Uranium expert carried out Stage 2 of review of Marmota’s...

• Uranium expert carried out Stage 2 of review of Marmota’s Junction Dam uranium resource and surrounding prospects, immediately adjacent to the Boss Honeymoon tenement
• The review has identified not one but two distinct uranium bearing formations from two geologist ages coincident within the Bridget prospect area
• Namba channel has what appears to be a huge 20m high stacked uranium roll front
• Mineralisation similar to Beverley Uranium mine

Special Report: The results of a review at the Bridget prospect, outside the known 5.4 Mlbs Junction Dam project, have identified two distinct, largely untested uranium bearing formations that require follow-up drilling.

Marmota’s (ASX:MEU) Junction Dam project in South Australia already boasts a 5.4 Mlbs uranium oxide resource at an average grade of 557ppm U3O8 within the Saffron deposit, as well as an exploration target between 22 Mlbs and 33Mlbs at 400-700ppm U3O8.

For context, this is similar to the average grades over at Australia’s next uranium miner, the $2.5bn market cap Boss Energy’s (ASX:BOE) and its adjacent Honeymoon mine, home to one of four permitted uranium projects in Australia.

South Australia has quickly become the go-to uranium jurisdiction for advanced exploration stocks like MEU and Alligator Energy (ASX:AGE) in the hunt for a uranium company maker.

Steps to grow uranium resource

MEU started life as a successful uranium explorer before Fukushima, defining the Junction Dam resource area (at the Saffron deposit) and is now planning to significantly expand it fby bringing in the Bridget and Yolanda prospects, which have not been included in the project’s resource estimate.

A recent review of Bridget has provided significant scope for growth of the resource at Junction following the identification of two separate uranium-bearing formations from two distinct geological ages – the Eyre Formation and the Namba Formation – separated by more than 10 million years.

Conducted by uranium specialist Mark Couzens, the review has highlighted two Namba Formation paleochannels with uranium mineralisation at the base of the channel, similar to Heathgate Resources’ Beverly uranium mine, as well as two Eyre Formation paleochannels.

Importantly, MEU says one of the Namba channels has what appears to be a huge 20m high stacked uranium roll-front, comparable to what is seen at the Four Mile uranium deposits.

Meanwhile, one of the Eyre Formation channels extends from the Saffron deposit to the south while the other enters from the southwest, similar to those seen in Marmota’s Saffron uranium deposit.

Paleochannel interpretation of the Bridget prospect showing priority drilling regions. Pic: Supplied (MEU)

Exciting developments changes concept of size and scope

“The outcome of this review at Bridget is more exciting than we could possibly have imagined,” MEU chairman Colin Rose says.

“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, as well as the existence of what appears to be a huge 20m high stacked uranium roll front, and the existence of Beverley-style mineralisation are all enormously exciting developments.”

These additional areas of interest are largely untested, however, based on the geological interpretation, have the potential to host suitable sedimentation for the deposition of uranium mineralisation and require follow up drilling.