Marmota Energy has commenced a follow up drilling campaign to further test high grade sedimentary uranium targets at the Saffron prospect at Junction dam.
Marmota said that the drilling follows on from the successful maiden drilling campaign completed in late 2009 at the Junction Dam project. Multiple high grade occurrences were encountered in 80% of drill holes completed as part of the broad spaced maiden program.
The phase 2 drilling follows the completion in March 2010 of a high resolution ground electromagnetic survey over the high grade target zones. The survey was designed to define potential extensions to high grade areas on the project for continued drill testing.
The results of the survey, when combined with other high resolution geophysical datasets that Marmota has acquired over the project, have defined potential extensions to the high grade target zones where drilling has previously confirmed mineralization, the company said.
Seventy shallow rotary mud drill holes are planned as part of this program and are expected to be completed in mid-September 2010. It is planned that drilling updates will be made every three weeks as part of this program. eU3O8 readings from down-hole gamma probe processes will be collected at each hole and analyzed as each hole is drilled.
The aim of the Phase 2 program is to continue to define the size and extent of mineralization discovered at Junction dam by Marmota. It is anticipated that the results from the drilling will assist the company in preliminary resource calculations at the conclusion of this phase of the program.
Marmota has earned a 30% interest in the uranium rights on this highly prospective project and is anticipated to meet its full 51% earn in interest for the uranium rights early during the current phase of drilling.