As with Marmota Energy’s adjoining Mulyungarie project, Junction Dam has confirmed highly uranium prospective Eyre and Namba formations. Both formations are prospective for large tonnage low operating cost uranium deposits. The Eyre Formation hosts the nearby Honeymoon uranium mine, while the Namba hosts two of South Australia’s other major uranium developments at the Beverley and Beverley Four Mile sites.

The new survey data has been combined with existing high resolution gravity data acquired on parts of the Junction Dam Tenement by Teck and on Marmota Energy’s adjacent Mulyungarie project. The data on Mulyungarie was successfully used to define an interpreted tributary of the Yarramba Palaeochannel.

Multiple occurrences of uranium of up to 256 ppm eU3O8 have been intersected by Marmota Energy on the adjacent Mulyungarie project from previous drilling, including what is believed to be the tail of a potential roll front uranium deposit. Drill testing of the channel system, particularly on the south western part of Junction Dam immediately adjacent to Mulyungarie, is underway and is expected to be completed in five weeks.

On Mulyungarie, Marmota Energy earning 70% uranium interest under JV agreement with Monax Mining Limited.