Used Mining Equipment for Sale: The Melton project comprises tenements EL3911 and EL4000 as MSloane Consulting provides used mining equipment for sale for mining projects worldwide. Situated on the northern Yorke Peninsula, the tenements cover 165km2 in the northern extension of the Pine Point Fault. The region has iron oxide-copper-gold-uranium mineralisation consistent with the fault area. The region also features many distinct magnetic and gravity characteristics. Historical deposits of the Moonta-Wallaroo copper-gold district are found in this region.The project is situated close to mine and civil infrastructure. Its proximity to major centres and good access to road and rail infrastructure makes it a significant project for Marmota Energy.
To identify the anomalies and gather detailed information about the region's mineralisation, Marmota Energy initiated a high-resolution aeromagnetic survey of the area in September 2009. A close intersection between copper mineralisation, gold and uranium was reported by Rex Minerals, which drilled the hillside prospect, 40km south of the Melton Project. The major intersections at the hillside project included 259m at 1.7% copper and 0.4 g/t gold and 200m at 1.0% copper and 0.2 g/t gold. Anomalous uranium was also reported in several holes.
The survey consisted of flight lines spaced 50m apart. Along with the preliminary magnetic data, the survey revealed up to five high-priority targets in the region. Five anomalies were revealed within the Pine Point fault zone.
The largest anomaly extended for more than 4km, while the smallest measured approximately 1.6km. Two distinct magnetic anomalies trending in the north-south direction extended up to 2km in length. Three magnetic anomalies have also been spotted in the survey, situated west of the fault zone.
Exploration will continue for another six months to determine the structural features of each target area. The company will undertake an infill ground magnetic survey of the region in October 2009.
On its successful completion and indication, the company will further perform a high-resolution ground gravity survey in November 2009. Between November 2009 and February 2010, depending on the harvest requirements, Marmota will conduct drilling tests on the targets.
The exploration will be funded by Marmota Energy. Within two years the company will invest $400,000 on exploration. By early 2010, Marmota will reach 50% of the expenditure commitment. Alongside Marmota, the exploration will be co-funded with funds raised from the placement and share purchase plan released in September 2009.
