PTR next door saw their share price go up 140% yesterday based...

PTR next door saw their share price go up 140% yesterday based on their first titanium metallurgical testwork. I thought it might be helpful to explain what it means for MEU holders here, and to compare results so far:

1. 1. GRADE

So far, all PTR’s titanium announcements have been based off collecting material from historical drill holes and then testing them for titanium.

The best PTR titanium results so far are:

• PTR: CAR 38 returning 20m @ 4.2% TiO2, and
• PTR: CAR39 returning 36m @ 4.0% TiO2

Marmota’s drilling at Muckanippie is very recent, from work related to Project X and yielded much higher TiO2 grades, e.g.
MEU Hole WI081 returning: 28m @ 10.1% TiO2 (from surface)

In fact, so far, even the worst of Marmota's 4 discovery holes has higher grade than PTR’s best result.

2. Closeness to surface and Continuity

Marmota’s high-grade titanium intersections start at surface.
Better still, the highest MEU titanium grades are very close to surface.
The MEU holes show amazing continuity both downhole, and across all 4 contiguous discovery holes across the target.

Compare: MEU cross-section with the PTR cross-section:

Note that in the MEU cross-section, RED means > 10% TiO2.

In the PTR cross-section, RED means > 5% TiO2. If Marmota used the PTR colouring, almost the high diagram would be plotted RED.

Also, note that the MEU high-grades go almost smack up to surface.

3. PTR metallurgical testing

The PTR announcement yesterday announced the first Muckanippie metallurgical testing. This work was carried out on the very same holes compared above: i.e. CAR 37, 38, 39.

Titanium oxide has 2 common mineral sources:

· ilmenite (which tends to be lower grade titanium), and

· rutile (which is very high grade titanium). Rutile is worth about 10 times the price of ilmenite.

The PTR testwork shows that when one isolates the heavy mineral (HM) component of the samples (which is about 12% of the total for PTR’s best samples), the rutile content is 20% of the HM component which seems very good.

4. What it means for MEU

This is extremely good news for both PTR and MEU. It means the rutile content in the Muckanippie area is very high and very valuable.

I would expect MEU’s rutile content to be similar to PTR … and more likely, that the MEU rutile content may be even better than PTRs. Why?

The MEU rutile content may be higher than PTR’s for two reasons:

a) We know the MEU titanium grades are much higher than the PTR grades from the comparison above … which suggests the rutile content on the MEU holes should be higher (which is how you get such high titanium grades).

b) The PTR holes have significantly higher Fe (iron) content than the MEU holes. For titanium, iron is a baddy (you don’t want it: it is an impurity that has to be removed, and the iron is linked to the ilmenite content). The very low iron content of the MEU holes suggests we may likely see even higher rutile numbers coming from MEU.

So far, Marmota is ahead on grade, continuity, and depth from surface. Timewise, PTR appear to be about a month ahead on getting their met work done (not surprising as they started first). Results look super promising for holders of both companies.