Marmota has raised AUD$1m through placement of shares at 1.8c per share, becoming fully funded to progress the Aurora Tank gold discovery and to drill test 10 new gold targets in July.
The placement consists of approximately 56 million shares to be issued at a price of 1.8 cents, with Marmota capping the placement at $1m.
Participants in the placement will be eligible to receive exploration tax credits courtesy of the Federal Government’s Junior Mineral Exploration Incentive (JMEI) for the 2017-18 financial year.
The placement is being made out of the Company’s existing placement capacity under ListingRule 7.1 and 7.1A and does not require shareholder approval.
Over the last two years, Marmota has discovered a portfolio of 10 new gold-in-calcrete anomalous zones on tenements surrounding the Challenger Gold mine in far north South Australia. An investigative drill test program is planned for July.
Each of these zones have been carefully refined and checked by follow-up infill sampling to define consistent significant zones of gold-in-calcrete anomalism. To date, none have been drill tested. This is the same method by which both the Challenger Gold mine and Aurora Tank were discovered: via gold-in-calcrete anomalous zones.
Marmota Chairman Dr Colin Rose said that Marmota’s cash position was now much stronger.
“Our costs are in check, we have a superb team of geologists, we are getting excellent high-grade gold intersections at Aurora Tank and are already looking at pathways to bring it to production. We are delighted to be testing 10 brand new gold targets next month.”