Marmota Limited (ASX:MEU) Outstanding Assays Reveal Rich Gold Zones at Greenewood By The Stock Connect Posted On May 29, 2026 ~6 minutes read 0 Comments

29 May 2026

Price Sensitive Announcement $

Highlights:

• Outstanding gold assay results from Stage 2 of Marmota’s maiden drilling program at the Greenewood gold discovery in South Australia’s Gawler region, with the new assays representing detailed 1m splits from Stage 2
• New detailed 1m split assay results include dozens of high-grade assays including:
  • 41 g/t gold (from 82m downhole) in Hole 25GWRC241
  • 40 g/t gold (from 84m downhole) in Hole 25GWRC249
  • 28 g/t gold (from 74m downhole) in Hole 25GWRC215
  • 27 g/t gold (from 86m downhole) in Hole 25GWRC210
  • 26 g/t gold (from 36m downhole) in Hole 25GWRC208
  • 26 g/t gold (from 96m downhole) in Hole 25GWRC253
  • 23 g/t gold (from 89m downhole) in Hole 25GWRC164
  • 21 g/t gold (from 63m downhole) in Hole 25GWRC233
• Across Marmota’s entire maiden program (Stage 1 and 2):
  • 6 intersections have returned over 40 g/t gold
  • 18 intersections have returned over 20 g/t gold
  • 55 intersections have returned over 10 g/t gold
  • 119 intersections have returned over 5 g/t gold
• A key feature of Stage 2 results is the development and extension of multiple high-grade zones, particularly to the NE along strike, proving that the ore body extends in multiple directions and remains open along strike and at depth
• Stage 3 drilling already underway, targeting major extensions at Greenewood including the Mainwood area to the south, potentially extending the strike of the system to ~2km
• Greenewood is part of the Golden Moon JV, with Marmota holding 90% ownership

Overview:

Marmota Limited, a South Australian gold explorer with a 90% interest in the Greenewood gold discovery and 100% ownership of the flagship Aurora Tank gold deposit, is pleased to announce outstanding gold assay results from Stage 2 of its maiden drilling program at Greenewood in South Australia’s Gawler region.

The Greenewood gold results are some of the best seen in the Gawler Craton since the discovery of the Challenger gold deposit in 1995. The new assays are the detailed 1m splits from Stage 2, following up from the 4m composite results announced to the ASX on 26 February 2026. The large number of high-grade Stage 2 assay results is particularly noteworthy, as Stage 2 — with 10,117 metres of drilling across 129 holes — was a significantly smaller program than Stage 1, which comprised 15,480 metres across 146 holes.

As a result of the maiden program, Greenewood has grown to an approximately 900-metre long zone of near-continuous mineralisation. Prior to Marmota’s drilling, Greenewood had only ~7,000 metres of RC drilling since its discovery, with the most recent drilling having taken place in 2018 — leaving an abundance of possibilities for increasing the dimensions of the mineralisation.

A deposit that keeps growing with every stage

A key feature of the Stage 2 results is the development and extension of multiple high-grade zones, particularly to the NE along strike, proving that the ore body extends in multiple directions and importantly remains open along strike and at depth. The deposit features multiple bonanza gold grades close to surface, with excellent continuity along strike and exceptional thick high-grade intersections including 33m @ 10 g/t gold from 22m downhole (Stage 1), 22m @ 5.1 g/t gold from 49m, 21m @ 2.6 g/t gold from 22m, and 12m @ 5.4 g/t gold from 19m downhole.

The shape of the Greenewood ore body, as shown in cross-sectional views through the deposit, has a favourable resemblance to the textbook geometry of an open-pit operation — a highly attractive characteristic for potential future development. The program has delineated a nearly-continuous high-grade mineralised system, with the rate of discovery and quality of results showing no sign of slowing in Stage 2. Indeed, Stage 2 has produced proportionately even more high-grade results than Stage 1.

Stage 3 drilling underway

Stage 3 drilling commenced last month with the primary objective of advancing the Greenewood discovery to the south into the area known as Mainwood, potentially extending the strike of the system to approximately 2km. The Stage 3 drilling program is reported to be progressing extremely well, with mineralisation remaining clearly open along strike and at depth.

Greenewood is located approximately 35km NW of Marmota’s flagship Aurora Tank gold deposit and approximately 30km NE of the Challenger Gold Mine. Its proximity to Aurora Tank creates obvious economies of scope and scale that are highly attractive for potential future development. Marmota’s broader Gawler Gold project comprises an arc of gold deposits along the flanks of the major ‘Y’-shaped gravity anomaly in the NW Gawler Craton, including Aurora Tank, Golf Bore, Campfire Bore, Greenewood, Mainwood, and the Monsoon and Typhoon prospects — with Marmota owning all of the unmined deposits either 100% or 90%. A maiden scoping study for Marmota Gawler Gold recently commenced in November 2025.

Company Notes:

Marmota Chairman, Dr Colin Rose, commented: “Greenewood just keeps growing and getting better and better with each stage of our maiden program. I am delighted with the results. We have achieved phenomenal speed and progress in developing Greenewood, not just with the outstanding results, but achieving in 6 months what previously took 3 years to drill at Aurora Tank. And even in the face of fuel uncertainty and conflict, we are keeping that pace up, with the new Stage 3 program targeting major extensions already well underway, and progressing extremely well.

And so far, Greenewood keeps expanding with each stage of drilling, and keeps rewarding Marmota and our shareholders with each and every program. It is a very exciting program, a very exciting project, particularly as part of our Gawler Gold project that is yielding bonanza gold grades across multiple adjacent deposits. We are very fortunate to have such great assets, and to have the strongest financial position in the Company’s history and so able to execute and deliver the promise of those assets to our shareholders. The next few months are likely to be some of the most interesting in the Company’s history.”

Full ASX Announcement: https://hotcopper.com.au/threads/ann-outstanding-assays-reveal-rich-gold-zones-at-greenewood.9173431/