Explorer Marmota Limited has discovered two distinct uranium systems nearby Boss Energy’s flagship Honeymoon project in South Australia.
The explorer made the discovery during a project review and drill program being carried out to the north of its pre-existing Saffron uranium resource in the Junction Dam area. The new discovery is directly adjacent to Boss Energy’s prospective Honeymoon uranium project, which may suggest good things for the region.
“The outcome of the review… is more exciting than we could possibly have imagined,” Marmota chairman Colin Rose said.
“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 has an exploration target for the region of 22-33 million pounds at 400-700 parts per million triuranium octoxide (a uranium compound). Further testing will define the size of these discoveries.
The news is timely for Marmota, with the price of uranium surging past $US100 per pound for the first time in 15 years.
Demand for yellowcake is swelling as countries look fossil fuel alternatives in order to decarbonise.
At the United Nations Climate Change Conference (COP28), 198 member countries officially called for accelerating the deployment of low emission technologies, including nuclear energy, to speed up global decarbonisation.
More significantly, 22 countries, including the US, UK, Canada, Japan and France, pledged to triple their nuclear power capacity by 2050.
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