Marmota Energy (ASX: MEU) has identified high grades of uranium mineralisation within the Saffron Prospect at Junction Dam in South Australia, confirmed by assays with associated mineralogical samples.
The results are considered very encouraging as this is interpreted to be analogous with the mineral assemblages at the nearby Honeymoon in-situ leach uranium mine.
The Uranium mineralisation is predominantly contained in uraninite, coffinite, and uranium phosphate minerals suggesting amenability to in-situ leach extraction.
Two samples from cored drill holes from Phase 2 drilling were analysed using quantitative evaluation of minerals by scanning electron microscopy (QEMSCAN) undertaken at Bureau Veritas Australia Pty Ltd.
There are fine grained intergrowths of sulphides (pyrite and sphalerite) with the uranium minerals. There are also some fine grained intergrowths of uranium minerals with Ti oxide minerals, classified as Uranium - Ti oxide intergrowths.
This mineralogical assemblage is indicative of the potential for the mineralisation to be leachable at the Saffron Prospect. Metallurgical testing is planned to be carried out as part of future phases of exploration planned at Junction Dam.
Assay results returned from hole SARM066 further support the high grades reported previously from gamma logging at Saffron. Grades from assays included a result of 2948 ppm U3O8 over the QEMSCAN sample interval.
This coincided with an average downhole gamma reading of 698 ppm eU3O8 which included a peak gamma reading of 2132 ppm eU3O8.
More core drilling is planned in the Phase 3 drilling proposed to commence in early 2011.
The Junction Dam uranium project is a joint venture between Marmota 51% of uranium under JV Agreement with Teck Australia Pty Ltd (Teck), PlatSearch NL (ASX: PTS) and Eaglehawk Geological Consulting Pty Ltd).