Marmota's Breakthrough at Greenewood: Game-Changing Gold Intersects Reshaping South Australian Exploration

High-Grade Gold Intercepts Signal Major Discovery Potential

Marmota Limited (ASX:MEU) has reported exceptional results from its initial drilling campaign at the Greenewood gold discovery located in South Australia’s Gawler Craton region. The company’s announcement on December 11 showcased drilling returns that have captured industry attention, with standout figures including 95 grams per tonne (g/t) gold intersected over 22 metres, nested within a broader 33-metre zone grading 10 g/t gold, plus an additional 109 g/t gold interval from 26 metres downhole in the same drill hole.

Why These Numbers Matter

The grades reported position Greenewood among the most significant discoveries in the Gawler Craton since the Challenger deposit’s identification in 1995—a benchmark that underscores the geological importance of Marmota’s findings. Industry observers note that intercepts of this caliber at such shallow depths suggest substantial production economics for potential open pit extraction methods.

Geological Characteristics Favor Development

Exploration data indicates the mineralisation spans from 17 to 67 metres below surface across a 900-metre strike length, with the mineralized zone remaining open in both directions. The drilling program achieved remarkably consistent results across multiple holes, with numerous high-grade intersections occurring near surface—a characteristic that typically supports low-cost extraction scenarios. Metallurgical testing completed to date has demonstrated excellent recovery rates, suggesting heap leach processing could prove viable for future production planning. “The results indicate excellent potential for low-cost, low capex open pit heap leach gold production,” Marmota noted.

Strategic Location and Ownership Structure

The Greenewood prospect sits approximately 35 kilometres northwest of Marmota’s Aurora Tank gold deposit in the same region. The asset forms part of the Golden Moon joint venture arrangement, wherein Marmota controls a 90 percent interest through its fully-owned Half Moon subsidiary, positioning the company to capture substantial upside from continued success.

Stage 2 Operations Gaining Momentum

Phase 2 drilling commenced on November 19, with the operational team achieving drilling rates exceeding 350 metres per day. The current program targets approximately 85 reverse circulation (RC) drill holes with a planned 8,500 metres of total RC drilling, subject to seasonal breaks. This acceleration follows the initial phase, which had accumulated only 7,000 metres of RC drilling since discovery—suggesting substantial exploration upside remains untested.

Market Response Reflects Investor Confidence

Marmota shares responded decisively to the announcement, closing at AU$0.130 on December 11, representing an 83.10 percent single-day gain from the previous session’s AU$0.071 close. The market enthusiasm reflects investor recognition of the discovery’s potential significance and Marmota’s ability to unlock value in the prolific Gawler Craton region.