Marmota (ASX: MEU) has completed a geological review of the Greenewood gold deposit, located near its Aurora Tank project in South Australia. The review, conducted by Dr. Kevin Wills, analyzed the deposit and identified future work opportunities. Marmota holds 90% equity in the Greenewood project through its subsidiary, Half Moon, in a joint venture with Coombedown Resources. Tyranna Resources (ASX: TYX) initially discovered Greenewood in 2016 before divesting it to Marmota in 2020.
Greenewood is part of the ‘Arc of Six’ gold deposits, sharing similar geological characteristics. Historical drilling at Greenewood, limited to 7,000 meters, has revealed high-grade gold intersections, including 1m at 53g/t. Marmota sees significant growth potential due to open-ended gold targets, shallow depths, and the current high gold price of approximately $5,000 per ounce, which is significantly higher than the $1,680 per ounce when initial resource work was conducted in 2018. The company is currently finalizing plans to enlarge the Greenewood resource.
