Marmota Energy has announced the discovery of a new uranium prospect at its Mulyungarie project in mid-north South Australia, following a maiden broad-spaced drilling program testing shallow sedimentary uranium targets.
The company believes they may have intersected a rolling-style uranium deposit, the same formation that hosts the nearby Honeymoon Uranium Deposit, which is located only 18 km north-west of the Mulyungarie deposit.
According to the company, the drilling program focused on the northern part of the project area, with all holes intersecting the prospective Namba and Eyre Formations, which host other known uranium deposits in the region.
“It is early days; however, in 75% of the holes we did get uranium mineralisation, with six holes coming up with 100 ppm or greater,” managing director Dom Calandro told MINING DAILY.
“What we find most interesting is that one hole in particular exhibited characteristics of what we interpret as a classic rolling-style uranium deposit,” he said.
“That hole, from the down-hole gamma readings, appears to have intersected the tail of a potential roll front uranium system.”
Follow up drilling is planned in October 2009 within the Mulyungarie project, which will be designed to test the full extent of any potential mineralised zone.
This zone may continue on to the adjacent Junction Dam joint venture project area, which also will be tested as part of this program, according to the company.