The preliminary results have been returned from the first three holes drilled as part of the company’s broad spaced maiden 25 hole drilling program.
Junction Dam (EL 3328) is located 12km east of the Honeymoon Uranium Mine (a 6.5 million pound inferred resource owned by Uranium One and Mitsui) and 50km west of Broken Hill. The project’s proximity to the major regional centre of Broken Hill and good access to road and rail infrastructure makes this a strategically significant project for Marmota Energy.
As with Marmota Energy’s adjoining Mulyungarie project, Junction Dam contains Eyre and Namba formation sediments, which are both prospective for large tonnage low operating cost uranium deposits. The Eyre Formation hosts the nearby Honeymoon Uranium Mine and Beverley Four Mile uranium project, while the Namba hosts SA’s major sedimentary uranium development at Beverley.
Marmota Energy’s maiden drilling program is focusing on the south western part of the project area. Drilling commenced on what has been interpreted as the outer bend of the highly prospective Yarramba Palaeochannel. Recent high resolution ground gravity and radon surveys assisted greatly in drill hole target allocation. Marmota Energy also previously intersected multiple occurrences of uranium on their adjacent Mulyungarie project. Two holes in particular intersected what is believed to be the tail of a potential roll front uranium deposit, which is planned to be further tested as part of this current phase of drilling.
On the project, Marmota Energy has the right to earn 51% interest uranium rights from Teck Australia Pty Ltd, PlatSearch NL and Eaglehawk Geological Consulting Pty Ltd.
