Marmota completes Phase 2 at Melton
THE DRILL SERGEANT: Marmota Energy has received assay results from a follow up drill program at its Melton copper-gold project on South Australia’s Yorke Peninsula.
Marmota and its joint venture partner Monax Mining completed Phase 2 reconnaissance drill testing of the Miranda target at Melton.
The program of four diamond drill holes was designed to follow up on results from the JV’s 2010 Phase 1 program at Miranda, located at the southern end of the Melton project area.
The company reported that all four Phase 2 drill holes intersected copper mineralisation in addition to the Phase 1 drill holes that intercepted broad zones of low grade copper at Miranda in 2010.
Marmota considers the drill hole intercepts across both Phases of drilling at Miranda to have defined an interpreted zone of copper mineralisation that extends for at least 1.3 kilometres open to the north.
Drilling completed to date has only partially tested Miranda and the JV partners have further exploration planned on the project over coming months.
Results from the latest round of drilling include:
– 9 metres at 1.03 per cent copper including 1 metre at 2.25 per cent copper and 0.46 grams per tonne gold; and
– Significant grades of silver of up to 112.1 grams per tonne with elevated rare earths.
“Assay results from Miranda have been interpreted to have intersected a broad zone of copper mineralisation, containing a potential high grade zone encompassed in a broad lower grade halo,” Marmota Energy said in its ASX release.
“The mineralisation appears to be shallowing toward the northern end of the target area.
“The majority of the eight drill holes completed across both phases only tested the southern end of the Miranda copper target…with best intercepts achieved at what is interpreted to be a contact between the Miranda target and a larger adjoining mafic body.
Further exploration is planned at the Miranda target, which will include petrological assessment of mineralised samples from key intercepts along with reassessment of shallower intervals of drillholes for potential further assay.
Marmota said it is currently investigating options in conjunction with its Monax with respect to a Phase 3 drilling program, which will aim to more clearly delineate potential high-grade mineralised zones.
The Melton projects are located on Yorke Peninsula, less than 200km from Adelaide.
They cover the northern extension of the Pine Point Fault and contain a number of discrete magnetic and gravity features consistent with copper – gold mineralisation elsewhere along the fault.