MARMOTA ENERGY LIMITED - ASX: MEU

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Description

Marmota Energy is an integrated precious metal and uranium exploration specialist offering shareholders exposure to a pipeline of discovery opportunities. We intend to continue growth through a two-pronged approach of:

* discovery and resource definition on existing key projects with a focus on financial returns and building shareholder value; and
* identifying and investing in advanced exploration opportunities with emphasis on potential near-term production and revenue capability.

Marmota is continuing to maximise its discovery opportunities through the application of leading edge exploration techniques in our project areas. High resolution gravity data and airborne electromagnetic (AEM) surveys have successfully mapped prospective geology along palaeochannels and defined potential IOCGU targets. Marmota’s tenement interests cover in excess of 10,000 square kilometres in the Gawler and Curnamona Cratons.

Junction Dam is Marmota’s flagship project. It is located 50km west of Broken Hill and covers an area of 351km2. Marmota has a joint venture agreement with Teck Resources Pty Ltd, PlatSearch NL and Eaglehawk Geological Consulting Pty Ltd for 51% of the uranium rights on this tenement. It is also adjacent to the Mulyungarie tenement. A broad spaced twenty hole drilling program was conducted during October-November 2009, with a number of drill holes intersecting uranium mineralisation of potential economic significance.

Mulyungarie is located 50km west of Broken Hill and covers an area of 17km2. A first-phase drilling program has confirmed the presence of uranium in the prospective Eyre and Namba Formations within the project. It is also adjacent to the Junction Dam project.

Melton comprises two tenements on the northern Yorke Peninsula and covers an area of 165km2. It is located over the northern extension of the Pine Point Fault and contains a number of discrete magnetic and gravity features interpreted to be consistent with IOCGU mineralisation elsewhere along the fault.

Marmota has increased its exploration licence footprint in the highly prospective Lake Frome region of South Australia. Marmota's licences in this region are in close proximity to the Beverley uranium mine. The tenements are believed to contain the same package of sediments that host Beverley and the Four Mile deposit.

Western Spur is located approximately 60 km northwest of Lake Frome in the northeast of South Australia, covering approximately 393 km2. The project is adjacent to Marmota's significant tenement position in the uranium-rich Frome Embayment. Western Spur is considered to be prospective for both uranium and base metals.

Ambrosia-Mulgathing is located 45km northwest of Tarcoola and covers a total of 1,112 km2. It has the potential for Olympic Dam style iron oxide copper-uranium-gold (IOCGU), sandstone-hosted rollfront uranium in Tertiary palaeochannels, Jurassic Algebuckina Sandstone and channelised sandstone facies in the Permian Boorthanna and Stuart Range Formations. Marmota has a joint venture agreement with Monax Mining for 50% of all mineral rights on this tenement.

Mine For

uranium, copper, gold, lead, silver, zinc, iron ore

Location of operation(s)

South Australia

Address

140 Greenhill Road
UNLEY, SA, AUSTRALIA

Phone

(08) 8373 5588

Email

Website

http://www.marmotaenergy.com.au

Last Updated

7/2/2011