Marmota set to spin drill bit at SA uranium project

Marmota is primed to test several high-priority uranium targets at its Saffron prospect, with 164 drillholes planned as part of the company’s reboot for its Junction Dam project in South Australia.

The known Saffron deposit 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.

Marmota’s Junction Dam uranium project sits next door to Boss Energy’s Honeymoon deposit.

The company has already identified four new, high-priority drill targets to the north, east and south of the Saffron resource where the geology is favourable for uranium mineralisation and is supported by stratigraphic modelling, electromagnetic surveys and gravity images.

The drill program has been designed by uranium expert Mark Couzens, who conducted a full technical analysis of the stratigraphy and mineralisation at Junction Dam back in November. Management says the holes will be tested using a rotary mud drill rig with downhole geophysical probes suitable for uranium exploration.

The new stratigraphic model will enable Marmota to target high-grade uranium mineralisation both within the current resource area and near resource exploration targets, as well as at the Bridget prospect to the north and the Yolanda prospect to the south.

Three of the four new targets lie outside of the current Saffron uranium resource area, providing significant scope for growth. Six main uranium-bearing palaeochannels have also been identified in the deposit from the stratigraphic modelling and they are all open for further mineralisation.

Marmota plans to sink 18 holes to test an initial target to the north of Saffron at the junction of five of the six uranium-bearing paleochannels identified in a recent electromagnetic survey. A further 29 holes will investigate an area to the south of Saffron where two south-to-north paleochannels are located, with a floodplain up to 70m wide.

Six drill targets have been defined at a third area on the eastern edge of Saffron where three uranium-bearing paleochannels are interpreted to run, according to the recent survey.

A total of 81 holes have been designed to test a fourth area within the current Saffron resource. The target is about 600m long by 150m wide, is largely untested and has been identified to potentially host high-grade uranium mineralisation.

Two additional zones are considered areas of interest, while a further 14 drillholes have been designed to infill the current Saffron resource.

Importantly, 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 hosts 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, 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.

Marmota’s Junction Dam project 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 400ppm to 700ppm.

The recent rise in demand for uranium prompted the company to restart exploration at the SA operation. With a slew of enticing new targets and the impressive Boss project right next door, Marmota could be looking at a significant resource increase at Junction Dam.

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