Marmota Unveils High-grade Gold Results at Greenewood Discovery

Marmota (ASX:MEU) has revealed the first detailed assays from its maiden program at the Greenewood gold discovery, located in the Gawler Craton of South Australia.

In a Thursday (December 11) release, the company highlighted results including 95 grams per tonne (g/t) gold from 22 metres downhole. Marmota notes that this finding is part of a "spectacular" thick intercept of 33 metres at 10 g/t gold from 22 metres downhole. It also reported 109 g/t gold from 26 metres downhole in the same hole.

“The results are some of the best seen in the Gawler Craton since the discovery of the Challenger deposit in 1995,” the company said, adding that the program has yielded grades within 17 to 67 metres from surface over a 900 metre strike length, and noting that mineralisation remains open along strike.

Located approximately 35 kilometres northwest of Marmota’s flagship Aurora Tank gold deposit, Greenewood has only seen an average of 7,000 metres of reverse-circulation drilling since its discovery.

According to the company, Aurora Tank features "outstanding" gold intersections, including multiple bonanza gold grades close to surface, as well as superb recoveries in metallurgical testwork. For those reasons, Marmota believes the deposit has "excellent potential for low-cost, low capex open pit heap leach gold production.”

Greenewood is part of the Golden Moon joint venture with Coombedown Resources, in which Marmota holds a 90 percent stake via its 100 percent owned subsidiary Half Moon.

Stage 2 drilling at Greenewood commenced on November 19, with the company saying at the time that its drilling team was achieving over 350 metres per day.

Targets for Stage 2 include approximately 85 planned reverse-circulation holes for around 8,500 metres of total reverse-circulation drilling, subject to time before Christmas break.

Shares of Marmota closed at AU$0.13 on Thursday following the news, rising 83.1 percent from the company's AU$0.071 close on Wednesday (December 10).

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.