Can Marmota’s Greenewood Deliver on Bonanza Gold Promise Amid Exploration Risks?
Marmota Limited has kicked off an extensive Stage 2 drilling campaign at its Greenewood gold project, following exceptional high-grade results from its maiden program. The new drilling aims to expand and define the resource ahead of year-end.
- Stage 2 drilling underway with ~85 holes planned totaling ~8,500m
- Stage 1 delivered bonanza-grade gold intersections near surface
- Greenewood located near Marmota’s flagship Aurora Tank deposit
- Drilling targets include resource extension and infill for estimation
- Greenewood part of Golden Moon JV with 90% Marmota ownership
Greenewood Drilling Accelerates
Marmota Limited (ASX – MEU) has commenced Stage 2 of its maiden drilling program at the Greenewood gold project in South Australia’s Gawler Craton. This follows the company’s announcement just five weeks ago of spectacular bonanza-grade gold intersections from Stage 1, which have reinvigorated interest in this underexplored region.
The Stage 2 program is ambitious, with approximately 85 reverse circulation holes planned, aiming to drill around 8,500 meters before the Christmas break. Early reports indicate the drilling team is progressing efficiently, averaging over 350 meters per day. This rapid pace underscores the company’s commitment to advancing the project swiftly.
Building on Bonanza-Grade Foundations
Stage 1 results were impressive, featuring multiple high-grade gold intersections close to surface, including standout 4-meter intervals grading up to 43 grams per tonne. Thick mineralised zones were also encountered, with some intersections exceeding 20 meters at significant grades. These results are among the best seen in the Gawler Craton since the 1995 Challenger discovery, highlighting Greenewood’s potential as a major new gold source.
Stage 2 drilling is designed to both extend these mineralised zones along strike and infill areas to support a robust resource estimate. The upcoming assays from detailed 1-meter splits of Stage 1 samples are eagerly awaited, as they will provide greater clarity on the deposit’s grade distribution and continuity.
Strategic Location and Synergies
Greenewood’s location approximately 35 kilometers northwest of Marmota’s flagship Aurora Tank deposit and near the historic Challenger Gold Mine positions it within a prolific gold corridor. Marmota holds a 90% interest in Greenewood through its subsidiary Half Moon Pty Ltd, under the Golden Moon Joint Venture. The proximity to Aurora Tank, which has demonstrated excellent metallurgical recoveries and potential for low-cost open pit heap leach production, suggests possible operational synergies and economies of scale.
The broader Gawler Craton hosts a series of gold deposits forming an ‘arc of gold,’ including Golf Bore, Campfire Bore, Mainwood, and others, all under Marmota’s control to varying degrees. This cluster of deposits enhances the strategic value of Greenewood within Marmota’s portfolio.
Looking Ahead
As Stage 2 drilling progresses through November and December, the market will be watching closely for assay results that could confirm and expand the high-grade footprint at Greenewood. These results will be critical in shaping the next phase of resource development and potential mine planning. Marmota’s exploration success here could significantly bolster its standing in the Australian gold sector.
Bottom Line?
Greenewood’s evolving story is poised to reshape Marmota’s gold ambitions in the Gawler Craton, next assays will be pivotal.
Questions in the middle?
- How will Stage 2 assay results compare to the bonanza grades from Stage 1?
- What size and grade will the initial resource estimate at Greenewood reveal?
- Can operational synergies with Aurora Tank reduce future development costs?
