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Marmota gets green light on Jumbuck gold acquisition

13 October 2021

ASX:MEU

Rueben Hale

Marmota Ltd will soon take ownership of Tyranna Resources Jumbuck Gold project following ministerial approval of the transaction.

The Jumbuck project, located in north-western South Australia, consists of more than 8,000 square kilometres of territory surrounding the one million-ounce producing Challenger Gold Mine.

Under the terms of the agreement, Marmota has agreed to immediately release $200,000 of funds already held in trust to Tyranna, with the balance of $2.2 million held cash, plus $500,000 MEU shares, to be released upon the expected completion of the sale later this month.

The news comes just a day after the company announced it was moving rapidly toward production following successful drilling at the highly prospective Aurora Tank gold project in SA.

“We are very pleased that this critical hurdle has been achieved and look forward to the imminent settlement of the transaction.

“More detail about the tenement package and the Jumbuck gold project will be provided post-completion.

MEU’s Australian Stock Exchange-listed shares were trading at 4.4c today (10:13 am GMT+ 8 hours).

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COMPANY OVERVIEW

Marmota Limited (ASX: MEU) is a South Australian mining exploration company, focused on gold, copper and uranium. Gold exploration is centred on the Company’s dominant tenement holding in the highly prospective and significantly underexplored Gawler Craton, near the Challenger gold mine, in the Woomera Prohibited Defence Area. The Company’s copper project is based at the Melton project on the Yorke Peninsula. The Company’s uranium JORC resource is at Junction Dam adjacent to the Honeymoon mine.

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ASX:MEU

Website
marmota.com.au

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