Marmota Accelerates Stage 2 Drilling at Greenewood
Marmota Limited (ASX: MEU) has commenced its Stage 2 drilling programme at the Marmota Ltd Greenewood gold discovery in South Australia's Gawler Craton, following exceptional bonanza-grade results from its maiden drilling campaign just five weeks ago. The expanded programme aims to capitalise on what company executives describe as some of the best gold results seen in the Gawler Craton since the discovery of the Challenger deposit nearly three decades ago.
The Stage 2 programme features approximately 85 planned holes totalling ~8,500 metres of reverse circulation (RC) drilling, with operations continuing through November and December until the Christmas break. Furthermore, the drilling team has already demonstrated impressive productivity, achieving over 350 metres per day in the early stages of the campaign.
Outstanding Stage 1 Results Drive Expansion
The announcement reveals that Marmota's maiden drilling programme at Greenewood delivered remarkable high-grade intersections that have positioned this Marmota Ltd Greenewood gold discovery as a significant development in the underexplored Gawler Craton. Moreover, the Stage 1 results showcase both exceptional grades and impressive continuity along strike.
Top-Tier Gold Intersections from Stage 1
| Best 4m Intersections | Grade (g/t Au) | Depth (m) | Hole ID |
|---|---|---|---|
| Highest grade | 43.0 | 64m | 25GWRC099 |
| Second highest | 38.0 | 24m | 25GWRC046 |
| Third highest | 29.0 | 24m | 25GWRC094 |
| Fourth highest | 25.0 | 20m | 25GWRC101 |
Thick High-Grade Intersections
| Best Thick Intersections | Width × Grade | Depth (m) | Hole ID |
|---|---|---|---|
| 28m @ 6.4 g/t Au | 179.2 g×m | 44m | 25GWRC099 |
| 24m @ 12.0 g/t Au | 288.0 g×m | 20m | 25GWRC046 |
| 28m @ 5.6 g/t Au | 156.8 g×m | 24m | 25GWRC094 |
| 16m @ 6.5 g/t Au | 104.0 g×m | 20m | 25GWRC101 |
According to the announcement, these intersections demonstrate both the high-grade nature of the mineralisation and its proximity to surface. In addition, several significant hits begin at depths as shallow as 20-24 metres.
"Greenewood is yielding some of the best gold results seen in the Gawler Craton since the discovery of the Challenger deposit in 1995, featuring high grades close to surface with excellent continuity along strike."
Strategic Location Within the Gawler Gold Belt
The report highlights that Greenewood's location provides significant strategic advantages within Marmota's broader gold portfolio. The discovery sits ~35km northwest of Marmota's flagship Aurora Tank gold deposit and ~30km northeast of the historic Challenger Gold Mine, which produced over one million ounces of gold.
This proximity creates compelling economies of scope and scale, particularly given that Marmota owns all unmined gold deposits in the area at either 100% or 90% ownership levels. Furthermore, according to the company, its Gawler gold project comprises an "arc of gold" deposits along the flanks of a major Y-shaped gravity anomaly in the northwest Gawler Craton.
Marmota's Gawler Craton Gold Portfolio
| Deposit | Ownership | Status |
|---|---|---|
| Aurora Tank | 100% | Flagship discovery with bonanza grades |
| Greenewood | 90% | Active drilling – Stage 2 underway |
| Golf Bore | 100% | Exploration target |
| Campfire Bore | 100% | Exploration target |
| Mainwood | 90% | Exploration target |
Understanding RC Drilling: A Technical Primer
Reverse Circulation (RC) drilling is a cost-effective exploration method that uses compressed air to bring rock samples to the surface through the drill stem. However, unlike diamond drilling, RC drilling provides continuous samples every metre, making it ideal for initial resource definition and grade continuity assessment.
Key advantages of RC drilling for exploration:
- Cost-efficient: Allows companies to test large areas economically
- Rapid results: Faster drilling rates mean quicker assay turnaround
- Reliable sampling: Provides representative samples for resource estimation
- Versatile application: Suitable for both exploration and resource definition
At Greenewood, RC drilling is particularly valuable given the shallow nature of the mineralisation. Consequently, it enables rapid definition of the extent of high-grade zones identified in the initial programme.
What Are the Stage 2 Programme Objectives?
The presentation outlines that the Stage 2 drilling programme has been strategically designed to advance Greenewood from discovery toward resource definition. Furthermore, the programme combines extensional drilling to test strike and depth continuity with in-fill drilling required for future resource estimation.
