Marmota (ASX: MEU) has successfully completed Stage 2 of its maiden drilling program at the Greenewood gold discovery in South Australia's Gawler Craton, after expanding the program beyond the original plans.
The company drilled 129 reverse circulation holes totalling 10,117 metres, up from the 85 holes and 8,500m originally planned when the program commenced on 20 November 2025, looking to provide a combination of extensional holes and in-fill holes required for resource estimation.
Samples are currently en route to Adelaide for laboratory testing, with assay results due around the end of January 2026.
Last week Marmota announced bonanza gold grades from Stage 1 of the maiden drilling program, with Greenewood yielding some of the best gold results seen in the Gawler Craton since the discovery of the Challenger deposit in 1995.
Exceptional High-Grade Results
Stage 1 results featured exceptional high grades close to surface with excellent continuity along strike, including spectacular thick high-grade intersections such as 33m at 10 grams per tonne gold from 22m.
The highest one metre assays from the maiden program include 109g/t gold from 26m downhole, 95g/t gold from 22m downhole, and 94g/t gold from 66m downhole.
Best thick intersections from the maiden program include 22m at 5.1g/t gold from 49m downhole, 11m at 4.5g/t gold from 21m downhole, and 18m at 3.2g/t gold from 21m downhole.
Located approximately 35 kilometres northwest of Marmota's flagship Aurora Tank gold deposit and approximately 30km northeast of the Challenger gold mine, Greenewood is part of the Golden Moon joint venture in which Marmota holds 90% ownership via subsidiary Half Moon.
Greenewood's proximity to Marmota's flagship Aurora Tank gold discovery creates obvious economies of scope and scale, with both deposits part of Marmota's Gawler gold project.
Rapid Development Timeline
Chair Dr Colin Rose said that Greenewood was yielding spectacular results, and thanked Marmota’s hard-working drilling team.
“Greenewood is developing at phenomenal speed: we have now drilled our first 25,000m in less than six months—something that previously took three years to achieve at Aurora Tank,” he said.
"The pace of development is fantastic, and we intend to keep it up in 2026—we now very much look forward to receiving the assays from the new Stage 2 drilling."
Marmota recently commenced a maiden scoping study for the Gawler Gold project, which comprises an arc of gold deposits along the flanks of the major ‘Y’-shaped gravity anomaly in the Northwest Gawler Craton.
It owns at least 90% in five of the six projects in this arc— Aurora Tank; Golf Bore; Campfire Bore; Greenewood; and Mainwood.
