Greenewood Drilling Yields 33m at 10 g/t Gold Over 900m Strike Length

A Spectacular Maiden Program

Marmota Limited (ASX, MEU) has announced outstanding assay results from its inaugural drilling campaign at the Greenewood gold discovery, located in South Australia’s prolific Gawler Craton. The maiden program, completed in August 2025, returned bonanza-grade gold assays reaching as high as 109 grams per tonne (g/t) from near-surface intervals, a remarkable achievement that underscores the project’s potential.

The drilling, comprising 146 reverse circulation holes totaling over 15,000 metres, has delineated a nearly continuous high-grade mineralised system extending approximately 900 metres along strike. This continuity, combined with multiple thick intersections such as 33 metres at 10 g/t gold, positions Greenewood as one of the most significant gold discoveries in the region since the Challenger deposit was found in 1995.

Strategic Location and Scale

Greenewood sits roughly 35 kilometres northwest of Marmota’s flagship Aurora Tank gold deposit and about 30 kilometres northeast of the Challenger Gold Mine. This proximity offers clear economies of scale and scope, potentially enabling integrated development strategies that leverage existing infrastructure and expertise.

Greenewood is part of the Golden Moon Joint Venture, with Marmota holding a commanding 90% ownership. The project had seen limited drilling prior to Marmota’s maiden program, with only around 7,000 metres drilled since its discovery and no activity since 2018. Marmota’s renewed focus has rapidly expanded the understanding of the deposit’s size and grade.

Technical Highlights and Next Steps

The assays include numerous hits exceeding 20 g/t gold, with half of the high-grade one-metre splits occurring between 17 and 27 metres from surface, indicating accessible mineralisation. The results required specialized re-assaying due to the exceptionally high grades surpassing standard laboratory detection limits, underscoring the bonanza nature of the discovery.

Following the success of the maiden program, Stage 2 drilling commenced in November 2025 and is progressing ahead of schedule. This next phase aims to test extensions along strike and at depth, with the mineralisation remaining open in multiple directions. Concurrently, Marmota has initiated a maiden scoping study for its broader Gawler Gold project, which includes Greenewood and other deposits along the gold belt.

Implications for Marmota and the Region

Greenewood’s bonanza grades and continuity near surface enhance Marmota’s portfolio in a region known for significant gold production. The potential for low-cost, open-pit mining with heap leach processing, as demonstrated at Aurora Tank, could translate into economically attractive development scenarios for Greenewood. The discovery also reinforces the Gawler Craton’s status as a fertile ground for high-grade gold exploration.

As Marmota advances its exploration and evaluation programs, investors and industry watchers will be keenly observing how these results translate into resource upgrades and feasibility outcomes. The company’s ability to expand the mineralised footprint and define a robust resource will be critical in shaping the project’s future trajectory.