Marmota (ASX:MEU) has revealed the first detailed assays from its maiden program at the Greenewood gold discovery in the Gawler Craton of South Australia.
In a Thursday (December 11) release, the company highlighted results including 95 grams per tonne (g/t) gold from 22 metres (as part of a spectacular thick intercept of 33 metres at 10 g/t gold from 22 metres downhole and 109 g/t gold from 26 metres downhole in the same hole.
“The results are some of the best seen in the Gawler Craton since the discovery of the Challenger deposit in 1995,” the company wrote.
According to the report, the program has yielded grades within 17 metres to 67 metres from surface over a 900 metres strike length and that the mineralisation remains open along strike.
The company added that the results feature outstanding gold intersections including multiple bonanza gold grades close to surface, superb recoveries in metallurgical testwork.
“(This shows) excellent potential for low-cost, low capex open pit heap leach gold production.”
Located approximately 35 kilometres northwest of Marmota’s flagship Aurora Tank gold deposit, Greenewood has only had an average of 7,000 metres of reverse circulation (RC) drilling since its discovery.
It is part of the Golden Moon joint venture, wherein Marmota holds 90 percent via its 100 percent-owned subsidiary Half Moon.
Stage 2 drilling at Greenewood commenced last November 19, with the company sharing progress that the drilling team is currently achieving over 350 metres per day.
Targets for stage 2 include an average of 85 planned holes for the RC drill program and around 8.500 metres for total RC drilling, subject to time before Christmas break.
Shares of Marmota closed at AU$0.130 on Thursday following the news, rising 83.10 percent from its AU$0.071 close on Wednesday (December 10).
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
