Marmota (ASX:MEU) has flagged new ‘high-priority’ drill targets outside of the current uranium resource within its wholly owned Junction Dam uranium deposit in South Australia.
The $42.35 million market capitalisation company says the new targets sit to the north, south, and east of the Saffron uranium resource — where the geology is favourable for the deposition of uranium mineralisation — and lie immediately adjacent to Boss Energy’s (ASX:BOE) Honeymoon tenement.
Marmota reports that these discoveries represent the first results of a new and ongoing stratigraphic and mineralisation review and provide ‘significant’ scope for the growth of the uranium resource at Junction Dam.
The stratigraphic review is being spearheaded by uranium specialist Mark Couzens.
Marmota says it has identified 4 new targets through the first stage of the review, and 3 of these lie outside of the current Saffron resource.
The company notes that 6 main uranium-bearing palaeochannels have also been identified at the Saffron uranium deposit following the completion of stratigraphic modelling. All channels are open for further uranium mineralisation.
Marmota Chairman Colin Rose says the company’s stratigraphic review demonstrates the ‘enormous’ potential for Junction Dam to develop and grow as one of South Australia’s premium uranium deposits.
The discovery of these targets falls in line with the company’s strategy of ‘substantially’ increasing its uranium resources, as reported in October, as the uranium sector observes 15-year price highs.
Marmota is an explorer focused on gold, copper, and uranium across its suite of projects in South Australia.
As of 30 September 2023, Marmota had $3.428 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au