Marenica Energy Ltd (ASX:MEY) has outlined its strategy to build a portfolio of tenements highly prospective for near-surface uranium mineralisation in the Erongo region of Namibia.
Nine exclusive prospecting licence applications (EPL) have been lodged with the Ministry of Mines and Energy in Namibia over the past year and are undergoing due process.
As each EPL is granted Marenica intends to begin exploration for uranium, with approval received and exploration underway at the Mile 72 Uranium Project EPL.
“Excellent uranium” occurrences identified
Marenica managing director Murray Hill said: “This is a very exciting time for the company with excellent uranium exploration occurrences identified.
“We have commenced exploration activities in Namibia and look forward to the initial results from these programs in the near term.
“Marenica’s acquisition strategy is already beginning to bear fruit with Deep Yellow Limited’s (ASX:DYL) most eastern drill line at Tumas on EPL 3497 being within 100 metres of Marenica’s EPL applications.
“Tumas is located on a palaeochannel that passes through Marenica’s EPL applications.”
Exploration targets identified in historical reports
The company has sourced historical General Mining Union Corportation Limited maps and reports from exploration activities in the 1970s when exploration targets were identified.
Ground-proofing work completed by Marenica throughout the past year has confirmed the potential of these targets and has also identified additional targets.
The company is now applying for EPL’s between the known deposits and the foot of the Khomas Highlands.
The yellow areas of the map in Figure 1 below are EPL’s that have been applied for by Marenica, or local entities that Marenica has contracted to acquire the rights to a 90% interest:
Marenica is targeting uranium mineralisation styles suitable for the U-pgrade beneficiation process, which has demonstrated to materially lower development and operating costs for calcrete-hosted uranium projects.
The company has a high level of confidence that its proprietary U-pgrade process will be effective on any calcrete deposit found in the area of its EPL applications.
Exploration is set to begin during the March quarter of 2019.
- Jessica Cummins