Marmota Launches Major Drilling Campaign to Extend Greenewood Gold Strike

Ambitious Drilling Campaign Targets Greenewood Extension

Marmota Limited (ASX:MEU) is ramping up efforts at its Greenewood gold discovery with a major reverse circulation (RC) drilling program targeting the southern Mainwood zone. The campaign, comprising about 220 holes and roughly 20,000 metres of drilling, aims to significantly extend the mineralised gold strike to 2 kilometres. This marks Marmota’s maiden drilling at Mainwood, with the company moving quickly after recent bonanza-grade results at Greenewood confirmed the deposit’s high-grade potential.

The drilling program is primed to commence next week, with essential diesel supplies already delivered to site and the exploration team en route from Adelaide to prepare drill pads and access tracks. Approximately 70% of the holes will focus on Mainwood, while the remainder will target extensions and infill drilling within the main Greenewood zone, which remains open in all directions.

Strategic Positioning in the Gawler Craton Gold Belt

Greenewood and its southern extension, Mainwood, sit roughly 35 kilometres northwest of Marmota’s flagship Aurora Tank gold deposit and about 30 kilometres northeast of the Challenger Gold Mine, a historically significant operation that produced over a million ounces of gold. Both Greenewood and Mainwood are part of the Golden Moon Joint Venture, with Marmota holding 90% ownership through its subsidiary Half Moon Pty Ltd.

The proximity to Aurora Tank offers clear operational advantages, potentially enabling cost efficiencies and synergies in development. Aurora Tank itself has demonstrated outstanding gold intersections, including multiple bonanza-grade hits near surface, alongside promising metallurgical testwork indicating low-cost heap leach production potential.

This drilling initiative follows Marmota’s successful maiden program at Greenewood in mid-2025, which confirmed spectacular gold grades and continuity along strike, a breakthrough in the Gawler Craton where previous exploration had relied heavily on calcrete sampling. Notably, Greenewood lacks a surface calcrete anomaly, making its discovery a milestone that broadens the exploration toolkit for the region.

Building on Strong Foundations and Recent Capital Support

The upcoming drilling push builds on a solid foundation of recent exploration success and financial backing. Marmota secured $15 million in February 2026 through a well-supported placement, earmarked to accelerate drilling activities across the Gawler Gold project, including the Mainwood zone. This capital injection, led by Petra Capital, underscores institutional confidence in Marmota’s strategy and resource potential.

With drilling set to begin imminently, market watchers will be keen to track assay results that could materially expand the resource base and inform ongoing scoping studies. The company’s Chairman, Dr Colin Rose, emphasised the program’s dual aims: to continue growing Greenewood’s main zone and to aggressively test the southern Mainwood extension with fresh drilling resources.

As Marmota presses forward, its Gawler Gold project continues to shape up as a significant player in the South Australian gold scene, with multiple deposits along the ‘Arc of Gold’ offering a compelling exploration and development pipeline. The unfolding story at Greenewood/Mainwood will be a key piece to watch in the months ahead, especially given the high-grade nature of initial results and the strategic location near Aurora Tank.

This announcement follows Marmota’s earlier bonanza gold grades and thick intersections that first put Greenewood on the map and set expectations for the current drilling campaign.