Greenewood’s Untapped Gold Potential Raises Questions on Marmota’s Next Moves

• Greenewood part of Golden Moon JV with 90% Marmota ownership
• Historical drilling shows multiple high-grade gold intercepts near surface
• Only ~7,000m RC drilling to date compared to 70,000m at Aurora Tank
• Maiden drilling program at Greenewood is being planned
• Deposit open in all directions with strong potential for resource growth

Introducing Greenewood Gold

Marmota Limited (ASX – MEU) has provided the market with its first comprehensive update on the Greenewood Gold deposit, a key 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 promising but relatively underexplored gold target.

The announcement compiles and re-presents historical drilling results originally reported by Tyranna Resources between 2016 and 2017. These results, now formally published by Marmota to comply with ASX Listing Rule 5.7, reveal multiple high-grade gold intercepts close to surface, including standout hits such as 1 metre at 53 grams per tonne (g/t) gold and 1 metre at 37 g/t gold.

Historical Drilling and Exploration Context

Greenewood has seen only around 7,000 metres of Reverse Circulation (RC) drilling to date, a modest footprint compared to the extensive 70,000 metres drilled at Aurora Tank. Despite this limited exploration, the deposit already shows significant mineralised intervals, with some high-grade intercepts extending over wider zones, for example, a 14-metre interval averaging 6 g/t gold and a 22-metre interval averaging 4 g/t gold.

The deposit was initially discovered by Tyranna Resources in 2016 following anomalous results from earlier rotary air blast drilling. Marmota acquired Tyranna’s South Australian gold assets in 2020 and has since undertaken an internal review led by geologist Dr Kevin Wills, who has a strong track record including involvement in the Challenger gold mine discovery.

Strategic Location and Growth Potential

Greenewood is part of an “Arc of Six” gold deposits in the northwest Gawler Craton, all hosted in northeast-trending structures with potential for depth extensions. The deposit’s mineralised strike length is currently about 500 metres and remains open in all directions, suggesting substantial upside for resource expansion.

Its proximity to Aurora Tank and other Golden Moon JV deposits offers potential operational synergies, including shared infrastructure and economies of scale. Marmota highlights that all significant intercepts at Greenewood lie within 100 metres of surface, which could support low-cost open pit mining methods.

Looking Ahead – Maiden Drilling Program

Marmota is finalising plans for its maiden drilling program at Greenewood, aiming to test lateral and depth extensions of the mineralisation. This program will be critical to upgrading the deposit’s status from early-stage exploration to a defined resource, potentially unlocking value for shareholders.

The timing and scope of the drilling campaign are expected to be announced shortly, with the company expressing optimism given the current gold price environment, which has tripled since the initial drilling was completed in 2018.

Overall, Marmota’s update on Greenewood marks an important step in advancing its South Australian gold portfolio, complementing its flagship projects and reinforcing its position in a highly prospective but underexplored region.

Bottom Line?

Greenewood’s maiden drilling will be a key catalyst to watch as Marmota seeks to unlock significant value from this high-grade, underexplored gold deposit.

Questions in the middle?

• What will Marmota’s maiden drilling program reveal about Greenewood’s true resource potential?
• How might Greenewood’s development integrate operationally with Aurora Tank and other JV deposits?
• What impact will current gold prices have on the economics and pace of Greenewood’s exploration?