Marmota Energy intersects high grade uranium
Marmota Energy has announced a round of high-grade intersections ranging up to 5,538 parts per million uranium oxide.
The company received the intersections from a third phase of drilling on its Saffron and Bridget prospects located within its majority-owned Junction Dam uranium project.
Junction Dam is located less than an hour’s drive west of Broken Hill and just 10 kilometres from the Honeymoon uranium mine.
In its announcement to the Australian Securities Exchange Marmota said the latest results add to a stream of uranium intercepts at the two key prospects.
“Our latest downhole gamma readings from the third drill phase continue to indicate uranium mineralisation of potential economic significance,” Marmota Energy managing director Dom Calandro said.
“Importantly, the intersections are hosted in the Tertiary Eyre Formation and this is the same geological unit hosting the nearby Honeymoon uranium mine and the uranium-rich Beverley Four Mile project to the north of Junction Dam.
“The new drilling has defined and confirmed a very consistent zone of mineralisation, including a new four kilometre long zone of mineralisation at the Bridget prospect in addition to the existing 2 km strike length defined at Saffron.
“The program included successful test holes into a third prospect at Junction Dam, Yolanda, located immediately south of the Saffron prospect and “with a target zone four times the size of the Saffron prospect.”
Marmota said a number of the Yolanda test holes had intersected significant grades of uranium mineralisation.
The company considers the overall results from these holes confirms the continuation southward of the project’s main mineralised channel system.
“The presence of mineralisation at Yolanda offers substantial expansion potential south of the existing two kilometre km long Saffron prospect, discovered by Marmota late in 2009,” Calandro said.
“These are very indicative results which add significantly to the current defined zones of uranium mineralisation within the Yarramba palaeochannel within the overall Junction Dam precinct.
“From the results achieved to date, we believe there is significant potential for further extension to the Saffron prospect and the discovery of additional zones of uranium in both the Bridget and Yolanda prospects on Junction Dam.”
Marmota said it has now defined a zone of mineralisation that extends for approximately 15km at Junction Dam.
Drilling completed in the 2010 Phase 2 program confirmed an extension to the size of the Saffron prospect to approximately 2km, open to the north and south.
Geophysical exploration completed across the adjacent Bridget prospect to the north, defined an additional 4km long zone of potential which has been drill tested in the current Phase 3 program.