Marmota (ASX:MEU) said it found high-grade gold mineralization in its maiden drilling program at the Greenewood gold discovery in South Australia's Gawler region, according to a Thursday Australian bourse filing.

The results were up to 44 meters at 2.3 grams per tonne (g/t) gold from 16 meters, including 4 meters at 16 g/t gold.

Mineralization remains clearly open along strike and at depth, the filing added.

The company said that a major follow-up reverse circulation drilling will start in March primarily to advance the Greenewood discovery to the South in an area known as Mainwood, potentially extending the strike of the system to about 2 kilometers.

The company's shares were up over 1% in recent Thursday trade.