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Marmota review highlights South Australian uranium potential

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.

Marmota’s Junction Dam uranium project sits close to Boss Energy’s Honeymoon operation in South Australia.

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.

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. Marmota chairman Colin Rose

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