Marmota Limited (ASX:MEU) will be starting its first-ever drilling at Greenewood within the next week, with the maiden run – which will double the holes at the project – coming just days after the explorer confirmed the title transfer.
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The South Australian mining company secured 90% of the Golden Moon joint venture gold tenements in the Gawler Craton, including Greenewood, in late June.
Alongside Greenwood, the transfer also saw Marmota get its hands on Mainwood, Campfire Bore, and Golf Bore. These shape in an arc of six “important” gold occurrences which run along a major Y-shaped gravity anomaly.
Marmota is wasting absolutely no time getting to work post-transfer either: The plan is to now drill as many as 127 RC holes through the Greenwood program, for a total of 10,000 metres to an average depth of 79 metres.
A team has already departed for the site, where it will prepare pads, tracks, and sumps.
All permits have already been granted, too, helping the quick turnaround.
All up, Marmota’s gold project is “progressing beautifully” – at least, according to company chairman Dr Colin Rose, who praised the move on Wednesday.
“As our flagship Aurora Tank gold deposit progresses through production-related studies, we are delighted to carry out our maiden program at the nearby Greenewood gold deposit,” Dr Rose said in a July 2 release.
The explorer is also developing a pipeline of adjacent gold deposits, Dr Rose explained, with the eventual aim to “rapidly grow and expand Gawler” in coming years.
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Helping all these projections and plots is the fact that gold fundamentals have only ballooned positively since the last time Greenewood was explored. For Marmota, gold’s average A$5,000 price – three times higher than in 2018 – is a particular boon; it’s eager to take advantage immediately.
This will be the first run at Greenwood since 2018; there are pre-existing holes from then, but they’re “too shallow” and Marmota wants to dig deeper.
MEU has climbed +2.5%, to 4.1cps, on the back of the explorer’s rapid moves.
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