All the prerequisites for the updated action and sale contract have been met, leaving only the receipt of ministerial consent for completion.
Marmota Ltd (ASX: MEU) (FRA: 43M) paid the full cash component of $ 2.4 million to acquire the Jumbuck gold project from Tyranna Resources Ltd (ASX: TYX) (FRA: IRN), adjacent to the company’s land at Gawler, South Australia Craton.
All of the preconditions for the updated Share and Sell Agreement have been met, leaving only the receipt of the Ministerial Agreement for a sub-housing unit to be completed.
Double exposure to the Gawler craton
Marmota President Dr Colin Rose said, “The Jumbuck Gold Project is our immediate neighbor in the Gawler Craton.
“We are very pleased that this critical hurdle has been cleared, leaving only Ministerial consent (for a subset of housing) to allow for completion.
“The Jumbuck Gold Project more than doubles Marmota’s Gawler Craton gold exposure from about 5,000 square kilometers to over 12,000 square kilometers in an area that Marmota says already holds great promise for gold mineralization.
Ministerial approval in 2-3 months
The funds, which have been deposited into a trust account, and $ 500,000 of new Marmota shares will be returned to Tyranna upon receipt of Ministerial consent.
This consent is only for the benefit of Marmota and should take approximately two to three months, depending on the workload of the department.
More details on the entire housing and the Jumbuck gold project will be provided in due course, the company added.
On November 30, 2020, Marmota entered into a binding agreement with Tyranna Resources to acquire all of Tyranna’s rights, titles and interests in the Jumbuck gold project.
Gold discovery of the Aurora reservoir
Among the company’s very promising assets in the region is the Aurora Tank gold discovery which returned several exceptional gold intersections exceeding 100 g / t gold over 1 meter, all close to the surface.
Aurora Tank is located near the Challenger Gold Mine in the Woomera Prohibited Defense Zone in South Australia.
Marmota has just completed an upgrade to the camp’s infrastructure ahead of a planned diamond drilling program to discover Aurora Tank gold.