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- Marmota (MEU) buys Junction Dam tenement in South Australia, expanding its Junction Dam Uranium Project
- In 2014, Marmota spent more than $8 million developing the uranium project and has earned 100 per cent rights on the Junction Dam tenement
- The new tenement is near Boss Energy’s (BOE) Honeymoon uranium tenement and mine – one of just four permitted uranium mines in Australia
- Marmota is trading in the grey and trading at 4.6 cents per share at 12:18 am AEDT
Marmota (MEU) has agreed to buy Junction Dam uranium tenement in South Australia.
The purchase will extend the area of the company’s Junction Dam Uranium Project.
Previously, the tenement was owned collectively by Teck Australia, Eaglehawk Geological Consulting and Variscan Mines.
In 2014, Marmota spent over $8 million developing the uranium project and has earned 100 per cent rights on the Junction Dam tenement.
Under the purchase agreement, Marmota will give five per cent net profits royalty on production from a future uranium mine on the tenement to the previous owners.
Ministerial consent to transfer the project has been granted and the transfer to Marmota has been completed.
The new tenement is near Boss Energy’s (BOE) Honeymoon uranium tenement and mine – one of just four permitted uranium mines in Australia.
Notably, Boss has made solid progress towards bringing the Honeymoon plant back to operation.
Chairman Colin Rose is pleased with the purchase.
“The company is extremely fortunate to still have these assets, and I find it enormously exciting to be returning to our origins in the uranium space,” Dr Rose said.
“The acquisition of the Junction Dam tenement makes Marmota, for the first time, masters of our own destiny in the uranium space. It is the first and critical step for the company to realise value of this outstanding asset for our shareholders.”
Marmota was trading in the grey and trading at 4.6 cents per share at 12:18 am AEDT.
