Marmota Strikes Bonanza Gold at Greenewood in Maiden Drilling Program
Marmota Limited’s inaugural drilling program at the Greenewood gold discovery in the Gawler Craton has revealed exceptionally high-grade gold intersections, extending the mineralised zone to 900 metres. The company also strengthens its leadership with a new project manager to advance its Gawler Gold projects.
- Maiden drilling at Greenewood yields multiple bonanza-grade gold intersections
- Mineralised zone now extends approximately 900 metres in strike
- Appointment of Paul Richardson as Gawler Gold Project Manager
- Titanium discovery at Muckanippie gains expert advisory support
- Strong cash position despite increased exploration expenditure
Greenewood Drilling Breakthrough
Marmota Limited (ASX – MEU) has delivered a compelling start to its maiden drilling campaign at the Greenewood gold discovery, located within the prolific Gawler Craton. The recent program has uncovered some of the highest-grade gold intersections recorded in the region since the Challenger deposit was found in 1995. Notably, the drilling revealed bonanza-grade gold concentrations over thick intervals close to surface, with standout results including 4 metres at 43 grams per tonne and 28 metres at 12 grams per tonne.
This drilling success has extended the known mineralised zone to nearly 900 metres in strike length, highlighting a near-continuous high-grade gold system. These findings significantly enhance the prospectivity of Greenewood, which had seen limited exploration since 2018 due to non-geological interruptions.
Strategic Project Management Appointment
In tandem with its exploration progress, Marmota has appointed Paul Richardson as Project Manager for its Gawler Gold portfolio. Richardson brings over 36 years of experience in mining and mineral processing, including leadership roles at major gold operations. His expertise is expected to accelerate the development of Marmota’s adjacent gold deposits, starting with the advanced Aurora Tank project, which is located just 35 kilometres southeast of Greenewood.
Advancing Titanium Discovery at Muckanippie
Beyond gold, Marmota is advancing its titanium discovery at Muckanippie by engaging renowned mineral sands geologist Richard Stockwell. Stockwell’s involvement aims to ensure rigorous resource estimation and metallurgical characterisation, positioning the project among significant new titanium mineral sands discoveries globally. This diversification into titanium complements Marmota’s gold and uranium interests, broadening its exploration footprint in South Australia.
Financial Position and Outlook
Despite increased exploration expenditure of over AUD 1 million during the quarter, Marmota maintains a solid cash balance of AUD 3.7 million. The company’s financial discipline supports ongoing drilling and evaluation activities across its portfolio. Meanwhile, gold prices have surged to around AUD 6,300 per ounce, bolstering the economic potential of Marmota’s gold assets.
Looking ahead, Marmota plans to deliver a maiden gold resource estimate for Greenewood, supported by detailed one-metre assay results from its recent drilling. The upcoming Annual General Meeting in Perth on 18 November will provide shareholders with further updates, including insights from the new project manager on the company’s growth trajectory.
Bottom Line?
Marmota’s bonanza-grade Greenewood results and strategic leadership appointments set the stage for a transformative phase in its Gawler Gold projects.
Questions in the middle?
- How will Marmota’s maiden resource estimate at Greenewood impact its valuation and development plans?
- What are the timelines and capital requirements for advancing the Aurora Tank and Greenewood deposits toward production?
- How significant is the titanium discovery at Muckanippie in the context of global mineral sands markets?
