Marmota Drills Over 20,000 Metres at Greenewood with Bonanza Gold Assays

Bonanza Grades Highlight Greenewood Potential

Marmota Limited (ASX:MEU) continues to impress with its maiden drilling program at the Greenewood gold discovery in South Australia’s Gawler Craton, reporting multiple bonanza-grade gold assays. The Stage 1 and 2 drilling phases have produced standout results, including six intersections exceeding 40 grams per tonne (g/t) gold and 18 over 20 g/t, underscoring the deposit's exceptional grade profile.

Notable high-grade hits include 41 g/t from 82 metres downhole in hole 25GWRC241 and 40 g/t from 84 metres in hole 25GWRC249, among several others ranging from 21 to 28 g/t. These results rank among the best in the Gawler Craton since the Challenger deposit's 1995 discovery, highlighting Greenewood's emerging significance.

Stage 3 Drilling Accelerates Resource Growth

Building on this momentum, Stage 3 drilling commenced in April 2026 and has already surpassed 20,000 metres across 188 holes, with the program still expanding. This phase targets northern and southern extensions, including the Mainwood zone, aiming to substantially grow the resource and increase drilling density to support an indicated resource classification necessary for the upcoming scoping study.

The drilling has extended so far northeast that it now exceeds mapping boundaries, reflecting aggressive exploration progress. Marmota expects to release updated collar diagrams soon, signalling ongoing expansion efforts. The Greenewood/Mainwood area forms part of the Golden Moon Joint Venture, where Marmota holds a 90% interest, consolidating its strategic position in the region.

Strategic Location and Project Synergies

Greenewood and Mainwood lie approximately 35 kilometres northwest of Marmota’s flagship Aurora Tank gold deposit and about 30 kilometres northeast of the historic Challenger Gold Mine, which produced over a million ounces. The proximity of these deposits offers operational synergies and potential economies of scale, enhancing the project's commercial appeal.

The Greenewood discovery is particularly noteworthy for lacking a surface calcrete gold anomaly, a common exploration tool in the region, suggesting significant untapped potential for further discoveries where traditional methods may fall short.

Uranium Exploration Advances at Junction Dam

Beyond gold, Marmota has finalized a fully funded drill program design for its uranium targets at Junction Dam, focusing on an untested palaeochannel extension adjacent to Boss Energy’s Jason uranium resource. This program awaits Native Title clearances before commencement and aims to test a potential 3.7-kilometre strike length extension, leveraging geophysical data to identify mineralised zones amenable to in-situ recovery mining.

Financial Position and Next Steps

During the quarter, Marmota invested $1.274 million in exploration and evaluation, maintaining a strong cash balance of $14.7 million. The company’s focus remains on advancing Greenewood’s Stage 3 drilling and integrating results into the ongoing Gawler Gold scoping study, alongside progressing uranium exploration at Junction Dam.