Marmota (ASX:MEU) conducted the first heavy mineral assemblage analysis from its titanium discovery at Muckanippie in South Australia, identifying "outstanding" high-value titanium feedstocks, according to a Wednesday filing with the Australian bourse.

X-ray diffraction scanning revealed heavy mineral samples contained up to 90% valuable heavy minerals in concentrates, with samples returning an average of 79% valuable heavy mineral content, the filing said.

Composite samples were selected from North, South, and intermediate holes at different depths and sizing fractions, per the filing.

Shares were down 7% in midday trade Thursday.