Marmota (ASX: MEU) says it has made a new high-grade discovery of “exceptional, thick, rich titanium” starting right from surface at its wholly owned Muckanippie project near Coober Pedy in South Australia.
The discovery stems from a recent round of 106 shallow rotary air blast (RAB) drillholes scouting for rare earth mineralisation at Muckanippie within SA’s revered Gawler Craton.
The program was not successful for rare earths however after learning that its neighbour in the region, Petrathem recently encountered high-grade titanium in what it says was a significant mineral sands discovery next door, Marmota was moved to re-assay its holes for titanium before experiencing a bingo moment.
Of the 100 plus hole program, just four holes, about 250m apart, were plunged into a curious magnetic target measuring some 1.5km by 750m in the tenement’s northeast. The company says exceptional grades of titanium dioxide were encountered in every one of the 4 drill holes. Standout intercepts include a 28m intercept at an impressive 10.1 per cent titanium dioxide from surface, including 4m at a stunning 13.3 per cent. Another solid 36m intersection came in at 6.2 per cent titanium dioxide and all four holes encountered high grade mineralisation from surface.
The company says unlike conventional titanium deposits where processing costs can soar due to deep mineralisation, the titanium at Muckanippie appears highly accessible occurring right from the surface.
Additionally, with relatively low iron content, the deposit could enable more straightforward refining into a pure white 99 per cent titanium product which is currently highly sought after due to looming titanium shortages caused by major mine closures in Kenya, South Africa and Mozambique.
Marmota’s titanium venture is immediately adjacent to Petratherm’s recent high-grade titanium discovery where re-assaying of historic drilling produced some solid numbers that include 36m at 4 per cent titanium dioxide, also from surface and a 24m chunk going 3.6 per cent from surface. The oxide mineralisation appears apparent across several kilometres at Petratherm’s ground which includes its two main Rosewood and Claypan prospects.
The news of Petratherm’s discovery stoked the market, prompting its share price to leap some 125 per cent from its previous 2c close the day before to an intraday high of 4.5c. Notably, Petratherm’s grades were little more than a pale imitation of the numbers tabled by Marmota.
Marmota is planning further exploration at Muckanippie to follow-up the discovery, no doubt hoping to cash in on titanium’s growing market demand and its emerging high-grade opportunity.
The company’s titanium discovery is exceptional in terms of grade and its near surface status sets it apart from many. Other notable producing heavy mineral sands (HMS) deposits owned by global players such as Rio Tinto and Iluka rarely feature resource grades above 2 per cent titanium dioxide – all of which makes for a serious blue sky opportunity for Marmota’s 10 per cent ore.
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