | 0.242 |
| SARM027 | 484803 | 6488038 | 118.65 | 1 | 459.641 | 1204 | 0.046 |
| SARM028 | 484657 | 6488501 | 124.95 | 3.7 | 161.195 | 663 | 0.060 |
| SARM029 | 484646 | 6488402 | 125.15 | 4.05 | 328.41 | 1927 | 0.133 |
| SARM032 | 484739 | 6488300 | 127.55 | 1.8 | 409.594 | 2075 | 0.074 |
| SARM037 | 484698 | 6489195 | 128.1 | 1.15 | 766.124 | 2416 | 0.088 |
| SARM039 | 484373 | 6488010 | 129.44 | 0.85 | 535.907 | 1163 | 0.046 |
| SARM046 | 484490 | 6488651 | 126.9 | 1 | 926.326 | 3221 | 0.093 |
| SARM050 | 484895 | 6488118 | 124.99 | 4.2 | 300.341 | 1457 | 0.126 |
| SARM063 | 484700 | 6488403 | 125.2 | 4.7 | 161.647 | 543 | 0.076 |
| SARM066 | 484794 | 6488067 | 125.55 | 1.75 | 496.171 | 2132 | 0.087 |
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Table 1: Best high grade down hole readings from Junction Dam from 2009 and 2010 phases of drilling. The widths shown are true widths with a 100 ppm cut off applied.
Uranium peak grade greater than 1000 ppm Grade thickness greater than .045 m%eU3O8
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- Hole prefix ‘JDR’: Equivalent grades (eU3O8) from Borehole Wireline Pty Ltd gamma probe 3024, calibrated at Adelaide Test Pits. Dead time 6.06656e6, k factor 2.47442e-5, 108mm hole, water filled.
Hole prefix ‘SAR’: Equivalent grades (eU3O8) from Borehole Wireline Pty Ltd gamma probe 3785, calibrated at Adelaide Test Pits. Dead time 4.27264e6, k factor 2.2702e-5, 108mm hole, water filled.
10
Junction Dam – Saffron QEMSCAN Results
-
Direct mineralogical assessment
-
Samples from 2 cored drill holes analysed
-
Coffinite, uraninite, and uranium phosphates confirmed as the uranium minerals at Saffron
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Above. QEMSCAN image from mineralised interval in hole SARM066, particle width approx 0.5mm, dominate uranium mineral in this sample is coffinite (dark blue).
Uraninite Coffinite Autunite Uranium - Si intergrowths Uranium - Sulphide intergrowths Uranium - Ti oxide intergrowths Quartz Kaolinite Fe Sulphides Sphalerite Other Sulphides Ti Oxides & Ti Silicate intergrowths Fe Oxides Micas Feldspars Chlorite Carbonates REE Other Silicates Others
-
Analogous with the principle uranium minerals at the Honeymoon ISL uranium project
-
Assay results associated with QEMSCAN analysis further support the high grades achieved at Saffron
Off-scale peak gamma reading 2132 ppm eU3O8
Left. Gamma log from drill hole SARM066 intersecting interval of mineralisation with assay result shown for interval (125.2 – 126.2m)
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11
Junction Dam – 2011 Phase 3 drilling
-
Mineralisation confirmed from broad spaced drilling at the Bridget and Yolanda prospects immediately adjacent to Saffron.
-
Uranium mineralisation confirmed along 15km strike on Junction Dam open north and south.
-
New intercepts in multiple holes achieving grades greater than 1000 ppm eU3O8 offering expansion potential to the existing defined zone of uranium mineralisation at Saffron.
Right: Junction Dam project with areas of confirmed mineralisation highlighted. New zone of mineralisation highlighted on the Bridget prospect open in all directions. Third zone of uranium potential highlighted on the Yolanda prospect for future drill testing.
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New zones of
uranium
mineralisation
intercepted in
Phase 3 drilling.
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Saffron Inferred
resource
New zones of
uranium
mineralisation
intercepted in
Phase 3 drilling
offering expansion
potential to
Saffron.
