Project generation alliance with Ramelius Resources
Marmota Energy has expanded its exploration interest to Nevada, USA, via an agreement with Ramelius Resources Limited (ASX: RMS) for gold project generation. Under the terms of the agreement, Marmota will have the right to earn 40% of any interest in any gold projects that Ramelius sources.
Gold mining is a major industry in Nevada and is one of the largest sources of gold in the world. Nevada currently produces 82% of all gold mined in the United States, with 5.7 millions ounces mined in 2008.
Marmota, through Ramelius, currently has an interest in two projects - Big Blue and Angel Wing.
Big Blue
The Big Blue project is considered highly prospective for large sediment-hosted gold deposits. Ramelius Resources has executed a letter of acceptance with Miranda Gold Corp on this project. Surface sampling over the project has yielded significant gold anomalism. Miranda Gold Corp has completed 100x50m infill soil sampling, geological mapping and a detailed gravity survey over the West Cottonwood prospect area, where a coincident plus 9ppb gold in soil anomaly and anomalous rock chips up to 56g/t Au have been identified to date.
Maiden drill testing of the West Cottonwood prospect commenced in March 2011, with four holes totalling 745.3m drilled to date.
Marmota can earn 40% of Ramelius' equity in the Big Blue project through incremental contributions over four years. Ramelius will have the right to earn 70% in the project.
Angel Wing
The Angel Wing project covers 7.3 sq km in Elko County in north-eastern Nevada and represents a largely unexplored low sulphidation epithermal gold vein field. The epithermal veins occupy and undrilled north-south directed dilational jog that can be traced over at least 1.5km strike within the project area.
Surface rock chip sampling has returned encouraging assay results up to 3m @ 17.1g/t Au (Ramelius' check sampling returned 3m @ 25.2g/t Au + 89.2g/t Ag). Ramelius' 1m rock chip samples returned assays up to 57.7g/t Au with coincident elevated silver values (up to 232ppm Ag).
Drilling of the Da Vinci vein and Goya zone commenced in late 2010 with five holes completed. Intervals intersected in the Da Vinci vein included 1.5m of 4.05 g Au/t and 1.5m of 3.80 g Au/t in hole AW10-03.
Marmota can earn 40% of Ramelius' equity in the Angel Wing project through incremental contributions totallling $1.6m over four years. Ramelius will have the right to earn 70% in the project.
Angel Wing and Big Blue project location
