Marmota (ASX: MEU) is very pleased to announce that Marmota's first ever reconnaissance program for rare earth elements (REE) has yielded a new REE discovery at Muckanippie.

Multiple holes intersected Total Rare Earth Oxides (TREO) over 1000 ppm. The intersections are remarkably close to surface, featuring significant TREO grades over 1000 ppm located as close as 12m from surface. Rare earths are hosted in ionic clays close to surface .and appear to be similar to published descriptions of the major Chinese clay-hosted REE deposits. China currently produces more than 90% of the world's high-value rare earth magnet supply.

Marmota Chairman, Dr Colin Rose, said: ' I am delighted that this program has already yielded excellent results, particularly so for a first stage recon program, and is testament to the excellence of our exploration team. It is a style of exploration that suits Marmota particularly well: rapid, close to surface, inexpensive, and with considerable upside potential for our shareholders. '

Contact:

Tel: (08) 8294 0899

About Marmota Limited

Marmota Limited (ASX: MEU) is a South Australian mining exploration company, focused on gold, copper and uranium. Gold exploration is centred on the Company's dominant tenement holding in the highly prospective and significantly underexplored Gawler Craton, near the Challenger gold mine, in the Woomera Prohibited Defence Area. The Company's copper project is based at the Melton project on the Yorke Peninsula.

(C) 2023 Electronic News Publishing, source ENP Newswire