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Maiden Inferred Resource for Saffron
-
4.36 million tonnes of mineralisation*
-
Estimated to contain some 1,510 tonnes of U3O8 (3.33 million pounds)
-
Two mineralised sand layers of the Eyre Formation (basal and upper) intersected
-
Average grade 437 parts per million (.044%) eU3O8 and 248 parts per million (.025%) eU3O8 for the basal and upper layers respectively
-
Further mineralisation inventory at Bridget and Yolanda offering significant expansion potential increasing exploration target for Junction Dam to 15 – 20Mt at a grade of .03 - .05% eU3O8 ~
~Cautionary Statement: The initial estimate of U3O8 potential within the Junction Dam project is based on conservative grade estimates applied over a sedimentary ‘roll front’ strike length of 15km. Marmota notes that this initial view on an exploration target is conceptual in nature. There has been insufficient exploration to define this exploration potential as a Mineral Resource and it is uncertain if further exploration will result in the determination of such a Mineral Resource.
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- It is uncertain if further exploration work or feasibility studies will result in the determination of an Ore Reserve.
13
Junction Dam proposed forward plan
| Timing | Action | Status |
|---|---|---|
| November 2011 | •Commence acquisition of ground EM data over Yolanda prospect •Complete maiden inferred resource calculation for Saffron prospect |
UNDERWAY |
| December 2011 | Commence retention lease process at Saffron area in preparation for field leach trials at Saffron. |
|
| April – June 2012 | Resource expansion drilling at Junction Dam |
Other target areas of potential planned to be tested in phase 3.
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Pundinya Uranium Project
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Pundinya Uranium Project
- Further expansion of Marmota’s South Australian uranium project interests with the acquisition of the Pundinya uranium project.
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PUNDINYA PROJECT
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-
Exciting grades of up to 3200 ppm U3O8 have been returned from assay in drillholes completed on the project.
-
Significant expansion potential.
-
100 % owned by Marmota Energy.
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Pundinya Uranium Project
-
Mineralised zone lies in the basal sand unit unconformably overlying the basement.
-
Interpreted to be the Eocene Pidinga Formation:
-
a high energy depositional layer with pebbly sand grains with the reducing agent being pyrite and lignite.
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| Hole | No | East | North | From m |
To m |
Thickness m |
U3O8 ppm |
GRADE THICKNESS m%eU3O8 |
|---|---|---|---|---|---|---|---|---|
| W057 | 379264 | 6634393 | 48 | 52 | 4 | 249 | 0.0996 | |
| W058 | 379452 | 6634410 | 43 | 48 | 5 | 219 | 0.1095 | |
| W074 | 379296 | 6634614 | 49 | 52 | 3 | 166 | 0.0498 | |
| W079 | 379346 | 6634417 | 48 | 53 | 5 | 854 | 0.427 | |
| W080 | 379301 | 6634404 | 47 | 52 | 5 | 443 | 0.2215 | |
| W083 | 379097 | 6634389 | 49 | 51 | 2 | 235 | 0.047 | |
| W086 | 379404 | 6634219 | 42 | 46 | 4 | 169 | 0.0676 | |
| W087 | 379295 | 6634187 | 44 | 52 | 8 | 167 | 0.1336 | |
| W096 W098 |
379250 379395 |
6634011 6634301 |
40 47 |
43 52 |
3 5 |
189 235 |
0.0567 0.1175 |
|
| W099 | 379346 | 6634308 | 46 | 52 | 6 | 210 | 0.126 | |
| W100 | 379305 | 6634296 | 47 | 52 | 5 | 460 | 0.23 | |
| W102 | 379442 | 6634505 | 46 | 49 | 3 | 169 | 0.0507 | |
| W104 | 379467 | 6634603 | 42 | 52 | 10 | 134 | 0.134 | |
| W108 | 379299 | 6634499 | 50 | 54 | 4 | 178 | 0.0712 | |
| W109 | 379253 | 6634497 | 48 | 52 | 4 | 138 | 0.0552 | |
| W113 | 379352 | 6634450 | 48 | 52 | 4 | 376 | 0.1504 | |
| W119 | 379372 | 6634406 | 50 | 53 | 3 | 155 | 0.0465 | |
| W120 | 379350 | 6634404 | 47 | 54 | 7 | 368 | 0.2576 | |
| W121 | 379321 | 6634402 | 49 | 53 | 4 | 360 | 0.144 | |
| W122 | 379304 | 6634349 | 49 | 52 | 3 | 150 | 0.045 | |
| W124 | 379401 | 6634352 | 49 | 52 | 3 | 301 | 0.0903 | |
| W125 | 379447 | 6634349 | 44 | 48 | 4 | 241 | 0.0964 | |
| W128 | 379298 | 6634251 | 48 | 51 | 3 | 178 | 0.0534 | |
| W192 | 379371 | 6634430 | 47 | 53 | 6 | 375 | 0.225 | |
| W193 | 379317 | 6634433 | 49 | 53 | 4 | 205 | 0.082 | |
| W194 | 379448 | 6634552 | 47 | 51 | 4 | 136 | 0.0544 |
Table 2: Example of results from Pundinya phases of drilling with GT > .045.
