Marmota (ASX: MEU) is very pleased to announce results from the first drilling carried out by any company ever on the Comet (West) Tenement EL 6084, located to the south of Aurora Tank

ADI Program

The above exploration work is jointly funded by the SA Government under a $225,000 grant awarded to Marmota under the Accelerated Discovery Initiative (ADI) [ ASX:MEU 24 June 2020, 23 June 2022 ]. The program involved a small number of holes drilled on two tenements located to the south of Marmota's Aurora Tank gold discovery (Woorong Downs and Comet). As far as Marmota is aware, this program included the first ever exploration drilling by any company on the Comet (West) Tenement (EL6084) located south of Aurora Tank

Marmota Chairman, Dr Colin Rose, said: 'This is a highly unusual, intriguing and exciting outcome for a recon program. To put this in context, the usual path to finding gold is to start with some surface expression of gold (e.g. calcrete sampling) that then guides drilling. Here, by contrast, there is no expression of gold in the surface calcrete sampling. Finding significant gold over 1 g/t on a single hole in the middle of nowhere, without surface expressions or other guiders ... is probabilistically like finding a needle in a haystack. It is so unusual that prior to releasing these results, Marmota asked the laboratory to duplicate the assay tests from a fresh sample: the lab pulverised the entire 2kg sample bag collected over the 4m interval, and took a new pulp to re-test from fresh. It confirmed the same result. There is no doubt that there is significant gold in the sample. More intriguingly, it is located on the same trend line as the Aurora Tank gold discovery and the Mars gold deposit 10km to the NE, with the ground on Comet inbetween never tested or drilled. Marmota is seeking to carry out follow-up programs as a priority, both here at Comet, and to follow up the high-grade 18g/t gold extensions just discovered at Aurora Tank [ ASX:MEU 18 Aug 2022 ]. More detail is expected to follow shortly. The highly anomalous REE result (from the same drill hole) and thick REE intersections in clays highlight the prospectivity of Marmota's tenements for rare earth elements. Marmota will also be addressing our REE strategy in the near future.

Contact:

Tel: (08) 8294 0899

Web: www.marmota.com.au

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. The Company's uranium JORC resource is at Junction Dam adjacent to the Honeymoon mine.

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