- Marenica Energy has received assay results from its phase 2 rotary air blast drilling program in Africa
- Nine of the 11 holes in the program intersected significant and continuous uranium mineralisation
- Marenica now intends to complete a phase 3 drilling program by the end of the calendar year with exploration continuing throughout 2020
- The company has ended the day up 5.49 per cent with shares trading for 9.6 cents apiece
Marenica Energy has received assay results from its phase 2 rotary air blast (RAB) drilling program in Namibia, Africa.
Exclusive prospecting licence (EPL) 6987, referred to as Koppies, is one of nine tenements that Marenica has applied for in recent years.
Koppies covers 321 square kilometres and is located in the Erongo region of Namibia, a world-class uranium province.
It has an inferred resource of 61 million pounds (27 million kilograms) across two deposits.
As part of this phase 2 program, a total of 11 holes were drilled two kilometres south of phase 1 drilling.
Nine of the holes intersected significant and continuous uranium mineralisation in a previously untested palaeochannel.
The best hole from phase 2 intersected 10 metres at 697ppm triuranium octoxide (U3O8) from 2 metres.
The uranium grades were also high at the eastern end of the channel, intersecting 5 metres at 194ppm U3O8 and 2 metres at 593ppm U3O8.
The mineralisation at Koppies 2 appears to run the full width of the EPL, 3.6 kilometres in total.
All of the palaeochannels intersected by drilling are mineralised which demonstrate that the area is prospective for calcrete hosted uranium deposits and exploration undertaken by Marenica has been successful.
This approach will now form the basis of planned future work programs.
Following the completion of the phase 1 drilling program, geophysical and geochemical surveys were undertaken in order to identify the morphology of palaeochannels in the vicinity of the drilling.
“With such fantastic results, the Koppies story continues to develop, with excellent grades achieved from phase 2 drilling, coupled with the discovery of a new highly mineralised palaeochannel at Koppies 2,” Managing Director Murray Hill commented.
“We look forward to continuing to advance the project over the coming period with expanded drilling to commence shortly,” he added.
Following these results, Marenica will complete additional HLEM (horizontal loop electromagnetic) work within the vicinity of Koppies 1 and 2 as the priority will now be to confirm the extent of the palaeochannels to guide phase 3.
Marenica plans to complete phase 3 drilling before the end of the calendar year with exploration continuing through 2020 to test the extent of mineralisation on the Koppies EPL.
Marenica has ended the day up 5.49 per cent with shares trading for 9.6 cents each in a market cap of $8.565 million.