Marmota Ltd, listed on the ASX, is intensifying its inaugural drilling campaign at the Campfire Bore gold discovery in South Australia. The company is increasing its initial program from approximately 16,500 meters to a total of 20,000 meters.
The drilling will be conducted in two stages, focusing on high-grade, near-surface gold mineralization within the newly formed Golden Moon joint venture (JV), located near Marmota’s flagship Aurora Tank gold project, just 30 kilometers to the east.
The first phase of reverse circulation (RC) drilling at Campfire Bore has been completed, comprising 86 holes drilled over 11,690 meters. Samples from this initial phase are currently being analyzed in the lab, with results expected by early December.
Marmota’s management believes Campfire Bore has “enormous potential” for growth, noting that previous drilling has primarily targeted only the upper 20 to 30 meters from the surface. The company aims to further explore Campfire Bore, confident that the deposit could rival the potentially open-pittable gold at Aurora Tank.
Executive Chairman Dr. Colin Rose commented, “Drilling at Campfire Bore has been progressing very well, with up to 450 meters of RC drilling completed in a day. This is our first program at Campfire Bore, and we are working to better understand the location of high-grade mineralization. We eagerly anticipate the assay results from Stage 1 drilling.”
Aurora Tank has recently undergone 7,500 meters of drilling, bringing the total to over 60,000 meters, compared to Campfire Bore, which has seen only 10,000 meters of drilling that has already revealed approximately 109,000 ounces of near-surface gold.
The close proximity of Campfire Bore to Aurora Tank, along with the broader Green Moon JV, presents Marmota with strategic synergies in the current record-high gold market. All resources within the Golden Moon JV are located within 100 meters of the surface, making them suitable for open-pit mining and cost-effective heap leach processing.
As gold prices continue to set new records, exceeding AU$4,000 per ounce—more than double the price during earlier resource estimates at Green Moon in 2018—Marmota is eager to establish gold production swiftly. The company’s outlook for growth and resource expansion remains promising, with Stage 2 drilling scheduled to commence in December. Marmota is positioning itself to become South Australia’s next low-cost gold producer.
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