Marmota's Greenewood Project Delivers Bonanza Gold Strikes, Igniting South Australian Gold Frenzy
Marmota Limited has sent shockwaves through the market with the release of its final assay results from the maiden drilling campaign at its Greenewood gold project in South Australia. The company has unveiled spectacular, bonanza-grade gold intercepts, with assays reaching a staggering 109 grams per tonne (g/t). These high-grade zones extend for nearly a kilometre of strike, painting a picture of a significant new gold discovery.
The excitement was palpable on the trading floor, with Marmota's shares surging by as much as 76 per cent in early trading. The stock reached a high of 12.5 cents as the detailed one-metre split results confirmed exceptionally thick, high-grade gold intercepts located very near the surface. These findings significantly surpassed the initial four-metre composite results that were first announced in October.
Among the most impressive results is a blazing 109g/t gold recorded over a one-metre section. This exceptional metre was part of a substantial 33-metre intercept that averaged 10g/t gold, commencing just 22 metres from the surface. Another significant find was a hefty 22-metre intersection grading 5.1g/t gold, starting at a depth of 49 metres.
The complete set of final assay results revealed an impressive 28 individual intersections that assayed over 10g/t gold. Notably, half of these high-grade one-metre splits were found between 17 and 27 metres below the surface. The remaining high-grade intercepts were all encountered within 67 metres of the surface, underscoring the project's near-surface potential.
These compelling results outline what appears to be a remarkably continuous high-grade gold deposit, stretching for over 900 metres in strike length. Crucially, the deposit remains open for further extensions, suggesting even greater potential lies ahead. The exceptional thickness and continuity of these mineralised zones are being hailed as some of the most significant discoveries in the region in recent times. Indeed, they draw comparisons to Dominion Mining's groundbreaking discovery of the million-ounce Challenger deposit back in 1995, an event that heralded a new gold rush in the highly prospective Gawler Craton.
The delay in releasing these final detailed assays was attributed to the exceptionally high gold values encountered. These grades exceeded the standard detection limits of the initial laboratory testing, necessitating specialised re-testing procedures to accurately quantify the extreme concentrations of gold.
Marmota's maiden drilling program at Greenewood represents the first exploration activity at the site since 2018, when previous owners ceased operations after completing approximately 7,000 metres of drilling. The company's aggressive approach has since seen 146 holes drilled into the emerging deposit, totalling 15,480 metres. This extensive drilling has provided a clear understanding of open shoots at depth and significant potential for further extensions.
The Greenewood prospect is now a cornerstone of Marmota's broader gold exploration efforts in the Gawler Craton. It is strategically located just 35 kilometres northwest of the company's flagship Aurora Tank gold deposit and a mere 30 kilometres northeast of the historic Challenger mine, a past producer that yielded 1.2 million ounces of gold between 2002 and 2018.
Marmota highlights that the proximity of Greenewood to Aurora Tank presents a clear opportunity for operational synergies and cost efficiencies. This is particularly relevant given the exceptional near-surface bonanza grades already identified at Aurora Tank.
The company refers to its consolidated gold holdings in the Gawler Craton as the "Arc of Gold" prospects. This arc of prospective ground flanks a distinctive Y-shaped gravity feature in the northwestern part of the craton. This geological corridor hosts a series of gold deposits, including Aurora Tank to the east, alongside Golf Bore, Campfire Bore, Greenewood, and Mainwood. Further to the west, the Monsoon and Typhoon prospects are also part of this promising belt.
A key strategic advantage for Marmota is its control over all the unmined gold zones within this prolific belt. This positions the company as a formidable player in the resurgence of gold exploration and development within the Gawler Craton, a region that appears to be experiencing a significant revival.
Marmota has already commenced its stage two drilling campaign at Greenewood, which kicked off last month and is progressing well ahead of schedule. This phase is targeting up to 85 holes for a total of 8,500 metres, incorporating a mix of step-out drilling to expand known mineralisation and infill drilling to better define the resource. The primary objectives of this program are to precisely delineate the geological boundaries of the deposit and to lay the essential groundwork for the estimation of a maiden mineral resource, which is anticipated next year.
Complementing the drilling activities, a fresh scoping study for Marmota's broader suite of Gawler gold assets was initiated in November. This study is designed to assess the economic viability and optimise the development pathways for these promising gold projects.
In the current gold market, where prices remain robust, consistently trading above A$6,200 per ounce, Marmota's portfolio of high-grade, near-surface gold deposits across its "Arc of Gold" is generating substantial momentum. This strategic positioning has the potential to transition Marmota from a junior explorer to a low-cost gold producer in a relatively short timeframe.
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