Marmota Energy finds high grade iron above 58% at Lake Anthony, South Australia
Marmota Energy (ASX:MEU) will trade higher after reporting high grade iron results grading above 58% from its Lake Anthony project in South Australia.
Marmota recently conducted a field reconnaissance program to identify and map basement geology outcropping, identifying previously unrecognised iron outcrops associated with a large geophysical anomaly.
A total of 8 surface samples were collected and submitted for geochemical analysis with results up to 82% iron oxide, or 58% iron.
Deleterious elements with grades ranging from 0.4% aluminium, 0.02% phosphorous and 0.01% sulphur, are considered low.
Several other iron-focused explorers control tenure in the vicinity including Fortescue Metals Group (ASX:FMG), Iron Road (ASX:IRD) and Apollo Minerals (ASX:AON).
Follow up outcrop mapping, systematic sampling and ground based magnetic surveys are planned to define further targets in the area.
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