Marmota emerging as major uranium player in South Australia

Marmota Ltd (ASX: MEU) certainly has strategic location on their side.

The company’s Junction Dam Uranium Project is located immediately adjacent to Boss Energy Ltd’s (ASX: BOE) Honeymoon Uranium Mine.

Boss is now capped at $2.3 billion, benefiting from a rising uranium market.

Honeymoon hosts a 72-million-pound uranium resource, has a mining license, export permit, and is producing, with first sales expected in the September quarter of 2024.

Marmota is capped around $45 million with $2.9 million in cash at the end of March 2024.

Back to Junction Dam

Marmota has now completed the drill program design for the Bridget area at the wholly-owned Junction Dam.

The area is growing in potential, with two distinct uranium-bearing formations, from two distinct geological ages.

This being uranium-bearing Eyre Formation palaeochannels, like the Saffron resource area.

Saffron is also located within Junction Dam, and the Saffron Resource area bookends both sides of the palaeochannel of the Honeymoon uranium plant.

The second being the uranium-bearing Namba Formation palaeochannels have been identified with uranium mineralisation located at the base of the channel similar to the Beverley Uranium Mine.

Beverley is Australia’s third uranium mine and Australia’s first operating in-situ recovery mine.

Understanding

Dr Colin Rose, chairman, commented on the drilling:

“It has completely changed our concept of the size and scope of uranium mineralisation at Junction Dam.

“In particular, the revelation that there is not one, but two uranium systems of different ages, both fortuitously coincident at Bridget, and the existence of what appears as a huge 20-metre-high stacked uranium roll front and the existence of Beverley-style mineralisation are all enormously exciting developments which this program is designed to prove up.”

Marmota has two more zones known as Yolanda and Jasons to complete all drill planning at Junction Dam, with the company awaiting the necessary clearances.

The next drilling results will be closely watched.

 

 

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