Marmota (ASX: MEU) is putting the pieces of its Junction Dam uranium project jigsaw puzzle together in South Australia, with a 114-hole drill campaign planned to test two distinct geological formations at its Bridget prospect.
The fully-designed program will increase the number of holes drilled at the target from 43 to 157. It builds on the company’s recently-announced 164-hole campaign that is designed to test several high-priority uranium targets at its Saffron prospect directly to the north.
Saffron already hosts an inferred resource of 5.4 million pounds grading 557 parts per million uranium oxide and it has previously delivered impressive drilling results including peak assays as high as 12,310ppm and 8465ppm uranium oxide.
The revelation that there is not one, but two uranium systems of different ages … are enormously exciting developments.
Marmota chairman Colin Rose
Marmota says the Bridget prospect shows enormous potential, including two distinct uranium-bearing formations from two geological ages. It includes the Eyre formation paleochannels with geology similar to the nearby Saffron resource area, in addition to an identified Namba formation paleochannel with uranium mineralisation at the base of the channel – akin to the Beverley uranium mine that was officially opened back in 2001.
Importantly, management says one of the Namba channels appears to be a 20m-high stacked uranium roll front similar to the Four-Mile deposits that have been mined since 2014.
Designed by uranium expert Mark Couzens, who conducted a full technical analysis of the stratigraphy and mineralisation at Junction Dam back in November, the Bridget drill campaign will include 64 holes at the central target to test both the Eyre and the Namba formation paleochannels.
A further 46 holes will test regional extensions to the central Bridget uranium mineralisation, with four holes planned in areas of interest where only sparse drilling has been completed previously at a part of the prospect with favourable geology.
The revelation that there is not one, but two uranium systems of different ages, both fortuitously coincident at Bridget, AND the existence of what appears as a huge 20m high stacked uranium roll front AND the existence of Beverley-style mineralisation are all enormously exciting developments which this program is designed to prove up.
Marmota chairman Colin Rose
Junction Dam sits in the same paleochannel as Boss Energy’s massive Honeymoon uranium project that features a mineral resource of 36 million pounds grading 660ppm uranium oxide. The Jasons deposit at Honeymoon already holds a JORC-compliant resource of 6.2 million tonnes at 790ppm for 10.7 million pounds of contained uranium oxide.
Highlights from Boss’ recently-completed drilling program at Jasons, which sits intriguingly close to Junction Dam, returned a 3m hit at 3221ppm uranium oxide from 105.5m, 6m going 1278ppm from 100.5m and 3.25m grading 1509ppm from 104.5m.
Junction Dam has a uranium resource of 5.4 million pounds grading 557ppm uranium oxide, with an exploration target of between 22 million and 33 million pounds at between 400ppm and 700ppm. Marmota is also working on drill campaigns to test the operation’s Yolanda and Jason prospects and is waiting on the necessary clearances.
The recently-completed Couzens’ review changed the company’s concept of the potential, scale and size of Junction Dam. And with global uranium prices surging, Marmota may just have timed its latest drill programs to perfection as it looks to connect the missing pieces to build its resource picture.
Is your ASX-listed company doing something interesting? Contact: office@bullsnbears.com.au