Programme Specifications
- Planned holes: ~85 (as many as time permits)
- Total drilling: ~8,500 metres
- Timeline: November-December 2024 (until Christmas break)
- Current progress: >350m per day drilling rate achieved
The announcement notes that the programme represents the first drilling at Greenewood since 2018. In addition, the discovery had received only ~7,000 metres of RC drilling prior to Marmota's maiden programme. This limited historical drilling suggests significant untested potential remains across the broader prospect area.
Upcoming Catalysts
- Detailed 1-metre splits: First detailed assays from Stage 1 mineralised intersections
- Stage 2 results: Expected throughout the drilling campaign
- Resource estimation: Potential development following successful in-fill drilling
Investment Thesis: Positioning for Gold Discovery Success
The report indicates that the Marmota Ltd Greenewood gold discovery represents a compelling investment opportunity driven by several key factors. These factors position the company for potential significant value creation in the coming months.
Compelling Discovery Characteristics
The discovery demonstrates several exceptional attributes that differentiate it from typical exploration projects. For instance, the bonanza-grade intersections rival historic Gawler Craton discoveries, whilst the shallow mineralisation reduces potential development costs.
Key characteristics include:
- Exceptional grades: Bonanza-grade intersections rivalling historic Gawler Craton discoveries
- Shallow mineralisation: High-grade zones starting at 20-24m depth
- Strike continuity: Consistent mineralisation along extended strike length
- Underexplored: Limited historical drilling suggests substantial upside potential
Strategic Advantages
However, beyond the technical merits, the discovery benefits from significant strategic positioning advantages. The proximity to Aurora Tank creates development economies, whilst the location within the same structural corridor as the +1Moz Challenger Mine validates the geological potential.
Additional advantages include:
- Portfolio synergies: Proximity to Aurora Tank creates development economies
- Proven geology: Located within established mining corridor
- Strong ownership: 90% ownership provides full upside exposure
Financial Position and Execution
The company's ability to rapidly mobilise a significant Stage 2 programme demonstrates both financial capacity and operational capability. Moreover, the achievement of >350m per day drilling rates indicates efficient project execution that should translate to cost-effective resource definition.
Why Should Investors Track Marmota's Progress?
According to industry analysis, Marmota has positioned itself as a significant player in South Australia's emerging Gawler Craton gold province. Consequently, the Marmota Ltd Greenewood gold discovery represents a potentially transformational asset within a broader strategic portfolio.
Key Reasons to Monitor Developments
Near-term catalysts:
- Stage 2 drilling results expected throughout November-December
- Detailed assay results from Stage 1 mineralised zones
- Potential resource estimation following in-fill drilling completion
Strategic positioning:
- Control of multiple prospects along proven gold corridor
- Proximity to established mining infrastructure
- Economies of scale potential across portfolio assets
Discovery potential:
- Limited historical drilling suggests significant untested ground
- High-grade intersections indicate potential for substantial resource
- Shallow mineralisation supports low-cost development scenarios
Marmota's Greenewood discovery has emerged as one of the most significant gold developments in the Gawler Craton in nearly 30 years. With Stage 2 drilling now underway and multiple upcoming catalysts, the company offers compelling exposure to potential resource growth in a proven gold district. The combination of exceptional grades, shallow mineralisation, and strategic location positions Marmota as a key player to watch in the Australian gold exploration sector.
Technical Glossary
Understanding the technical terminology is essential for following developments at Greenewood. Furthermore, these definitions provide context for interpreting future drilling results and company announcements.
Bonanza grades: Exceptionally high gold grades, typically >10 g/t Au
g/t Au: Grams of gold per tonne of rock
Strike length: The horizontal extent of mineralisation
RC drilling: Reverse Circulation drilling method using compressed air
Gawler Craton: Major geological province in South Australia known for gold and copper deposits
Grade continuity: Consistency of mineralisation grade across drill intercepts
In-fill drilling: Drilling between existing holes to increase resource confidence
Could Marmota's Greenewood Discovery Transform Your Gold Portfolio?
With Stage 2 drilling now underway and exceptional bonanza-grade results already delivered from the maiden programme, Marmota Limited presents a compelling opportunity for investors seeking exposure to South Australia's emerging Gawler Craton gold province. The company's systematic approach to advancing Greenewood from discovery to potential resource definition, combined with its strategic portfolio of unmined gold deposits, positions it as a key player to watch in the Australian gold exploration sector. To explore Marmota's full project portfolio and discover how the Greenewood discovery fits within the company's broader strategic vision, visit marmota.com.au for detailed company information and the latest developments across all projects.
