Marmota locks in program to drill down on SA uranium


The highest grades recorded at Yolanda are associated with floodplains on the edges of the main paleochannel, with a peak of 1258ppm uranium oxide and 3m at 646ppm from 124.2m.

The 75-hole program will test two target areas using a rotary-mud rig with downhole geophysical probes. It will allow for flexibility to adapt based on drilling as it progresses.

Marmota says it anticipates drilling 63 holes at target one, with a further 12 holes at target two. It says previous drilling at Yolanda missed the paleochannel and with only relatively few holes drilled in the area, it is considered to be untested.

The company believes there is significant scope to grow the resource at Junction Dam, with an exploration target on the project of between 22 million pounds and 33 million pounds, ranging in grade expectations from 400ppm to 700ppm.

Its promising Jasons prospect sits in the north-west corner of Junction Dam, with the area extending into Boss’ own Jason’s deposit, which is part of the Honeymoon project. A new high-priority target has been identified on the Marmota side of the Jasons prospect based on a gravity survey.

Encouragingly, Boss’ highest resource grades come from its Jason’s deposit, with a uranium resource of 10.7 million pounds at 790ppm.

Marmota’s flagship project is its Aurora Tank gold discovery, with several outstanding intersections returning stunning hits of more than 100 grams per tonne gold in 1m intersections. The company believes there is tremendous potential for a low-cost, open-pit development at Aurora Tank.

The company also owns 100 per cent of the Western Gawler Craton project that contains two gold deposits – Typhoon and Monsoon –which feature JORC resources.

Marmota’s decision to focus on gold and uranium, two of this year’s big winners in terms of commodity price appreciation, may well hold it in good stead going forward.

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