EL4509
The Junction Dam project is located 10 km east of the Honeymoon uranium mine (a 1.2 Mt Indicated Resource owned by Uranium One and Mitsui) and 50 km west of Broken Hill. The project adjoins Marmota's Mulyungarie project (EL3910) where a high resolution gravity survey confirmed that the Junction Dam and Mulyungarie tenements cover up to 20 kms of the eastern extension of the Yarramba Palaeochannel which hosts Honeymoon.
In September 2009, Marmota entered into a Joint Venture Agreement with Teck Australia Pty Ltd (a subsidiary of Teck Resources Limited), Platsearch NL and Eaglehawk Geological Consulting Pty Ltd for the exploration of uranium on the Junction Dam project, and to date, has earnt an 87.3% interest in the uranium rights.
After recently completing the third phase of drilling, Marmota has announced a 4.36 million tonne U3O8 Inferred Resource for the Saffron deposit, one of four uranium prospects identified on the project. The Inferred Resource of mineralisation has been estimated in accordance with the JORC code and comprises:
- 4.36 million tonnes of mineralisation
- Estimated to contain 1,510 tonnes of U3O8 (3.33 million pounds)
- Two mineralised sand layers of the Eyre Formation (basal and upper) intersected
- Average grade of 437 parts per million (0.44%) eU3O8 and 248 parts per million (.025%) eU3O8 for the basal and upper layers respectively
- Average thickness of mineralised intersections is 2.57m and 1.07m for the basal and upper layers respectively
Junction Dam tenement location
Summary of exploration
A broad-spaced maiden 20 hole reconnaissance drilling program was completed in May 2009. Downhole gamma readings indicating high grade uranium mineralisation of potential economic significance were returned from what has been interpreted as Eyre Formation carbonaceous and pyritic sands. These sands offer an ideal environment for sandstone-hosted uranium.
A high resolution ground electromagnetic survey over high grade target zones was conducted in March 2010, to define potential extensions to high grade areas for continued drill testing.
The Phase 2 drilling program, conducted on the Saffron prospect, comprised 60 rotary mud holes and was completed in August 2010. Downhole gamma readings indicated substantial uranium mineralisation.
Phase 3 drilling, comprising up to 100 rotary mud holes, commenced in March 2011, with further high grades of mineralisation ranging up to 1687 ppm eU308 being intercepted. During this phase, new drill holes have been completed at the Saffron, Bridget and Yolanda prospects, with significant grades of mineralisation encountered in some holes at each prospect. The strike length of mineralisation defined at Junction Dam has now been extended to approximately 15km.
Junction Dam - Saffron prospect
