Marmota surges on bonanza gold at growing South Australian play
- Andrew Todd
- Dec 11, 2025
- 3 min read
Marmota Limited (ASX: MEU) has set the market alight with final assays from maiden drilling at its Greenewood gold project in South Australia, unveiling bonanza-grade gold up to a blistering 109 grams per tonne (g/t), covering nearly 1km in strike.
The company’s shares rocketed as much as 76 per cent in early trading today, to a high of 12.5 cents as the detailed 1-metre split results confirmed thick, high-grade intercepts near surface, far outstripping the initial 4m composites released in October.
Standout results include a scorching 109g/t gold across a 1-metre section of solid 33m intercept running 10g/t gold from 22m downhole and another hefty 22-metre hit running at 5.1g/t from 49m.
The final bank of results delivered 28 intersections of more than 10g/t, with half the high-grade 1-metre splits sitting between 17m and 27m from surface. The entire balance came from within 67m of surface.
The results sketch out an almost entirely continuous high-grade deposit that stretches for more than 900m of strike and is still open for extensions. The exceptional thickness and continuity appear to be among the best finds in the area, at least since Dominion Mining first discovered the one-million-ounce Challenger deposit in 1995, sparking a new gold rush in the Gawler Craton.
The detailed assays arrived later than anticipated because the juiced-up gold values blew past standard lab limits, demanding specialised re-testing to handle the extreme grades.
Marmota’s initial crack at Greenewood marks the first exploration at site since 2018, when prior owners halted work after just 7000m of drilling. The company’s blitz has now hammered 146 holes into the emerging deposit for 15,480m, providing a clear view of open shoots at depth and ample extensional upside.
The prospect now anchors Marmota’s broader Gawler gold project. It sits just 35km northwest of the company’s flagship Aurora Tank gold deposit and 30km northeast of the historic Challenger mine, which pumped out 1.2 million ounces from 2002 to 2018.
Marmota says Greenewood’s proximity to Aurora Tank opens clear paths for shared efficiencies, especially with Aurora Tank’s standout bonanza grades near surface.
The company refers to its Gawler gold holdings as the “Arc of Gold” prospects that flank a prominent Y-shaped gravity feature in the northwest of the craton. The arc hosts a chain of deposits from Aurora Tank in the east, alongside Golf Bore, Campfire Bore, Greenewood and Mainwood, with Monsoon and Typhoon further afield to the West.
Importantly, Marmota says it controls all the unmined gold zones in this belt, positioning it as a serious player in the Gawler Craton’s gold revival story, which appears just to be heating up.
The company says its stage two drilling campaign at Greenewood kicked off last month and is already well ahead of schedule, targeting up to 85 holes for 8500 metres, in a mix of step-outs and infill. The program aims to nail down boundaries and lay the groundwork for a maiden resource next year.
A fresh scoping study for the broader Gawler gold assets also launched in November, setting the wheels in motion for optimised development.
In a gold market where prices are holding firm above A$6200 an ounce, Marmota’s string of high-grade, near-surface gold deposits across its Arc of Gold is building real traction, potentially steering the company from explorer to low-cost producer in short order.
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