Marum picks up gold property in Montana

Alberta-listed Marum Resources intends to acquire the Wolverine gold property in Madison Cty., Mont., as well as additional ground nearby.

Previously, the area was explored for iron ore hosted in an Archean-aged banded iron formation. Re-assaying of previously drilled core returned several gold intercepts, including a section that ran 1.75 oz. gold per ton over 10 ft. at a depth of 160 ft. The gold is associated with chert and massive sulphides in the iron formation.

Samples from reverse circulation drilling and outcrops near the property boundary also contained gold. Values from the drilling ranged from 0.28 to 0.6 oz. over 5 ft., while a grab sample from outcrop assayed 0.35 oz. Diamond drilling is scheduled for the summer.

To acquire the property, Marum must issue 90,000 shares and warrants which, for a 3-year period, can be exercised for an additional 90,000 shares priced at 40 cents each. On the first anniversary of the agreement, Marum will issue a further 90,000 shares if it wishes to acquire the property, subject to a 2% production royalty. The deal has yet to be approved by regulators. In other news, Marum has allowed its option on the Green diamond property in central Montana to expire. It will, however, continue searching the area for diamonds by carrying out a reconnaissance program in the upcoming field season.