Flares. Signal flares would be shot into the air to mark your location, and may also leave a 60 second color coded ping on the map, depending on which color flare you use.
Marking flares would last 2 hours and only be visible on the map for the character that dropped them. They are planted on a surface like torches and visible on the map and as a distance tracker similar to when you track a location on the map. These can also be color coded. Could be used to help return to a location while mining, hunting or exploring without the need to save the location.