17
Pundinya Uranium Project
In 2011, application of the same exploration methodology successfully used at Junction Dam.
Proposed exploration program along an additional 9km of prospective channel to include:
-
Biovegetation, soil and calcrete sampling.
-
Ground radon surveys.
-
High resolution gravity.
-
High resolution ground electromagnetic
surveys.
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Expansion along current mapped channel
Further expansion potential
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Rudall East Uranium Project
Rudall East uranium JV with Teck
Second agreement with Teck Australia Pty Ltd to explore for uranium expanding from SA into the Rudall East uranium project in WA.
Rudall East covers the eastern extension of the Patterson Orogen which hosts the nearby CamecoMitsubishi JV owned Kintyre uranium deposit, a 56.4M lbs U3O8 inferred resource in northern WA.
Marmota Energy will spend a total of A$1M over 3 years to earn a 51% interest in uranium on the Rudall East project.
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On the project:
-
Comprehensive suite of pre-competitive data supplied by the government provides a valuable ‘head-start’ to exploration.
-
AEM survey has delineated buried palaeochannels and unconformity contacts, both of which are important for uranium targeting in the project area.
-
Studies completed by Geoscience Australia (GA) indicate that palaeo-valleys within the Rudall Complex represent one of the most prospective exploration opportunities for uranium mineralisation.
-
A large proportion of the project area marked in orange is interpreted to have a high degree of certainty for significant uranium potential.
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Uranium prospectivity map for South Paterson region. Orange represents moderate-high potential.
From GA publication #17086.
Rudall East project tenements are shown in black.
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Western Spur Iron Project
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-
Western Spur is located 60 km north west of Lake Frome in the north-east of South Australia covering approximately 393 square kilometres.
-
Iron ore outcrops located 13 km from the Strzelecki Track, a major arterial road servicing gas fields to the north.
-
Western Spur is considered to be prospective for both uranium and base metals.
-
100 % owned by Marmota
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Iron ore projects
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-
A number of outcrops have been visually identified with iron ore mineralisation at Western Spur.
-
Surface expressions of a large zone extending for approximately 10 kilometres.
-
The iron mineralisation has been identified as haematite-goethite, and massive haematite.
Below: Photograph of haematite samples from outcrop 4.
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Photograph of outcrop 4 extending for approximately 3 kilometres highlighted by red dash line.
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PROSPECTIVITY
-
Iron outcrop 4 extends for approximately 3 km.
-
Drill hole logs which define intervals of iron mineralisation intercepted by a number of holes completed by WMC in 1981.
-
The logs show intervals of up to 30 metres of iron were intercepted in the WMC drill holes spread throughout the 3km long outcrop.
-
The iron intervals logged are also augmented with further intervals of siderite (iron carbonate).
• Other significant iron outcrops on the project include outcrop number 6 to the south which has an approximate 1.5km strike length with grades of up to 58.94% iron returned from assay.
