Marmota makes outstanding $2.4 million cash payment for acquisition of neighbouring Jumbuck Gold Project

Marmota Ltd (ASX:MEU) (FRA:43M) has paid the entire outstanding cash component of $2.4 million to acquire Tyranna Resources Ltd’s (ASX:TYX) (FRA:IRN) Jumbuck Gold Project, adjacent to the company’s ground in South Australia’s Gawler Craton. All conditions precedent to the updated share and sale agreement have been satisfied, leaving only receipt of the Ministerial Consent relating to a subset of tenements for completion. Doubles Gawler Craton exposure Marmota chairman Dr Colin Rose said: “The Jumbuck Gold Project is our immediate neighbour in the Gawler Craton. “We are very pleased that this critical hurdle has been achieved, leaving only Ministerial Consent (for a subset of tenements) to enable completion. “The Jumbuck Gold Project more than doubles Marmota’s Gawler Craton gold exposure from around 5,000 square kilometres to over 12,000 square kilometres in an area that Marmota has already demonstrated is highly prospective for gold mineralisation. Ministerial consent in 2-3 months The funds, which have been deposited into a trust account, and $500,000 of new Marmota shares will be released to Tyranna on receipt of the Ministerial Consent. This consent is is solely for the benefit of Marmota and is expected to take about two to three months, depending on the department workload. More details about the tenement package 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 the rights, title and interests of Tyranna in the Jumbuck Gold Project. Aurora Tank gold discovery Among the company’s highly prospective assets in the region is the Aurora Tank gold discovery which has returned multiple outstanding gold intersections in excess of 100 g/t gold over 1-metre, all close to surface. Aurora Tank is near the Challenger Gold Mine in the Woomera Prohibited Defence Area of South Australia. Marmota has just completed a camp infrastructure upgrade in advance of a planned diamond drilling program at the Aurora Tank gold discovery.