Marenica Energy Limited (ASX:MEY) has received what it describes as “exceptional” assay results from its Phase 2 reconnaissance rotary air blast (RAB) drilling program on licence EPL-6987 in Namibia, Africa.
EPL 6987, referred to as Koppies, is one of nine tenements that the company has applied for in the Namib desert in recent years.
Marenica Managing Director, Murray Hill, said an exceptional interval of 2 m at 4,504 ppm U3O8 was contained within an intersection of 13 m at 905 ppm U3O8 from 3 m in hole KP055.
He said the direction of the palaeochannel in this area is yet to be established, however, this will be the focus of the next drilling programme expected to commence shortly.
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,” Mr Hill said.
“We look forward to continuing to advance the project over the coming period with expanded drilling to commence shortly.”
Mr Hill said 11 holes were drilled within a surface drainage stream (Koppies 2) approximately 2 km south of Koppies 1, with nine of the holes intersecting significant and continuous uranium mineralisation in a previously untested palaeochannel.
The best Koppies 2 hole, KP045, intersected 10 m at 687 ppm U3O8 from 2 m, and included 2 m at 1,974 ppm U3O8 from 5 m. The uranium grades were also high in the eastern end of the channel, 5 m at 194 ppm U3O8 and 2 m at 593 ppm U3O8 in KP047.
Mr Hill said the mineralisation at Koppies 2 appears to run the full width of the EPL, 3.6 km in this area. The mineralised channel appears to flow westwards from Marenica’s EPL 7279, which borders Koppies to the east. This discovery increases the potential for mineralisation in EPL 7279.
The average thickness of the mineralisation at Koppies 1 is 7 m and 4 m at Koppies 2, with an average grade of the 1 m intersections >100 ppm U3O8 of 346 ppm U3O8 at Koppies 1, and 370 ppm U3O8 at Koppies 2.
Mr Hill said that in certain locations the mineralisation can reach a thickness of up to 13 m (KP055) and grade of up to 4,504 ppm U3O8 (KP055).
