Marmota Ltd Drilling Program Launches 20,000-Metre Gold Campaign

Marmota Launches Massive Drill Campaign at Greenewood Gold Discovery

Marmota Limited (ASX: MEU) has commenced a substantial 20,000-metre drilling program targeting a major extension of its high-grade Greenewood gold discovery in South Australia's prospective Gawler Craton. The Marmota Ltd drilling program marks the company's maiden drilling campaign in the southern Mainwood zone and has the potential to extend the mineralised gold strike to 2 kilometres.

The 220-hole RC drilling program represents the most aggressive exploration effort yet undertaken at the project, with drilling expected to continue through May and June 2026. This follows exceptional results from Marmota's initial Greenewood drilling that established the discovery as one of the most significant gold finds in the Gawler Craton since the Challenger deposit discovery in 1995.

Key Program Highlights

According to the announcement, the Marmota Ltd drilling program encompasses several strategic objectives:

• Maiden drilling program in the Mainwood extension zone – the first drilling activity there since 2018
• 70% of holes targeting the southern Mainwood extension
• 30% of holes focused on expanding and infilling the main Greenewood zone
• Bonanza-grade gold intersections already confirmed in the main zone with excellent continuity along strike
• Located just 35km northwest of Marmota's flagship Aurora Tank gold deposit

Understanding the Gawler Craton's Gold Potential

What is the Gawler Craton?

The Gawler Craton is a highly prospective geological province in South Australia that hosts some of the country's most significant gold discoveries. This ancient continental crust formation contains the famous "Arc of Gold" – a series of gold deposits following major geological structures.

The Challenger Mine alone has produced over one million ounces of gold from this system. Furthermore, the Gawler Craton formed over billions of years through the accumulation and compression of ancient rock layers.

These geological processes created ideal conditions for gold mineralisation, with metal-bearing fluids concentrating along fractures and fold structures within the rock formations. For instance, the Gawler Craton's proven track record of hosting world-class gold deposits, combined with Greenewood's exceptional early results, suggests Marmota may have uncovered another major discovery in this prolific gold belt.

Greenewood's Discovery Significance

Greenewood stands apart from other Gawler Craton discoveries due to its lack of surface calcrete expression – the traditional exploration method used to discover Challenger and other deposits in the region. This breakthrough suggests significant untapped potential exists for additional "blind" gold deposits throughout Marmota's extensive tenement package.

Historical Drilling Context

• Greenewood: Only ~7,000 metres of RC drilling prior to Marmota's involvement
• Mainwood: Even less historical work with just ~3,700 metres across 53 shallow holes (average 70m depth)
• The current program represents the first drilling at Mainwood since 2018

The discovery of Greenewood without surface gold indicators demonstrates that traditional regional calcrete sampling techniques may have missed significant deposits throughout the project area. In addition, this approach highlights the innovative exploration strategies employed in the current Marmota Ltd drilling program.

"We are simply delighted to get this program underway. The program serves two primary roles: (1) to continue the growth of the main Greenewood zone which has been yielding spectacular results and remains open in all directions; (2) to vigorously attack the southern zone (Mainwood) with our maiden drilling program there," commented Chairman Dr Colin Rose.

Strategic Asset Portfolio Integration

The Greenewood/Mainwood discovery creates compelling economies of scale and scope through its proximity to Marmota's existing gold assets. The company reports that Greenewood/Mainwood is located approximately 35km northwest of Marmota's flagship Aurora Tank gold deposit.

Marmota's "Arc of Gold" Portfolio

• Aurora Tank – Flagship 100%-owned gold deposit with bonanza grades and excellent metallurgy
• Golf Bore, Campfire Bore – Additional prospects in the system
• Greenewood/Mainwood – 90% ownership via Golden Moon JV
• Strategic positioning near the producing Challenger Mine

This integrated approach positions Marmota to potentially develop a multi-deposit mining operation with shared infrastructure and processing facilities. However, the realisation of these synergies depends on successful outcomes from the current Marmota Ltd drilling program.

Drilling Program Details and Timeline

The announcement confirms that approximately 70% of the holes in the Marmota Ltd drilling program target the Mainwood extension of Greenewood, whilst about 30% of holes will be drilled in the main Greenewood zone to the north.

Program Objectives

• Mainwood zone: First meaningful drilling program since discovery to test extension potential
• Greenewood zone: Continue expansion drilling and provide infill data required for resource estimation
• Strike extension: Test potential to extend mineralised strike length to 2 kilometres

Upcoming Catalysts and Timeline

Immediate Catalysts (April-June 2026)

• Progressive drilling results as the 20,000-metre program advances
• Regular updates on Mainwood zone results – the first meaningful test of this extension
• Resource estimation data from infill drilling in the main Greenewood zone

Medium-term Developments

• Completion of the maiden scoping study for Gawler Gold (commenced November 2025)
• Integration of Greenewood/Mainwood results into overall project economics
• Potential resource estimate updates incorporating new drilling data

According to the announcement, drilling is expected to continue through May and June, with updates provided as drilling progresses. Moreover, these catalysts represent significant value drivers for the Marmota Ltd drilling program.

Investment Thesis: Multi-Deposit Gold Development

Marmota's investment appeal rests on several compelling factors emerging from the current Marmota Ltd drilling program.

Proven Discovery Track Record

The company has successfully identified and advanced multiple gold discoveries in the highly prospective Gawler Craton. This demonstrates strong technical capabilities and systematic exploration approaches.

Strategic Asset Integration

The proximity of Greenewood/Mainwood to Aurora Tank creates obvious synergies for shared infrastructure development. Furthermore, operational efficiencies become increasingly viable as the resource base expands.

Underexplored High-Grade Potential

With minimal historical drilling, particularly in the Mainwood zone, significant exploration upside remains across the project portfolio. For instance, the current Marmota Ltd drilling program represents the most comprehensive test of this potential to date.

Strong Project Control

Marmota maintains substantial ownership positions (90-100%) across its key gold assets, ensuring maximum benefit from any discoveries. This control allows for strategic decision-making and optimal resource allocation.

The Greenewood discovery represents a breakthrough in Gawler Craton exploration techniques, suggesting significant potential for additional "blind" deposits throughout Marmota's extensive tenement holdings. The current drilling program tests this potential on an unprecedented scale.

Why Investors Should Follow Marmota

The current drilling program represents a pivotal moment for Marmota's gold portfolio development. The company has positioned itself as a major explorer in one of Australia's most prospective gold regions.

Key Tracking Points for Investors

• Scale of opportunity: 20,000-metre program targeting 2km strike extension
• Proven geology: Operating in the same system that produced Challenger Mine's +1M ounces
• Resource growth potential: Maiden drilling in underexplored Mainwood zone
• Integrated development: Strategic positioning for multi-deposit project economics

The Marmota Ltd drilling program at Greenewood/Mainwood represents the company's most ambitious exploration effort to date. This program has potential to significantly expand the known resource base and enhance overall project economics through economies of scale.

Technical Advantages

• RC drilling methodology: Cost-effective approach providing high-quality samples for accurate grade assessment
• Systematic approach: 70% focus on maiden Mainwood drilling balanced with 30% Greenewood expansion
• Strategic timing: Building on exceptional results from previous drilling campaigns

Marmota has established itself as a leading gold explorer in the Gawler Craton through systematic discovery and advancement of multiple high-grade prospects. With the massive Greenewood expansion program now underway and a maiden scoping study in progress, the company is transitioning from pure explorer to development-focused gold company. Investors should monitor monthly drilling updates as this program has the potential to significantly expand the resource base and project economics.

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