Gold explorer Marmota is dusting off an advanced uranium project
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Uranium has seen a revival in recent months thanks to an existing structural supply deficit in the global uranium market and supply disruptions caused by COVID-19 lockdown measures.
Gold-focused Marmota Energy (ASX:MEU) is the latest junior to dip its toes into uranium exploration with a strategic review of its existing resource at Junction Dam in South Australia.
While the company has not been active on uranium since 2014, the rise in prices and sentiment has turned its eyes back on the project.
Junction Dam currently has a resource of 5.4 million pounds of U3O8 grading 557 parts per million U3O8 and is just 15km east of Boss Resources’ (ASX:BOE) Honeymoon uranium mine.
Further growth could come through an exploration target of between 22 million and 33 million pounds of U3O8.
“The purpose, of course, is to unleash the value and potential of the uranium assets for the benefit of the company and its shareholders, and we are exploring a number of ways to do that, while keeping our focus firmly on our gold discovery at Aurora Tank and production pathway,” chairman Dr Colin Rose said.
Meanwhile, Alligator Energy (ASX:AGE) has signed a binding terms sheet to acquire the Samphire uranium project in South Australia.
Samphire has a near surface resource of 46.6 million pounds of U3O8, with laboratory testing indicating that the resource is amendable to in-situ recovery (ISR).
There is also potential for further growth with a conceptual exploration target of between 20 million to 30 million tonnes of sediment hosting mineralisation at between 250ppm to 350ppm.
The company says the project will augment its current and planned exploration work for potential ISR-style mineralisation at the Big Lake uranium project in the Cooper Basin, South Australia.