Marmota Energy (ASX: MEU) is increasing interests in a number of South Australian uranium, IOCGU and copper-gold projects under a sale and purchase agreement with Monax Mining (ASX: MOX).
The company will receive Monax’s 50% interest in the Ambrosia Joint Venture, the remaining minerals rights at Mulyungarie and a further 50% in the Melton JV.
Marmota now has a 100% interest in Ambrosia and 100% in all mineral rights at Mulyungarie. In addition, it now holds a 75% stake in the Melton JV.
The Ambrosia project is part of Marmota’s co-located Gawler Craton projects in South Australia and contains a number of potential IOCG targets defined from previous exploration.
Ambrosia borders the Muckanippie tenement which contains a copper and zinc occurrence and the Pundinya tenement containing the Pundinya uranium and Durkin nickel prospects.
The Melton projects, located in the highly prospective southern part of the Olympic Dam iron oxide copper gold (IOCG) province, has confirmed copper, gold and silver mineralisation from exploration completed previously by Marmota.
These are co-located with its 100% owned West Melton copper-gold project on South Australia’s Yorke Peninsula, where exploration is currently underway.
Mulyungarie is located adjacent to Marmota’s flagship Junction Dam uranium project. Previous exploration has intercepted uranium mineralisation adjacent to the Junction Dam tenement boundary.
It is also prospective for Broken Hill style mineralisation.
In return, Marmota has relinquished its 75% uranium rights and the licence on the Phar Lap tenement to Monax.
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