Interesting that they state a possible new province like SIR.
Marmota Energy (ASX: MEU) has discovered visible copper and nickel sulphide mineralisation in surface outcrop on its wholly owned Pundinya tenement in the Gawler Craton of South Australia, which has rocketed shares 400% higher.
By late-morning trade over 17 million shares had changed hands, with shares hitting an intra-day high of A$0.26, compared to yesterday’s closing price of $0.052.
The extensive outcrop was discovered within a 5 kilometre long coincident copper-nickel in calcrete anomaly and magnetic target at the Durkin prospect.
Infill surface sampling currently in progress at the prospect has confirmed large scale outcrop with a number of sites containing good quality visible copper and nickel mineralisation.
NITON XRF spot readings have also been undertaken of key sample sites with readings returning results far exceeding previously reported maximum copper results from sampling.
The readings include copper grades of up to 654.32 copper, well above the previously reported maximum of 175 parts per million copper.
These results confirm the potential of the Durkin prospect to host large scale near surface copper and nickel sulphide deposits.
The strong similarities between the prospect and Sirius Resources’ (ASX: SIR) Nova discovery in the Fraser Range of Western Australia bode well for the potential to define a new nickel province in the Gawler Craton.
MEU Price at posting:
18.0¢ Sentiment: None Disclosure: Not Held
