Marmota Limited (ASX: MEU) has announced the completion of the drill program design for the Junction Dam re-start program, focusing on four defined target areas. Marmota is a South Australian mining exploration company focused on gold, titanium, and uranium. The final ‘Target 4’, known as Jasons, is located at the NW corner of Marmota’s Junction Dam tenement, adjacent to Boss Energy’s Jason’s resource. This completes both the review and drill program design for the uranium re-start program.
The Target 4 review and program design utilised state gravity imagery to identify a potential NE trending extension of the Yarramba Palaeovalley. This extension, which has never been tested, could contain a continuation of the uranium-carrying Jason’s Palaeochannel, transecting the NW of the Marmota Junction Dam tenement EL6530. The adjacent Boss Energy-owned Jason’s Uranium Resource has a newly revised inferred resource of 13.3 Mlb at an average grade of 410 ppm U3O8.
The interpreted palaeochannel extension within Marmota’s tenement remains untested and could extend up to 3.7 kilometres in strike length. The state gravity image reveals a large basement high around which potential extensions to the Yarramba Palaeovalley are located. Planned drilling includes 24 holes to test the Priority Palaeochannel Target and 15 holes to test an area of interest with similar geophysical outputs to known Palaeovalleys.
Marmota has received notice regarding an application filed in the Warden’s Court of South Australia relating to the Junction Dam tenement EL6530, which the company considers baseless and will seek to have dismissed with costs. The re-start program constitutes up to 400 holes to be carried out over 2 stages, with a budget of $2 million allocated for Stage 1 and a further $2 million for Stage 2. Native Title clearances are necessary before the program can begin.
