Marmota's Greenewood Discovery Delivers Exceptional Gold Grades in Early-Stage Drilling Program

Marmota Limited (ASX: MEU) shares surged following the release of preliminary assay data from its Greenewood gold prospect in South Australia’s Gawler Craton region. The stock climbed 83.10 percent, closing at AU$0.130 compared to Wednesday’s AU$0.071 close, signaling market enthusiasm for the emerging discovery.

The company’s initial drilling program has produced standout results that compare favorably with major regional discoveries. Standout intervals include 95 g/t gold over 22 metres, with deeper sections returning 109 g/t gold at 26 metres depth. A particularly thick mineralized zone spanning 33 metres graded an average of 10 g/t gold, demonstrating the scale of the prospect.

Early-Stage Discovery Shows Significant Potential

Located 35 kilometres northwest of Marmota’s Aurora Tank deposit, Greenewood remains largely underexplored despite its exceptional grades. To date, drilling activity has totaled approximately 7,000 metres of reverse circulation work since the initial discovery. Management notes that mineralization has been identified across a 900-metre strike length, with grades encountered between 17 to 67 metres from the surface.

The company emphasized the metallurgical characteristics of the deposit, noting robust recoveries in testwork results that support the technical feasibility of open pit, heap leach extraction methods. This processing approach could facilitate lower-cost development and reduce capital requirements compared to conventional milling operations.

Stage 2 Drilling Underway with Accelerated Pace

The second phase of exploration commenced in mid-November, with drilling teams achieving production rates exceeding 350 metres daily. Current plans call for approximately 85 additional reverse circulation holes, targeting a combined drilling total of around 8,500 metres before the Christmas break.

Marmota holds a 90 percent interest in the Greenewood prospect through its wholly-owned subsidiary Half Moon, operating under the Golden Moon joint venture arrangement. The exploration program’s rapid advancement and exceptional assay grades have positioned Greenewood as a noteworthy addition to the company’s portfolio, with mineralization remaining open to further expansion along strike.