Large Scale Copper-Nickel Prospect Identified on Pundinya Project - in SA's Gawler Craton
Durkin nickel prospect - Pundinya project
(Marmota Energy Limited (ASX: MEU) 100%)
- 5 km long coincident copper/nickel-in-calcrete anomaly and magnetic target identified on Pundinya in the Gawler Craton.
- Anomalous copper and nickel-in-calcrete with grades of up to 175 ppm Cu and 330 ppm Ni, similar to the initial results reported from the recent Nova discovery in WA.
- Infill sampling currently underway over areas of outcrop.
- Clearances completed facilitating access for drill testing.
Surface geochemical results
A zone of strong coincident Ni and Cu in calcrete anomaly has been defined on the project from previously acquired calcrete sampling programs. The maximum copper in calcrete value is 175 ppm Cu and the maximum nickel value is 330 ppm Ni.
The anomaly is very similar to the geochemical in soils results from the recently announced Sirius Resources (ASX:SIR) Nova nickel discovery in Western Australia. The copper in soils at Nova reaches a maximum of 175 ppm Cu and the maximum nickel in soils reaches 373 ppm Ni as shown in the diagram below.
Marmota Energy's Pundinya tenement is located in a similar environment to Nova, but within the Archaean -Palaeoproterozoic Christie Domain of South Australia's Gawler Craton. The bedrock at Durkin is Archaean Mulgathing Complex which comprises gneiss, intruded by mafic and granitic intrusions and cut by a series of shear zones. This lithological setting is very similar to the Nova discovery in WA. Marmota's Durkin nickel anomaly is currently being sampled to follow up existing samples of 300 and 330ppm Ni within calcrete samples. The Durkin area is known to carry high nickel and chromium values reflecting the underlying ultramafic rocks. Historic auger drilling in the area returned 230ppm Ni and 3900ppm Cr. During recent field programs surface outcrops were found to contain a nickel-bearing minerals pentlandite and phyrrotite (magnetic pyrite) which are often associated with nickel sulphides.
Geophysical data over Durkin display geophysical and structural similarities with the Nova discovery. The magnetic data over both projects are interpreted to have a distinct circular geophysical feature associated with the nickel geochemical anomaly (Figure 5).
These results confirm the potential of the Durkin nickel prospect to host large scale nickel-copper sulphide deposits. The Pundinya project is located in the heart of this long established Archaean-Palaeoproterozoic geological province of South Australia. The project area also hosts the Company's Pundinya uranium prospect where grades of up to 3200 ppm uranium returned from assay (previously announced). The strong similarities between the Durkin Ni prospect and Nova discovery bode well for the potential to define a new nickel province in the Gawler Craton.
Forward plan and exploration access
The Pundinya tenement has received heritage clearance, which facilitates immediate exploration access.
Infill sampling programs are currently underway focusing on zones of outcrop and shallow potential. The results will be used to finalise targets for electromagnetic geophysics and follow up low cost shallow drill testing.
The Company's net cash position at 30 June 2012 was $2.2 million ensuring the Company is fully funded for its near term budgeted expenditure. Upcoming exploration programs will focus on shallow, high impact drilling in the Gawler Craton region searching for high grade targets. The Company retains good flexibility in managing its significant tenement position and is fully funded for its 2012/13 exploration programs.
To view the complete Marmota Energy announcement including Tables, Figures and results of Pundinya project, please click the link below:
About Marmota Energy Limited
Marmota Energy Limited (ASX:MEU) is an integrated precious metal and uranium exploration specialist offering shareholders exposure to a pipeline of discovery opportunities.
We intend to continue growth through a two-pronged approach of:
discovery and resource definition on existing key projects with a focus on financial returns and building shareholder value; and
identifying and investing in advanced exploration opportunities with emphasis on potential near-term production and revenue capability.
Marmota is continuing to maximise its discovery opportunities through the application of leading edge exploration techniques in our project areas.
High resolution gravity data and airborne electromagnetic (AEM) surveys have successfully mapped prospective geology along palaeochannels and defined potential IOCGU targets.
Marmota's tenement interests cover in excess of 10,000 square kilometres in the Gawler and Curnamona Cratons.
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