Junior explorer Marmota (ASX: MEU) has released detailed 1-metre split assays from holes 11 to 86 of a maiden drilling program at its Campfire Bore gold discovery in South Australia’s Gawler Craton.
Marmota has already developed a high-grade zone to the south of Campfire Bore and identified priority open extensions, including thick intervals close to the surface.
The program has suggested that almost the entire southern block appears open (or closer to the surface) to the south and east.
The assays feature a bonanza grade of 107 grams per tonne from 57m below the surface in a previously undrilled area.
Five other intersections returned more than 20g/t and 13 intersections were above 10g/t including 5m at 12g/t and 3m at 11g/t.
They follow initial 4m composite results reported in December that included 1m splits from the first ten holes of the same program.
Marmota’s two-stage drilling program is the first exploration to take place at Campfire Bore since 2018.
Stage 1 comprises 86 reverse circulation holes for a total of 11,690m, while Stage 2 will include additional holes to be planned as a follow-up to high-grade intercepts identified in Stage 1.
Chair Dr Colin Rose said the company plans to develop Campfire Bore to sit alongside the more advanced Aurora Tank discovery, located 30 kilometres to the west near the historical mining town of Coober Pedy.
“We are progressing a pipeline of gold deposits in the Gawler Craton to follow on after Aurora Tank and we are delighted to already be finding bonanza-grade gold in the first stage of drilling at Campfire Bore,” he said.
Campfire Bore is part of the Golden Moon joint venture (JV) between Marmota (90% equity) and Coombedown Resources (10%).
It features significant gold mineralisation over a strike of more than 1.5km; however, the area has been subject to minimal historical drilling.
Many of the pre-existing holes are reported to be only 20m to 30m in depth, indicating considerable potential for growth.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.