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MENAFN - ProactiveInvestors - Australia - 19/11/2012

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(MENAFN - ProactiveInvestors - Australia) Marmota Energy's (ASX: MEU) rock chip sampling at the Durkin copper-nickel prospect, within the Pundinya project in South Australia, shows the main target zone lies within a larger copper and nickel-incalcrete anomaly, previously defined, that extends for more than 5 kilometres.

Results are from several rock outcrop sites within the main target zone that extends for about 1.2 kilometres.

Grades of up to 2,050 parts per million (0.2%) copper, significantly higher than previously reported, have been returned, with multiple sites returning assays greater than 1,000 parts per million copper.

These results along with previously announced calcrete sample assays continue to strongly support the potential for copper-nickel mineralisation at Durkin.

A drilling proposal has already been submitted for regulatory approval.

Assays from rock chip samples also include nickel grades of up to 730 parts per million, significantly higher than the previously reported maximum nickel-in-calcrete and Niton readings.

Associated vectoring elements chromium and cobalt also returned maximum grades of up to 3,931 parts per million and 71.2 parts per million respectively.

The continued association of copper, nickel, cobalt and chromium is considered critical and a positive sign for the project as they are all very common in other copper-nickel projects of this type.

Further sampling is underway and will be concluded by mid-December.

Rock chip and calcrete sampling results will be used to develop a detailed geochemical anomaly map specific to the current target zone.

This will be combined with other datasets, including geophysics, to target priority areas for drill testing.

Gravity survey

A high resolution ground gravity survey has been completed over the Durkin prospect. The survey results define a large gravity high coincident with the copper and nickel-in-calcrete anomaly.

The gravity data will assist in mapping potential host intrusions and the sulphide bodies that usually have much higher densities than those of the surrounding rocks.

The resulting gravity anomalies will also be useful in defining the subsurface geometries of these bodies.

Exploration upside

Additional gravity anomalies east of the current defined target zone have also been identified.

These gravity features are also coincident with interpreted unique structural features identified from airborne magnetic data.

The design of the airborne electromagnetic survey has been altered to now include these additional areas which Marmota believes may also have potential for mineralisation.

Airborne electromagnetic survey

Fugro Geophysics has been contracted to fly a high resolution airborne electromagnetic survey over the northern half of the Pundinya tenement which hosts the Durkin prospect.

The survey acquisition is about 50% complete and is expected to be completed by the end of the week.

The survey is also expected to provide vital information relating to the potential depth extent and shape of any conductive features which may represent mineralised bodies.

Exploration plan

Marmota will continue to progress its exploration program at Durkin in preparation for drill testing of ranked targets, with the program to include:

- Completion of surface sampling program and laboratory analysis;
- Assessing and modelling of new gravity data;
- Completion of airborne electromagnetic survey survey, then processing and modelling of results;
- Compilation of surface sampling results to create a target zone specific geochemical anomaly map;
- Approvals for drilling by the regulator;
- Data and model results assessment for design of Stage 1 drilling program;
- Stage 1 reverse circulation drill testing of targets;
- Assessment of Stage 1 drilling results; and
- Result dependent follow-up Stage 2 drilling, diamond core holes.


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