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Marmota sample location
1981 WMC drillhole location
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24
Marmota 4WD
Significant scale of iron outcrop, photograph from the top of the southern end of Outcrop 4
25
South Australia iron ore projects comparison table
(Source: PIRSA M20 Information sheet – October 2011)
IRON EXPLORATION TARGET ASSESSMENT
-
Independent assessment of exploration results completed by Marmota during 2011 and previously by other exploration organisations including Western Mining Corp.
-
Preliminary exploration target of 60 – 125 million tonnes at a grade of 40-59% Fe haematite potential was determined[1] .
-
Iron mineralisation potential along a 8km strike.
-
Deleterious elements, such as silica and aluminium within specifications for blast furnace feed.
-
Significant intervals of siderite complement the intervals of haematite. Potential for additional iron inventory, since it is 48% iron and typically contains no sulfur or phosphorus.
South Australia iron ore projects comparison table
(Source: PIRSA M20 Information sheet – October 2011)
| SA Iron ore project | Type | Size (Mt) | Grade (% Fe) |
|---|---|---|---|
| Iron Chieftain | haematite | 18.2 | 58 |
| Wilgerup | haematite | 13.2 | 57.7 |
| Peculiar Knob | haematite | 19.2 | 64 |
| Warramboo | magnetite | 110.5 | 19.4 |
| Hawks Nest | haematite and | 102.5 | 37.4 |
| magnetite | |||
| Western Spur | haematite | 160 -125 | 40 – 59 |
| (exploration target) |
- 1The estimates of exploration target sizes mentioned above should not be misunderstood or misconstrued as estimates of Mineral Resources. The estimates of exploration target sizes are conceptual in nature and there has been insufficient results received from drilling completed to date to estimate a Mineral Resource compliant with the JORC Code (2004) guidelines. Furthermore, it is uncertain if further exploration will result in the determination of a Mineral Resource.
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26
Melton Copper-Gold Projects
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27
-
Significant copper grades intersected in drilling at the Melton copper-gold project on South Australia’s Yorke Peninsula.
-
Results include 9 metres at 1.03% copper including 1 metre at 2.25% copper and 0.46 g/tonne gold intersected in drill hole MIRDD08.
-
Significant grades of silver up to 112.1 g/tonne with elevated rare earths also returned from assay.
-
Broad zone of copper mineralisation extending for at least 1.3 km defined in the partially drill tested Miranda target.
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West
Melton
Melton
Interpreted
continuation of the
Pine Point Fault
Zone
TARGET 3
TARGET 2
TARGET 1
MIRANDA
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-
Miranda target is up to 3 km in length.
-
Eight drill holes have been completed at Miranda.
-
Drill holes intersected observable sulphide mineralisation (pyrite and chalcopyrite).
-
The Miranda target is interpreted to be analogous to three other potential targets across the Melton and Marmota’s 100% owned West Melton projects.
• These three prospective targets are interpreted to be shallower than the Miranda target. The large host mafic body at the centre of the targets is interpreted to have undergone faulting with uplift of the north western half of the body. This uplifted section potentially offers shallower targets for drill testing.
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29
– Miranda Target Large magnetic body extending to Depth
Interpreted low grade zone
Interpreted high grade zone
Miranda target Phase 1 and 2 assay results schematic. Miranda total magnetic intensity image with drill hole locations shown and copper intercepts down hole displayed as coloured disks. Interpreted zones of grade displayed as shaded transparent fill.
