Marmota Ltd (ASX:MEU) has found evidence of high-grade gold in multiple holes during its first drill program at the Campfire Bore discovery in South Australia.

High-grade gold was found both near the surface and at depth through the drilling – which is being progressed as part of Marmota’s new ‘Golden Moon’ joint venture with Coombedown Resources.

Results included four metres at 16 grams per tonne (g/t) of gold from 56 metres below surface in one hole – in an area which has received little drilling work; 16 metres at 2.7 g/t gold from 35 metres including four metres at 8.6 g/t from 42 metres; four metres at 9.4 g/t gold from 101 metres; and four metres at 9.1 g/t gold from 139 metres.

Marmota has been able to identify and develop a high-grade zone to the south and has interpreted the southern block to be open (closer to the surface) to the south and east.

Chairman Dr Colin Rose said the work had provided an increasingly optimistic story for exploration in the area.

“Marmota is progressing a pipeline of gold deposits in the Gawler Craton, to follow on after Aurora Tank,” he said.

“We are delighted to already be finding new high-grade gold extensions in the first stage of our first ever drilling program at Campfire Bore.”

At 12:59 AEDT, Marmota is trading at 3.8 cents – a rise of 5.56% since the market opened.

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