Marmota Limited has reported a striking 900-metre-long high-grade gold discovery at its Greenewood prospect, significantly expanding its Gawler Gold Project in South Australia. The company’s maiden drilling program delivered exceptional assay results, setting the stage for an upcoming scoping study.
- 900m continuous high-grade gold mineralisation at Greenewood
- Maiden drilling yields bonanza-grade assays up to 109 g/t gold
- Second drilling round completed; assays pending for scoping study
- Experienced project manager appointed to advance Gawler Gold deposits
- Strong cash position maintained with $3.035 million at quarter end
A Breakthrough Discovery in South Australia
Marmota Limited (ASX, MEU) has announced a spectacular expansion of its Greenewood gold prospect within the Gawler Gold Project, revealing a near-continuous 900-metre strike of high-grade gold mineralisation. This discovery, made through the company’s maiden drilling program, has delivered some of the most impressive gold assay results seen in the Gawler Craton since the Challenger deposit was found in 1995.
The initial drilling phase, completed in mid-2025, returned bonanza-grade gold assays including standout 1-metre splits of up to 109 grams per tonne (g/t) and thick intervals such as 33 metres at 10 g/t gold starting just 22 metres below surface. These results not only confirm the presence of high-grade shoots but also demonstrate significant thickness and continuity close to surface, which is highly favourable for potential open-pit mining.
Building Momentum with Follow-Up Drilling and Scoping Study
Following the maiden program, Marmota completed a second round of drilling comprising 129 holes and over 10,000 metres of reverse circulation drilling. Assay results from this stage are expected imminently and will be integrated into the ongoing scoping study for the Gawler Gold Project. This study aims to evaluate the economic viability of mining the newly delineated mineralisation and is a critical step towards advancing the project towards production.
Greenewood’s proximity to Marmota’s flagship Aurora Tank deposit, located just 35 kilometres to the southeast, offers potential operational synergies and economies of scale. Both deposits share similar geological characteristics, which could streamline development and processing strategies, particularly given Aurora Tank’s promising metallurgical testwork and heap leach potential.
Strategic Leadership and Project Development
To capitalise on the growing opportunity, Marmota appointed Paul Richardson as Project Manager for the Gawler Gold deposits. With over 36 years of experience in mining operations and mineral processing, including leadership roles at major gold operations in Australia and Africa, Richardson is tasked with steering the project through scoping and feasibility phases towards production readiness.
Executive Chairman Dr Colin Rose emphasised the significance of the discovery and the appointment, noting that the combination of outstanding drilling results and seasoned project management positions Marmota well to unlock the full value of its Gawler Gold assets.
Financial Position and Market Context
Financially, Marmota reported exploration expenditure of $673,000 during the quarter, reflecting its active drilling programs. The company ended the period with a healthy cash balance of $3.035 million, providing a solid runway to advance exploration and development activities.
The timing of this discovery is particularly favourable given the strong gold price environment, with gold trading above A$7,500 per ounce, more than double the level seen just 18 months ago. This price surge enhances the potential economic returns from the Gawler Gold Project and underscores the strategic value of Marmota’s expanding resource base.
Looking Ahead
Marmota’s next key milestones include the release of Stage 2 assay results from Greenewood and the completion of the scoping study, which will provide a clearer picture of the project’s scale and economic potential. Additionally, the company plans to initiate drilling at the adjacent Mainwood prospect, further expanding its footprint within the Golden Moon Joint Venture.
Bottom Line?
With bonanza grades extending over 900 metres and a strong management team in place, Marmota is poised to redefine its Gawler Gold project’s future; pending the awaited assay results and scoping study outcomes.
Questions in the middle?
- How will the upcoming Stage 2 assay results impact the overall resource estimate and project economics?
- What are the timelines and key assumptions underpinning the Gawler Gold scoping study?
- How might the proximity to Aurora Tank influence development strategies and capital requirements?