Marmota - Major Rare Earth discovery along MEU tenement boundary

Marmota is very pleased to refer to Petratherm's (ASX:PTR 20 April 2022) announcement of a major high-value Rare Earth Element (REE) discovery in the Gawler Craton.

Of particular relevance to Marmota shareholders:

Highlights

(a) The Rare Earth discovery is directly on the border with Marmota tenements

(b) geologically, the hosting ionic clay systems are regional the largest and most exceptional of the high-value magnet REE results (1015 ppm: Hole 590) attained so far is located on the Marmota tenement boundary [ see Fig. 2 ]

(d) Marmota to commence new exploration	program for Rare Earth Mineralisation with immediate targets starting at the discovery on Marmota's tenement boundary

1. Location and	Extent

Petratherm carried out a program of 993 shallow RAB holes (typically only 15m deep), of which 44 were subjected to full-suite REE analysis returning highly anomalous values.

The discovery is 'regionally extensive extending several kilometres': drill holes are generally on a wide 400m grid, over a mineralized area at least 20km long	and 7km wide.	

The discovery lies immediately adjacent	to Marmota tenements. Sampling stopped at the tenement boundary. Some of the highest rare earth intersections occur on the Marmota tenement boundary (e.g. Hole	590: 3m@ 2701 ppm TREO1:see Fig.2 ). This hole on the boundary also yielded the	highest of the exceptional high-value magnet results.

2. Highly prospective

The significant rare earth intersections are remarkably	close to surface, just 12m from	surface in ionic clays. This means that explorationcosts are low, that large areas of ground can be tested quickly, and any deposits defined would potentially have low	mining costs.

Petratherm note	that the discovery redefines the mineral prospectivity of the Northern Gawler Craton.

They further note that the newly defined rare earth areas have been shown to be	regionally extensive, extending	several kilometres, and	that 'there is substantial upside potential for additional new REE discoveries to be made in the surrounding un-explored tenure'.

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

Marmota is by far the largest tenure holder in the Northern Gawler Craton

3. Obvious Drill Targets for Marmota

There are already two areas where significant intersections have been made along and/or on the boundary of Marmota tenements.

They are:

1. Petratherm's	Hole 590 area [see Fig.2], on the boundary of Marmota EL 6040

2. Petratherm's Area 2 adjacent to Marmota EL 6083 [see Fig.2]

It would be geologically highly improbable for the mineralisation in an ionic clay system to suddenly stop at the tenement boundary. Inversely,	it is geologically highly probable that	the mineralisation continues across the tenement boundary.	

Marmota is seeking to put in place the necessary approvals to have this	work carried out.

4. Broader Implications

This is the first time that significant	Rare Earth Elements have been discovered in the Northern Gawler Craton. Petratherm state that the 'resultsprovide stronevidence that the Northern Gawler Craton of South Australia is fertile for ionic clay hosted rare earth mineralisation'.

The newly defined mineralisation has been shown	by Petratherm to be regionally extensive.

Examination of the Petratherm results show that all the	anomalism and mineralization to date is hosted by the Archaean to early Paleoproterozoic Mulgathing Complex which is also the host to the most significant gold mineralization in the region.

Marmota is fortunate to hold tenure for	the majority of	the large area of the Mulgathing Complex metamorphic rocks that extends	about 120km to the west	of the new discoveries [see Fig.3 ]

Contact:

Marmota Limited

Dr. ColinRose

Executive Chairman

Email: [e-mail]

Unit 6

79-81 Brighton Road

Glenelg

SA 5045

ABN: 38119 270 816

T: [phone]

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. For more information, please visit: www.marmota.com.au

Competent Persons Statement

Information in this Release relating to Exploration Results is based on information compiled by Aaron Brown, who is a Member of The Australian Institute of Geoscientists. He has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Mr Brown consents to the inclusion in this report of the matters based on this information in the form and context in which they appear. Where results from previous announcements are quoted, Marmota confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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