Source: Marmota
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  • Marmota (MEU) eyes a new exploration campaign following Petratherm’s (PTR) drilling success last week at the neighbouring Comet project in South Australia
  • On Wednesday, Petratherm said it had identified a major Rare Earth Element (REE) discovery, which Marmota noted sits directly adjacent to its own tenements
  • Marmota said there are “obvious” drill targets in the area and is now seeking to put in place the necessary approvals for this work to be carried out
  • Notably, Petratherm’s intersections were made just 12 metres from the surface, which means exploration costs for Marmota are likely to be low
  • Shares in Marmota are up 8.33 per cent to 5.2 cents as of 12:53 pm AEST

Marmota (MEU) has its sights on a new exploration campaign following Petratherm’s (PTR) drilling success last week at the neighbouring Comet project in South Australia.

On Wednesday, Petratherm said it had identified a major Rare Earth Element (REE) discovery, which Marmota noted this morning sits directly adjacent to its own tenements. Of the 44 holes that returned “highly anomalous values,” some of the highest-grade intersections — including 3 metres at 2701 parts per million (ppm) total rare earth oxides (TREO) — sit on the border of the tenement boundaries.

“It would be geologically highly improbable for the mineralisation in an ionic clay system to suddenly stop at the tenement boundary,” Marmota said in a statement to the ASX.

“Inversely, it is geologically highly probable that the mineralisation continues across the tenement boundary.”

As such, Marmota said there are “obvious” drill targets in the area and is now seeking to put in place the necessary approvals for this work to be carried out.

“Petratherm samples returned exceptional high-value magnet Rare Earth Element grades, and the largest of them is located on the Marmota tenement boundary,” Marmota added.

Notably, Petratherm’s intersections were made just 12 metres from the surface, which means exploration costs for Marmota are likely to be low, that large areas of ground can be tested quickly, and that any deposits discovered would have low mining costs.

The discovery is the first time that REEs have been identified in the Norther Gawler Craton — where Marmota is “by far the largest tenure holder” ­— and provide strong evidence that the region is fertile for ionic clay-hosted rare earth mineralisation.

Petratherm, in its announcement last week, acknowledged that “there is substantial upside potential for additional new REE discoveries to be made in the surrounding un-explored tenure.”

Shares in Marmota are up 8.33 per cent to 5.2 cents as of 12:53 pm AEST.

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