Marmota maps out exploration plans

Fledgling uranium explorer Marmota Energy Ltd has announced details of its...

  Fledgling uranium explorer Marmota Energy Ltd has announced details of its proposed exploration program, following its listing on the ASX on Wednesday November 21 and success in raising A$15 million through its Initial Public Offering.The Company has said it will use the funds raised primarily to advance exploration and resource development on existing tenements in South Australia. Marmota is exploring for sandstone-hosted uranium in palaeochannels, sedimentary basins and bedrock settings in South Australia’s Gawler Craton and Curnamona Province. Initial work has already commenced on the Marmota’s Ambrosia tenement (EL 3358), with a gravity survey currently underway. A large tenement portfolio of over 7,000sqkm covering 6 projects areas in the heart of South Australia’s uranium exploration and mining province has been secured by Marmota, with the flagship project, Ambrosia, having drill ready targets. Marmota Managing Director Dom Calandro said: “Along with the work currently being carried out on the Ambrosia tenement (EL 3358) Marmota also has plans for targeted acquisition of high resolution geophysical and geochemical data to further enhance its target assessment and ranking processes over the coming months.”