Uranium explorer Marmota (ASX:MEU) has flagged the presence of a new high priority uranium target on the company’s side of the Jason’s uranium resource area based on the gravity interpretation of stage four results.
The $45.52 million market capitalisation company says stage four of the Junction Dam Project review is being spearheaded by uranium specialist Mark Couzens and is being focused on the northwest corner of Marmota’s Junction Dam tenement, immediately adjacent to Boss Energy (ASX:BOE) recent drilling program.
Boss Energy’s Jason’s uranium resource currently stands at 10.7 million pounds at 790 parts per million (ppm) triuranium octoxide (U3O8) and is Boss’s highest-grade uranium resource.
Marmota Chairman Colin Rose says: “The NW corner of Junction Dam has always been a tantalising target. We now have our first real understanding of the potential of the target area, and the priority targets, adjacent to the area that yields Boss its highest resource grades.
We are delighted with the tantalising imagery that has emerged from the state gravity analysis when combined with the known palaeochannels, and the potential for Marmota.
The 2 stage uranium review has dramatically changed our concept of the potential, scale, and size of Junction Dam. It has been enormously successful. Focus will now turn to preparing the first restart drill program at Junction Dam.”
Marmota is a South Australian mining explorer focused on gold and uranium. Gold exploration is centred on its discovery at Aurora Tank that is yielding ‘outstanding intersections’ in the highly prospective Gawler Craton.
The company’s flagship uranium resource is at the Junction Dam adjacent to the Honeymoon Mine.
As of December 2023, Marmota had $3.133 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Marmota
