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Marmota finally bags Jumbuck gold project in South Australia

After what turned into somewhat of a bidding war with recently de-listed Syngas Limited, Marmota Limited has bagged fellow ASX-listed Tyranna’s Jumbuck gold project in South Australia’s gold-rich Gawler Craton.

Marmota Chairman, Dr Colin Rose, said Tyranna had finally accepted it’s $3m cash and share deal by entering into a formal sale and asset agreement for the prospective ground on the uber-rich mineral terrain that is SA’s Gawler region.

The total consideration payable to Tyranna is $2.5 million in cash and $500,000 in Marmota shares, giving Tyranna shareholders the additional upside to any future success at Jumbuck.

After finally getting the deal done, Dr Rose added:

The Jumbuck Gold Project is our immediate neighbour in the Gawler Craton. It is our backyard. It is where we do our gold exploration and our exploration team know the ground. We believe that if anyone can make it work, Marmota can. The sale price at $3m is 3 times the amount originally offered, and we believe is also an excellent outcome for Tyranna shareholders

Marmota’s initial shot across the Tyranna boardroom’s bow was a $1.3m fired off back in May, topped up with a second shot at $2.6m as recently as July this year. The latest, ultimately successful, $3m salvo was perfectly timed to land at Tyranna’s scheduled shareholder meeting where it expected to present a fresh offer for consideration from de-listed Syngas.

The prize for Marmota has always been the Jumbuck project – a cluster of leases that sit between the Marmota land bank and the dormant Challenger underground mine which is owned by the currently unlisted Barton Gold.

Tyranna had previously reported a gold resource of 319,000 ounces from dirt grading 1.1g/t gold at Jumbuck. Importantly, its proximity to the Challenger mill stands out, particularly given that Barton is considering re-stocking the mill by trucking ore from its Tarcoola open pit about 130km away.

The mothballed Challenger gold operations once churned out over 1 million ounces of gold at a reported 6g/t gold before WPG Resources went into administration.

The resource that is Jumbuck sits amongst a number of small mineral deposits within a 7,279 square kilometre grab bag of tenements soon to sit with Marmota.

Is your ASX listed company doing something interesting? Contact: matt.birney@wanews.com.au

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