Marmota finds Greenewood gold continues north, south and to depth

Greenewood high-grade strike doubles beyond 2km

Marmota Ltd (ASX:MEU) has finished the latest leg of its Greenewood drilling campaign with the high-grade gold system now traced across more than 2km of strike. The company says mineralisation has been identified almost continuously from within 16 metres of surface to a depth of 240 metres, with the system remaining open.

“Sectional views”

“Mainwood Maiden Program Plan Overview of first results: sections 1 to 15.”

Caption and image © Marmota Limited. From “Quarterly Activities and Cashflow Report”, 29 Oct 2026.

The southern extension, known as the Mainwood zone, delivered several strong results in the first 15 of 83 sections reported. These included 4 metres at 15 grams per tonne gold within 16 metres at 4.2g/t from 24 metres in hole 26MWRC177, and 4 metres at 14g/t within 20 metres at 3.1g/t from 32 metres in hole 26MWRC014. The earlier Mainwood high-grade assays covered only the southernmost part of the program, leaving further composite and one-metre split assays to come.

Northern drilling adds depth and continuity

“Summary Overview”

At the opposite end of Greenewood, northern drilling extended the high-grade body along 20 additional section lines. The standout intersections included 8 metres at 11.5g/t gold, including 4 metres at 15g/t, from 184 metres in hole 26GWRC035, and 8 metres at 10g/t, including 4 metres at 18g/t, from 152 metres in hole 26GWRC034.

“Plan Overview of Greenewood zone, showing northern extensions: sections 48 to 83.”

Those results sit within a broader set of Stage 3 intersections exceeding 40 gram-metres, a measure combining grade and interval length. The company describes the geology as continuous and predictable, but the reported intervals are downhole widths and much of the new data remains based on initial four-metre composite assays. That means the exploration results are encouraging without yet establishing a mineral resource or defining true widths.

Scoping study to absorb expanded gold inventory

Stage 3 drilling exceeded 32,000 metres and was completed by mid-October, extending the work beyond the September quarter. Marmota intends to incorporate the new Greenewood and Mainwood results into its Gawler Gold scoping study, which is already under way. The study’s eventual conclusions will depend on the remaining assays, detailed one-metre splits and any subsequent resource modelling, rather than on headline drill intersections alone.

“Contiguous high-grade gold discovered to both SOUTH [ ASX:MEU 1 Oct 2026 ] and NORTH [ ASX:MEU 26 Oct 2026 ].”

“Location of Greenewood and Golden Moon JV deposits.”

Caption and image © Marmota Limited. From “Quarterly Activities and Cashflow Report”, 29 Oct 2026.

The gold ground forms part of the Golden Moon joint venture, in which Marmota holds a 90% interest. The company also points to previous metallurgical testwork and the possibility of open-pit heap-leach production, but those development references remain prospective and are not production guidance.

Junction Dam uranium drilling awaits clearance

“The Junction Dam uranium tenement (100% MEU) bookends both sides of the palaeochannel.”

Gold dominated the quarter, but Marmota also completed the design of a 39-hole uranium drilling program at its 100%-owned Junction Dam tenement. Twenty-four holes are planned for a priority palaeochannel target, with another 15 aimed at untested gravity anomalies that resemble known palaeovalleys in the district. The holes are intended to test uranium mineralisation in lower Eyre Formation sands considered suitable for in-situ recovery, subject to the required native title clearances.

Marmota reported $13.259 million in cash and cash equivalents at 30 September, after $1.632 million of exploration and evaluation spending during the quarter. Its Appendix 5B calculation indicated about 8.5 quarters of funding at the reported level of relevant outgoings, although that is a cash-flow estimate rather than a guarantee that future exploration spending will remain unchanged.