Marenica Energy Limited (ASX:MEY) has made a new uranium discovery from its maiden scout reverse circulation (RC) drilling programme on the Hirabeb prospect in Nambia.
Marenica has been targeting surficial uranium located in near surface palaeochannels (historical river systems) in which uranium has been deposited in its maiden programme on exclusive prospecting license EPL-7278, known as Hirabeb.
The exploration programme has identified a network of palaeochannels, with the major palaeochannel in this system extending from the northeast corner to the southwest corner of the tenement, a distance of over 36 km.
Managing Director, Murray Hill, said uranium mineralisation has been intersected over a distance of 30 km.
Mr Hill added that the low cost maiden scout exploration programme included horizontal loop electromagnetics (HLEM) surveys and an RC drilling programme of 120 holes. This total exploration programme has been completed for less than A$120,000, demonstrating Marenica’s ability to produce significant discoveries at minimal cost.
This is an exciting new uranium discovery in an area not previously explored using modern exploration techniques,” Mr Hill said.
“The maiden scout exploration programme which has not tested the full width of our tenement, has identified a massive palaeochannel system.
“To put this into perspective the palaeochannel is longer than the width of the English Channel, now that is massive!
“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. Don’t forget, the drill lines are on average, 5.5 kilometres apart.
“In our view, this is potentially the most significant new uranium discovery in Namibia since Extract Resources discovered Husab in 2008, which is expected to be the second largest uranium mine in the world.
“The significance of this efficient low-cost exploration programme is that Marenica has identified an extensive palaeochannel system that exploration activities indicate is mineralised for the majority of its length and it remains open in all directions.
The reconnaissance exploration program was designed to focus on identifying the location of palaeochannels and thus, associated potential mineralisation on the tenement,” Mr Hill said.
Detailed follow-up work will be required to identify geological characteristics along the palaeochannels that would be suited to increased deposition of mobile uranium that has precipitated to form these calcrete hosted uranium deposits. Consequently, there is significant upside potential for large scale uranium deposits along the identified palaeochannel as well as in other areas of the tenement.
With an area of 730 sq. km, Hirabeb is Marenica’s largest tenement in the Namib Area, 15 times the area of the company’s Koppies tenement.
