By Michael Philipps
ASX-listed Marmota has identified two separate uranium-bearing formations at its Bridget prospect after a review by an independent uranium expert of the target showing significant potential to build on its Junction Dam uranium resource in South Australia.
The second stage of the review, completed by uranium specialist Mark Couzens, highlighted multiple palaeochannels that appear to be from two distinctly different geological ages, with similarities to nearby uranium deposits that are both coincident in the Bridget area.
More importantly, the Namba formation has Beverley-style mineralisation.
The review says two separate uranium-bearing Eyre formation palaeochannels and associated floodplains have been interpreted from the Bridget review, with one extending from the company’s Saffron uranium deposit to the south that hosts an inferred resource of 5.4 million pounds at 557 parts per million uranium oxide.
An additional two separate Namba formation paleochannels have been highlighted as part of the review, with uranium mineralisation at the base of the channel similar to Heathgate Resources’ Beverley uranium mine.
“The outcome of Stage 2 of the Junction Dam review at Bridget is more exciting than we could possibly have imagined.”Marmota chairman Colin Rose
Marmota says one of the Namba channels appears to host a 20m-high stacked uranium roll-front similar to what is seen at the nearby Four-Mile uranium deposits. Importantly, all palaeochannels appear to be flowing from south to north and are all open to the north of current drilling and are supported by gravity image interpretation.
The Bridget prospect sits about 2km north of the Saffron deposit and has previously returned impressive drill results including 4.6m grading 681ppm uranium oxide.
Marmota chairman Colin Rose said: “The outcome of Stage 2 of the Junction Dam review at Bridget is more exciting than we could possibly have imagined. 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 20m high stacked uranium roll front AND the existence of Beverley-style mineralisation are all enormously exciting developments.”
The company has previously declared an exploration target at Junction Dam of between 22 and 33 million pounds at 400ppm to 700ppm uranium oxide. The known Saffron deposit has also delivered impressive previous drilling results including peak assays as high as 12,310ppm uranium oxide and 8465ppm uranium oxide.
The review has already identified four new high-priority drill targets to the north, east and south of the Saffron resource where the geology is favourable for uranium mineralisation and is supported by stratigraphic modelling, electromagnetic surveys and gravity images. The targets form part of the continuing review into Junction Dam.
The company engaged the services of Mr Couzens in November last year to conduct a four-stage full technical analysis of the stratigraphy and mineralisation of Marmota’s Junction Dam, in addition to designing the first drill campaign for the project’s restart.
The South Australian operation sits within the Yarramba paleochannel that also hosts Boss Energy’s Honeymoon uranium mine with a resource of 36 million pounds at 660ppm uranium oxide.
Marmota appears to have timed its return to Junction Dam perfectly with uranium prices at a 16-month high and topping the US$100 (AU$153.9) per pound mark late last month. The market also appears to be paying attention to the company with its share price jumping more than 15 per cent to touch 5.3c during intraday trading from a previous close of 4.6c.
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Source: Thanks smh.com