The company has previously declared an exploration target at Junction Dam of between 22 and 33 million pounds at 400ppm to 700ppm uranium oxide. The known Saffron deposit has also delivered impressive previous drilling results including peak assays as high as 12,310ppm uranium oxide and 8465ppm uranium oxide.

The review has already identified four new high-priority drill targets to the north, east and south of the Saffron resource where the geology is favourable for uranium mineralisation and is supported by stratigraphic modelling, electromagnetic surveys and gravity images. The targets form part of the continuing review into Junction Dam.

The company engaged the services of Mr Couzens in November last year to conduct a four-stage full technical analysis of the stratigraphy and mineralisation of Marmota’s Junction Dam, in addition to designing the first drill campaign for the project’s restart.

The South Australian operation sits within the Yarramba paleochannel that also hosts Boss Energy’s Honeymoon uranium mine with a resource of 36 million pounds at 660ppm uranium oxide.

Marmota appears to have timed its return to Junction Dam perfectly with uranium prices at a 16-month high and topping the US$100 (AU$153.9) per pound mark late last month. The market also appears to be paying attention to the company with its share price jumping more than 15 per cent to touch 5.3c during intraday trading from a previous close of 4.6c.

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