The drilling results already in hand appear to validate an assessment by renowned geologist Kevin Wills, who identified open-ended mineralisation and untested shallow targets across Greenewood’s more than 500m strike length.
The results reveal high-grade zones surpassing previous discoveries and pointing to significant resource expansion potential. The company is expecting to receive more assays in early October, which could offer further strong support for Dr Wills’ interpretation.
Greenewood forms part of the Golden Moon joint venture, in which Marmota holds a 90 per cent stake via its subsidiary, Half Moon Pty Ltd, with Coombedown Resources free-carried until a mining decision.
The joint venture includes two tenements, EL 5998 and EL 6569, secured last year through ministerial consent, which host four of Marmota’s “Arc of Six” gold deposits, notably Greenewood, Mainwood, Campfire Bore and Golf Bore.
The arc also includes Marmota’s fully owned Aurora Tank deposit, which became famous for its bonanza grades and 93 per cent gold recoveries in metallurgical testwork, and the historic Challenger mine, which produced 1.2 million ounces between 2002 and 2018 under various operators, and is now held by Barton Gold Holdings.
Greenewood’s proximity to Aurora Tank offers operational synergies, which further enhance the operational and economic appeal of Marmota’s Gawler Craton portfolio. The discovery is gaining momentum, with the early high-grade hits reported today underscoring its potential.
The high-grade results, favourable gold prices and a pipeline of adjacent deposits could see Greenewood becoming a new growth centre, setting the stage for a potential gold production hub in one of Australia’s most prospective regions.
It’s always satisfying to nail high-grade runs – even more so when the results come from a maiden drilling campaign. This is the second time the company has achieved a quinella in this game, following the inaugural drilling results at Marmota’s nearby Aurora Tank.
Marmota first drilled Aurora Tank in late 2017, starting with a six-hole diamond drilling campaign at the project’s Goshawk deposit. That program delivered multiple near-surface high-grade gold intercepts including 5m at 9g/t gold from 43m, with 1m at 17g/t gold, and a 2m intercept at 9g/t gold from 31m, with 1m at 16.5g/t gold.
Marmota’s shares rewarded the latest news with a hike to $0.047 a share intraday, an increase of about 13 per cent.
Results from a further 52 holes are still to come. As the numbers roll in, investors will be watching closely for the next chapter in Marmota’s Gawler Craton success story.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
