Special Report: Marmota to prove up enormous uranium potential at the Bridget uranium prospect, part of its Junction Dam project in South Australia
Marmota’s (ASX:MEU) Junction Dam uranium project boasts an exploration target of 22-33Mlb at 400-700ppm U3O8 incorporating the Saffron, Bridget and Yolanda targets.
The upper end of that target is similar in scale to Boss’ (ASX:BOE) Honeymoon, about 15km to the west, which recently produced its first drum of uranium. Boss has a market capitalisation of over $2 billion.
MEU’s goal is to substantially grow the existing uranium resource at Saffron and then grow the Junction Dam resource further by bringing in the Bridget and Yolanda uranium deposits which are not yet included in the project’s resource.
Drill program designed to prove up uranium potential of Bridget area
MEU brought in uranium expert Mark Couzens to design the drill program over Bridget. Mark has identified that the Bridget area contains:
Two distinct uranium-bearing formations, from two distinct geological ages, separated by more than 10 million years, namely:
Uranium-bearing Eyre Formation palaeochannels (like the Saffron resource area), and:
Uranium-bearing Namba Formation palaeochannels have been identified with uranium mineralisation located at the base of the channel similar to Heathgate Resources’ Beverley Uranium Mine.
One of the Namba channels has what appears to be a huge 20m high stacked uranium roll-front, similar to what is seen at the Four Mile uranium deposits.
Even with the small number of historical holes at Bridget, the drill bit has already intersected peak grades of up to 3,710 ppm eU3O8 at Bridget.
The program features 114 drill holes over the Bridget area, which will dramatically increase the number of holes at Bridget from 43 to 157.
‘Enormously exciting developments’
“Bridget is more exciting than we could possibly have imagined,” MEU chairman Dr Colin Rose says.
“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 which this program is designed to prove up.”
“We just have 2 more zones (Yolanda and Jasons) to complete all drill planning at Junction Dam, as we await the necessary clearances.”
This article was developed in collaboration with Marmota Ltd, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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