Marmota completes first geological review of new Greenewood gold deposit
Marmota (ASX: MEU) has completed its first geological review and report on the historical Greenewood gold deposit located 35 kilometres north-west of the company’s flagship Aurora Tank project in South Australia.
Experienced geologist Dr Kevin Wills completed the report over a five-month period, incorporating a comprehensive analysis of the deposit along with cross-sections and scope for future work.
The Golden Moon joint venture between Marmota (with 90% equity through wholly owned subsidiary Half Moon) and private company Coombedown Resources owns the Greenewood project.
Deposit setting
Tyranna Resources (ASX: TYX) discovered Greenewood during a follow-up reverse circulation drilling campaign in 2016 and divested the project to Marmota in 2020 when Tyranna changed strategy to pursue lithium in Angola.
Greenewood is part of the “Arc of Six” gold deposits that sit along the flank of a major Y-shaped anomaly in the north-west Gawler Craton.
They include the Mainwood, Campfire Bore, Golf Bore and Aurora Tank discoveries (all owned by Marmota) and the historical Challenger mine located 30km north-east of Aurora Tank, which produced over one million ounces of gold.
North-east trending, moderate-to-steeply dipping structures that extend to depth and typically contain high-grade gold mineralisation host the six deposits.
Historic drilling
Greenewood has seen just 7,000 metres of drilling, returning multiple intersections over 20 grams per tonne gold including 1m at 53g/t from 30m, 1m at 37g/t from 48m and 1m at 29g/t from 31m.
Marmota believes the project has significant growth potential due to the number of open-ended gold targets with untested mineralisation and shallow vertical depths of up to 100m, allowing for low-cost open pit mining.
Underlying gold fundamentals will also work in the project’s favour, with the current gold price of approximately $5,000 per ounce being almost triple what it was when the initial resource work was done in 2018 ($1,680oz).