Marmota Energy has the right to earn 51% interest in the uranium rights from Teck Australia Pty Ltd, PlatSearch NL and Eaglehawk Geological Consulting Pty Ltd.
More encouraging preliminary results were obtained from drill holes completed in the second week of drilling as part of the Company’s broad spaced maiden 25 hole drilling program. Elevated downhole gamma readings are continuing to be returned from what has been interpreted as Eyre Formation sediments. The Eyre Formation hosts the nearby Honeymoon Uranium Mine and Beverley Four Mile uranium project to the north of Junction Dam.
Marmota Energy’s maiden drilling program is focusing on the south western part of the project area.
New gravity surveys completed by Marmota Energy on Junction Dam were successfully used to define a 20 km extent of the Yarramba Palaeochannel. Gravity and radon surveys have assisted greatly in drill hole target allocation. Marmota Energy also previously intersected multiple occurrences of uranium on its 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.
Using a cut off equivalent grade of 100 ppm eU3O8, significant gamma anomalism from the downhole geophysics continue to be encountered in Eyre Formation sands in drill holes completed last week. The best intersection was in hole JDRM0115 showing a distinct peak from the downhole gamma tool, indicating an equivalent grade of 1,676 ppm eU3O8 (6775 counts per second). This hole is around 400 metres north along strike from drill hole JDRM0107 which contained the previous week’s best result of 1381 ppm eU3O8 (5,583 counts per second). Drill holes have continued to intersect multiple sand units with the basal sand units returning elevated downhole gamma readings. This is interpreted to be analogous with the mineralisation model at the nearby Honeymoon development. Drilling is continuing and is expected to be completed in about three weeks’ time.
