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Marmota Ltd (ASX:MEU) is clearly not mucking around, with the company leaping into action at its new Muckanippie discovery less than 48 hours after landing “bonanza” heavy mineral concentrations in its January assays.
The assays, described by Marmota on January 14 as both “outstanding” and “highly significant,” will be capitalised on immediately with an 89-hole drilling run.
Fast-moving Marmota already has an exploration team on the way to the company’s Aurora Tank base camp north of Muckanippie; drill-run program preparations will begin once they’re on-site (and once the necessary tools arrive).
Drilling will then formally begin on January 20 and will run through the month.
“Just two days ago [we] announced heavy mineral assays featuring bonanza grades in every discovery hole,” Marmota’s chairman Dr Colin Rose said today.
“Those assays [landed in every discovery hole] confirm Marmota’s discovery at Muckanippie as a highly significant new heavy mineral sands discovery. [The explorer] is now progressing with full speed a major follow-up drill program to rapidly advance, grow, and develop this outstanding titanium heavy mineral discovery.”
This January success for the South Australian mining explorer comes two months after Muckanippie works began. Marmota originally discovered “exceptional thick rich titanium” in its target area in late November last year.
Following that mineralisation discovery, the company submitted metallurgical test works to specialist labs to determine the heavy mineral properties. The results were, of course, “bonanza” – there was a regional-scale palaeochannel transecting Marmota’s discovery as well as an area being worked by Petratherm (ASX:PTR).
Around 28 kilometres (in length) of the highly prospective titanium-bearing palaeochannel belongs to Marmota, reads suggested, and so the company got to work as soon as possible gauging what exactly they’d found.
Then just two days ago, Marmota landed the “bonanza” assay results, including particularly standout concentrate percentages from holes WI-078 through to WI-081.
All in all, a “very positive start to 2025,” Dr Rose said.
MEU opened 1.75% higher in Thursday trade to sell at 5.7cps.
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