Marenica Energy Limited (“Marenica” and the “Company”) is pleased to announce results of a detailed review of extensive historical data from the Minerva Uranium Project in the Northern Territory of Australia. The data review identified 49 mineralised drill holes with sample uranium grades greater than 250 ppm U3O8, including 29 drill intervals with sample grades in excess of 10,000 ppm or 1.0% U3O8. The exploration results have identified uranium mineralisation over a 2,400 metre strike length.
In addition to the high-grade uranium mineralisation, high-grade gold was present in one of the two drill holes. Hole Y153RD included 0.5 m at 19.2 g/t Au from 143.5 m, and 0.5 m at 2.3g/t Au from 141.5 m, with the gold intervals contained within a broader uranium mineralised zone of 8.5 m at 653 ppm U3O8. A second drill hole assayed for gold (Y160RD) did not contain either uranium or gold mineralisation, however there is potential for gold mineralisation to be associated with the existing uranium mineralisation within the deposit.
Significant intercepts include:
Uranium
- Y116RD – 11m at 4,218 ppm U3O8 from 129.5m incl. 0.5m at 41,200 ppm U3O8 from 138.0m
- Y134RD – 4m at 4,334 ppm U3O8 from 145.0m incl. 0.5m at 25,000 ppm U3O8 from 146.5m and 15.5m at 2,313 ppm U3O8 from 166.0m incl. 1.0m at 18,300 ppm U3O8 from 179.0m
- Y153RD – 9m at 2,667 ppm U3O8 from 229.0m incl. 0.5m at 26,400 ppm U3O8 from 237.0m
- Y158RD – 5.5m at 11,131 ppm U3O8 from 117.5m incl. 2.0m at 20,725 ppm U3O8 from 118.0m
- Y166RD – 3.5m at 17,843 ppm U3O8 from 277.5 m
Gold
- Y153RD – 0.5m at 19.2 g/t Au from 143.5m and 0.5m at 2.3 g/t Au from 141.5m
Marenica Managing Director, Murray Hill, commented: “Confirmation of high-grade uranium and gold at Minerva is very exciting. Uranium and gold, both ‘yellow metals’, have experienced substantial price increases during 2020. The Company will further assess the Minerva Uranium Project and determine future plans for this valuable asset.”
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