Marmota Completes Maiden Drilling Program at Greenewood Gold Discovery

Marmota (ASX: MEU) has closed out a maiden drilling program of 146 reverse circulation holes for a total 15,480 metres to average depths of 106m at its Greenewood gold discovery in South Australia.

The company revised the final scope of work from an original 127 holes for 10,000m to 139 holes for 12,500m at average downhole depths of 90m.

Samples are currently being collected and will be delivered to Adelaide for laboratory testing, with assays expected in October.

Flawless Execution

Marmota chair Dr Colin Rose said the program had been completed ahead of time despite being expanded twice, continuing the company’s recent run of exploration success.

“Our maiden campaign at Greenewood has been executed flawlessly with excellent drilling rates,” he said.

“It is generating considerable excitement amongst our exploration team, and we now look forward to receiving assay results.”

“The pieces of the puzzle are rapidly coming together: a pipeline of adjacent gold deposits all owned by Marmota – the MEU Gawler gold project – which is now seeing rapid growth, expansion and development.

Minimal Historical Drilling

Greenewood sits 35 kilometres northwest of Marmota’s flagship Aurora Tank gold project and 30km northeast of the historical Challenger gold mine.

The prospect has been subject to only 8,245m of historical drilling, and Marmota expects its current work to benefit from a strong gold price, which is three times higher than when the prospect was last explored in 2018.

“Underlying gold fundamentals are performing superbly in our favour—today’s gold price sits at approximately $5,200 per ounce which is much stronger than the $1,600 price recorded at the time of last exploration at Greenewood,” Dr Rose said.