Nov 13, 2024

Marmota Limited Hits 28m @ 10.1% TiO2 at Muckanippie, South Australia

Introduction:

Marmota Limited (ASX: MEU) (Market Cap: $38M | Last Close: $0.038 | Cash: $2.75M) has reported strong titanium dioxide (TiO2) results from its Muckanippie project in South Australia, highlighted by 28m @ 10.1% TiO2 from surface.

Drill Results:

28m @ 10.1% TiO2 from 0m (including 4m @ 13.3% TiO2) [Hole WI-081]
36m @ 6.2% TiO2 from 0m (including 4m @ 10.8% TiO2) [Hole WI-080]
39m @ 4.6% TiO2 from 0m [Hole WI-079]‍
24m @ 7.5% TiO2 from 0m (including 4m @ 10.3% TiO2) [Hole WI-078]

Project Overview:

The Muckanippie project is located on Marmota's 100% owned EL 6166 tenement in South Australia. The discovery is situated within a magnetic anomaly approximately 1.5km long by 750m wide. The project benefits from its proximity to key infrastructure, being adjacent to both the Adelaide to Darwin and Adelaide to Perth rail lines.

The titanium mineralization is found within the Archaean Mulgathing Complex of the Gawler Craton. The Muckanippie Complex consists of layered igneous intrusions ranging from ultramafic to felsic in composition, similar to other economically significant complexes worldwide.

Program Details:

Marmota conducted a program of 106 shallow RAB holes drilled to refusal as part of a Rare Earth Element (REE) review on the Muckanippie tenement. The samples were subsequently assayed for titanium. The discovery holes are part of a fence line of 4 drill holes over part of the magnetic anomaly. All holes within this fence line intersected exceptional thick, high-grade titanium dioxide mineralization from surface.

Understanding These Results:

The reported intersections represent significant titanium dioxide grades starting from surface. The geological continuity between holes is excellent, as shown in the cross-section provided. Notably, the highest TiO2 grades occur very close to surface, which is atypical for conventional titanium rock deposits.

The low iron content (5-11% over the first 24m from surface) is also noteworthy, as it may reduce processing requirements to produce a pure TiO2 product. The mineralization remains open in all directions, including at depth, suggesting potential for resource expansion.

Management Commentary:

No direct management quotes were provided in the announcement.

Next Steps & Catalysts:

While specific next steps were not outlined, the company is likely to conduct follow-up drilling to further define the extent of the titanium mineralization and potentially work towards a maiden resource estimate.

Future work may also include metallurgical studies to assess the recoverability and purity of the titanium dioxide, given the apparently favourable low iron content.

Commodity Outlook:

Titanium dioxide is a critical mineral with applications in various industries, including paint, sunscreen, plastics, aerospace, and renewable energy technologies. The global TiO2 market is valued at over US$22 billion in 2024 and is forecast to grow to US$38 billion by 2033, driven by increasing demand in emerging technologies and environmental applications.

Conclusion:

Marmota's titanium discovery at Muckanippie represents potentially a new source of high-grade TiO2 in South Australia. The combination of thick intersections, high grades from surface, and location near existing infrastructure is favourable.

Sources:

MEU Drill Results Announcement

Additional Figures:

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Nov 11, 2024