Marenica Energy (ASX:MEY) - Managing Director & CEO, Murray Hill
Managing Director & CEO, Murray Hill
Source: The Market Herald
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  • Marenica Energy (MEY) has discovered a palaeochannel system with the potential to host uranium mineralisation at the Namib IV tenement in Namibia
  • The tenement is located near the Hirabeb and Koppies tenements where palaeochannel systems have also been discovered
  • Significantly, the newly discovered system spans over 19 kilometres and Marenica plans to drill test the expansive system later this year
  • Prior to that, the company will conduct an airborne electromagnetic survey once it receives approval
  • Marenica is up 3.23 per cent and shares are trading at 16 cents

Marenica Energy (MEY) has discovered a 19-kilometre palaeochannel system with potential to host uranium mineralisation at the Namib IV tenement.

This exclusive prospecting licence adjoins and is located northeast of Hirabeb and southwest of Koppies in the greater Namib Area of Namibia. However, the newly discovered palaeochannel system is separate to the other two systems.

The greater Namib Area, which includes the Hirabeb, Koppies and Namib IV tenements, is characterised by featureless terrain without having any obvious surface expression to identify paleochannels.

As a result, the company’s exploration method has been to conduct horizontal loop electromagnetic (EM) surveys to confirm the location of the palaeochannels before drilling. This was the method used for the Koppies and Hirabeb discoveries.

“Our exploration successes continue in Namibia, where Marenica is the holder of the largest area for uranium exploration leases,” Managing Director Murray Hill said.

“The structure of this palaeochannel system at Namib IV is extremely promising and we look forward to mobilising a drill rig within weeks to test this expansive system,” he added.

Once it’s received final approvals, Marenica Energy will begin an airborne EM survey in the Namib Area next month.

The survey is aimed at outlining palaeochannel systems and planning detailed drilling programs at new targets.

Marenica is up 3.23 per cent and shares are trading at 16 cents at 11:08 am AEDT.

MEY by the numbers
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