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30
Significant results from Phase 1 and 2 of drilling of the Miranda target include:
| Hole | East | North | From m | Interval m | Cu % | Au g/t | Ag g/t | |
|---|---|---|---|---|---|---|---|---|
| MIRDD01(Phase | 773860 | 6219295 | 451 | 21 | 0.11 | 1.02 | ||
| 1) | ||||||||
| MIRDD04(Phase | 773835 | 6219245 | 432 | 4 | 0.15 | 1 | ||
| 1) | ||||||||
| 463 | 4 | 0.13 | 0.9 | |||||
| 487 | 3 | 0.26 | 3.56 | |||||
| MIRDD05(Phase | 773832 | 6219146 | 438 | 1 | 0.21 | 0.4 | ||
| 2) | ||||||||
| MIRDD06(Phase | 773762 | 6219294 | 373 | 3 | 0.25 | |||
| 2) | ||||||||
| 466 | 12 | 0.23 | ||||||
| Including | 1 | 1.2 | ||||||
| and | 1 | 0.65 | ||||||
| MIRDD08 | 773930 | 6219630 | 461 | 9 | 1.03* | |||
| (Phase2) | ||||||||
| including | 4 | 1.5 | ||||||
| including | 1 | 1.35 | 4.3 | |||||
| and | 1 | 2.25 | .46 | 112.1 | ||||
| and | 1 | 1.5 | 3.2 |
Interval widths are downhole widths. Individual samples include both 1m and *3m composite samples. Cu determined by multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids in Teflon Tubes. Analysed by Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry. Ag determined by Inductively Coupled Plasma Mass Spectrometry. Au determined by Lead collection fire assay and analysed by Flame Atomic Absorption Spectrometry.
Right: Example of copper mineralisation (chalcopyrite) observed in Miranda drill hole MIRDD06 during 2011 Phase 2 drilling.
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MELTON
PROJECT
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Forward Plan
-
Petrological assessment of mineralised samples from key intercepts.
-
Reassessment of shallower intervals of drillholes for potential further assay.
-
Phase 3 drilling program which will aim to more clearly delineate the potential high grade mineralised zones discovered by Marmota at Miranda.
-
Ground electromagnetic survey followed by drill testing of additional targets on West Melton.
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32
-
Marmota Energy in strategic partnership with high grade gold producer Ramelius Resources Limited (ASX: RMS) for gold project generation in the gold fields of Nevada.
-
Marmota is currently participating in two high
-
grade potential gold projects with RMS:
Big Blue
-
A small reconnaissance drill program commenced ahead of schedule in March of this year over the West Cottonwood anomaly to test the stratigraphy below anomalous Upper Plate soil geochem + rock chips up to 56g/t Au .
-
This complements historic shallow drilling intercepts which included 3m @ 3.08g/t Au.
-
Previous drilling; hole BBR11-01 returned 9.15 metres at 1.63 g/t Au which includes 1.5 metres of 6.11 g/t Au.
-
The results are considered encouraging, supporting the Carlin-Style gold mineralisation model for the project.
Nevada Gold Projects
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- Drill program was hampered by unexpected weather throughout March. The program recommenced in September 2011 , awaiting assay results.
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Angel Wing
-
Surface rock chip sampling has returned encouraging assay results up to 3m @ 17.1g/t Au (Ramelius’ check sampling returned 3m @ 25.2g/t Au + 89.2g/t Ag).
-
Ramelius’ 1m rock chip samples returned
-
assays up to 57.7g/t Au with coincident elevated silver values (up to 232ppm Ag).
-
2011, seven drill holes completed for a total of 1,067m in September 2011.
-
Awaiting assay results.
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Sample from Angel Wing of mixed silica and calcite with visible gold. Sample returned 34.28 g/t Au . Sample photo published at Miranda Gold Corp web site.
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Summary
Junction Dam uranium
-
Growth of the maiden resource at the Saffron deposit.
-
Significant expansion potential identified at Bridget and Yolanda prospects.
Western Spur iron ore
- Logging of WMC open drill holes in December 2011.
Melton copper - gold
- Phase 3 drilling being planned.
Maintaining exploration momentum across MEU’s stable of projects including:
| Uranium | Copper - Gold | Iron ore |
|---|---|---|
| Junction Dam | Melton | Western Spur |
| Lake Frome EL’s | Aurora Tank | |
| Pundinya | Nevada projects | |
| Rudall East |
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MARMOTA ENERGY LIMITED ASX CODE: ‘MEU’ www.marmotaenergy.com.au
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr D J Calandro, who is a Member of the Australian Institute of Geoscientists. Mr Calandro is employed full time by the Company as Managing Director and, has a minimum of five years relevant experience in the style of mineralisation and type of deposit under consideration and qualifies as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Calandro consents to the inclusion of the information in this report in the form and context in which it appears.
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