Marenica Energy Limited (“Marenica”) (ASX:MEY) is pleased to announce that it has entered into a joint venture agreement with the holder of Exclusive Prospecting Licence (“EPL”) 6663, which adjoins the Koppies EPL. Marenica now holds a contiguous land package in the highly prospective Namib Desert region of Namibia, which is upstream of the known deposits of Tumas and Aussinanis, and also upstream of Marenica’s recent exploration success at Koppies.
- Marenica forms joint venture (MEY 90%) on EPL 6663, adjacent to Koppies in the Namib area of Namibia, which recently delivered exceptional grade uranium mineralisation.
- Marenica now holds a contiguous land package in the highly prospective Namib area.
- Marenica has recently intersected high-grade uranium mineralisation through successful exploration at the adjoining Koppies EPL, with the best assay intersections including:
- KOR621 3 m at 3,087 ppm U3O8 from 1 m
- Including 1 m at 7,060 ppm U3O
- KP0552 13 m at 905 ppm U3O8 from 3 m
- Including 2 m at 4,504 ppm U3O8
- KOR621 3 m at 3,087 ppm U3O8 from 1 m
Drilling has confirmed an extensive mineralised palaeochannel at Koppies 2, which is up to 1.2 km wide and at least 3.6 km long, with the palaeochannel remaining open to the East. 2 The EPL 6663 joint venture partner is Ignatius Hinky Theodore, with Marenica’s share of the joint venture being 90%, and Mr Theodore holding the remaining 10%. Under the terms of the Joint Venture Agreement Marenica is responsible for financing all exploration activities until a decision to mine. The location of EPL 6663 relative to Marenica’s other EPL’s and nearby known calcrete deposits, is shown in Figure 1 below.
Marenica Managing Director, Murray Hill, commented, “Through this new joint venture Marenica has expanded its footprint in a highly prospective region of Namibia, with excellent potential for calcrete hosted uranium deposits.”
Read more Mining Review
Add Comment