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- Marenica Energy (MEY) has discovered a 30-kilometre-long system of uranium mineralisation at its Hirabeb prospecting license in Namibia
- Potentially the most significant discovery in the country since Husab in 2008, the palaeochannel extends for 36 kilometres, with mineralisation identified over 30 kilometres
- The exploration program that identified the system included horizontal loop electromagnetics (HLEM) surveys and reverse circulation drilling, all of which cost less than $120,000
- Current drilling results are now being analysed, with a follow-up phase expected to further define the extent of the palaeochannels and mineralisation
- Marenica Energy shares have risen 4.11 per cent into the green in midmorning trade, priced at 7.6 cents per share
Marenica Energy (MEY) has discovered a 30-kilometre-long system of uranium mineralisation at its Hirabeb prospecting license in Namibia.
Earlier this year, the Perth-based company identified the system during a maiden reverse circulation drill program. Since then, Marenica has been targeting near-surface palaeochannels in which uranium has been identified.
As such, a vast network of channels has been uncovered, with the most significant palaeochannel extending from the northeast corner of the tenement to the southwest over 36 kilometres. Within this system, uranium mineralisation has been confirmed for a total of 30 kilometres.
The low-cost exploration program included horizontal loop electromagnetics (HLEM) surveys and reverse circulation drilling of 120 holes, all of which cost less than $120,000.
Murray Hill, Managing Director of Marenica Energy, said it is an exciting new uranium discovery in an area not previously explored using modern techniques.
“The maiden scout exploration program which has not tested the full width of our tenement, has identified a massive palaeochannel system.
“The palaeochannel is mineralised for the majority of its length, providing us with a multitude of follow up exploration targets with the potential to host a significant uranium deposit.
Murray also noted that the discovery at Hirabeb is potentially the most significant in Namibia since Extract Resources discovered Husab in 2008.
The palaeochannel at Hirabeb remains open in all directions, and follow-up work will be needed to further define the extent of the mineralisation. Marenica’s geological team is currently analysing the results from the exploration program, and will plan for a second phase thereafter.
Marenica Energy shares have risen 4.11 per cent into the green in midmorning trade, priced at 7.6 cents per share at 12:40 pm AEST.
