Glendambo (ICOG Cu-Au-U)Marathon's Coondambo (EL 3593; 50% joint venture with Platsearch NL) and neighbouring Mulga Well (EL 3211; Marathon 100%) tenements are located at the centre of the Gawler Craton, near the township of Glendambo, South Australia.
The Gawler Craton is the host for BHP Billiton's Olympic Dam - the world's fourth-largest remaining copper deposit and the biggest uranium deposit, with about 38% of known world reserves.
Marathon's tenements in the area display similar geological environments to those which host major ore bodies.
Coondambo and Mulga Well are logistically well placed, on both the Stuart Highway and the Trans Australia Railway. They are also on geologically strategic ground where the underlying Proterozoic rocks of the Gawler Range Volcanics Domain and the Olympic Domain, and the Archaean Harris Greenstone Belt Domain adjoin.
Marathon added to its interests in this area during the 2006 financial year with the award of tenements EL 3474, McDowell Hill, and EL 3540, Bon Bon, which is adjacent to Mulga Well. These applications were made in recognition of the continuity of the Kingoonya palaeochannel system through Mulga Well and into the adjoining ground.
Palaeochannel uranium exploration over Mulga Well is to be carried out by joint venture partner UraniumSA Ltd, following its successful listing on the ASX on 18 October 2006.
UraniumSA will also explore McDowell Hill and Bon Bon, ELs 3474 and 3540 respectively, for palaeochannel uranium as joint venturer and operator.
The company has completed gravity and geochemical coverage of Mulga Well and has highlighted an area of uranium and rare earth anomalism along major structures identified from the aeromagnetic data. The geochemical anomalism occurs in conjunction with weak radiometric responses within the Pandunna Formation sediments.
This represents a significant target given the conceptual importance of the Pandunna Formation as being prospective for unconformity style mineralisation. Further work is required to define the target.
