Greenewood Shows Multiple 20+ g/t Gold Hits Near Surface in Limited Drilling

Introduction to Greenewood

Marmota Limited (ASX: MEU) has provided its inaugural detailed update on the Greenewood Gold deposit, a promising asset within its Golden Moon Joint Venture (JV). Located approximately 35 kilometres northwest of Marmota’s flagship Aurora Tank deposit in South Australia’s Gawler Craton, Greenewood represents a relatively underexplored but highly prospective gold target. The company holds a commanding 90% interest in Greenewood through its wholly owned subsidiary, Half Moon Pty Ltd.

Historical Drilling and High-Grade Intersections

Despite its potential, Greenewood has seen only about 7,000 metres of Reverse Circulation (RC) drilling since its discovery in 2016 by Tyranna Resources. This is modest compared to the extensive drilling at Aurora Tank, which exceeds 70,000 metres. Nevertheless, the limited drilling has already revealed multiple high-grade gold intersections close to surface, including standout results such as 1 metre at 53 grams per tonne (g/t) and several other hits above 20 g/t. These grades are significant, especially given the shallow depths, mostly within 50 metres from surface, making the deposit amenable to low-cost open-pit mining.

Strategic Location and Growth Potential

Greenewood’s location within the so-called “Arc of Six” gold deposits, which includes the nearby Challenger Gold mine and Marmota’s Aurora Tank, positions it strategically for future development. The deposit’s mineralised strike length currently measures around 500 metres and remains open in all directions, suggesting substantial upside for resource expansion. Marmota’s recent internal review, led by experienced geologist Dr Kevin Wills, underscores the enormous potential to grow Greenewood’s resource base, especially given the limited prior exploration and the presence of multiple open mineralised trends.

Favourable Market and Operational Outlook

The timing of this update is particularly favourable. The current Australian gold price hovers around A$5,000 per ounce, nearly triple the price when initial resource work was conducted in 2018. This price environment enhances the economic attractiveness of Greenewood, especially as all known mineralisation lies within 100 metres of surface, supporting the feasibility of low-cost open-pit mining methods. What's more, proximity to Marmota’s Aurora Tank deposit offers potential operational synergies and economies of scale, which could reduce capital and operating costs if development proceeds.

Next Steps and Market Implications

Marmota is currently finalising plans for its first drill program at Greenewood since 2018, aiming to expand and better define the resource. This upcoming drilling campaign will be closely watched by investors and analysts eager to see how the deposit’s potential translates into updated resource estimates and, ultimately, project economics. The company’s broader strategy to consolidate and develop multiple deposits within the Golden Moon JV and the Gawler Gold project signals a methodical approach to building a significant gold resource in a historically underexplored region.