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- Program of 20,000m of RC drilling underway.
- Drilling targeting massive extensions Greenewood gold discovery, program designed to extend known mineralised strike.
- Drilling is expected to continue through May, June.
Marmota (ASX:MEU) has commenced a major drilling program targeting extensions to the “spectacular” Greenewood gold discovery in South Australia, with the historic Mainwood zone south of Greenewood to be the main target – approximately 70% of the holes in this program are to be drilled there.
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About 30% of the Mainwood holes will be drilled in the main Greenewood zone to the north, which remains open in all directions, to develop extensions there and to fill in missing sections required for resource estimation.
Historic Greenewood has yielded some of the best gold results seen in the Gawler Craton since the discovery of the Challenger deposit in 1995. The results feature bonanza grades, close to surface, with excellent continuity along strike and include exceptional thick high-grade intersections.
Greenewood and its extension to the Mainwood target to the south is located 35 kilometres north-west of Marmota’s flagship Aurora Tank gold deposit and 30 kilometres north-east of the Challenger mine.
Chairman, Dr Colin Rose, said Greenewood has only had around 7,000 metres of RC drilling since its discovery, prior to Marmota’s maiden program in July/August CY25, which established it as a “spectacular” discovery.
“We are simply delighted to get this program underway. The program serves two primary roles, one to continue the growth of the main Greenewood zone, which has been yielding spectacular results and remains open in all directions; and two to vigorously attack the southern zone (Mainwood) with our maiden drilling program there,” Dr Rose said.
“Marmota is planning to do to the southern Mainwood zone what we have successfully already done with the main Greenewood zone to the north. The company is the strongest it has ever been, and we are very pleased to be able to apply the appropriate resources to the task – the first time that is happening in the Mainwood zone!”
This is the company’s maiden drilling program in the Mainwood zone and also represents the first drilling there since CY18.
Mainwood was originally discovered through traditional regional calcrete sampling techniques – the same technique that was also used to discover Challenger in 1995 and other deposits in ‘the Arc of Gold’ in the Gawler gold project.
“Unlike the other deposits, Greenewood does not have a surface expression of calcrete and so does not have a surface gold-in-calcrete anomaly,” Dr Rose said.
“The discovery of Greenewood is thus an important milestone in the Gawler gold discovery history as it identifies significant potential for further gold discoveries within the project area where traditional regional-scale calcrete sampling is not a suitable tool to define a gold target and would have missed it.”
MEU is up +4.44%, to 11.8¢. Mkt cap $145.2M.
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