Marenica Energy Limited (ASX: MEY) has announced highly promising assay results from its Phase 2 RAB drilling program on Koppies uranium tenement in Namibia, Africa.
The company reported that the phase 2 RAB drill program has identified exceptional uranium mineralisation at the Koppies tenement in Namibia.
Some of the best intersections include 13 m at 905 ppm U3O8 from 3 m including 2 m at 4,504 ppm U3O8; 10 m at 687 ppm U3O8 from 2 m including 2 m at 1,974 ppm U3O8; 7 m at 277 ppm U3O8 from 10 m; and 5 m at 194 ppm U3O8 from 5 m and 2 m at 593 ppm U3O8 from 15 m.
MEY reported that a second high grade palaeochannel has been located over a 3.6 km length demonstrating further uranium mineralisation within the Koppies area. The company said that the results confirm mineralisation in shallow drill holes less than 20 m in depth.
The company noted that to date less than 5% of the highly prospective Koppies EPL has been explored, demonstrating the significant potential of the tenement.
MEY said that the mineralisation is calcrete hosted within palaeochannels, the same style of ore used to develop Marenica’s U-pgradeTM uranium beneficiation process.
The company announced that the expanded drilling program at Koppies will commence shortly.
Koppies tenement
MEY’s exclusive prospecting licence (EPL) 6987 in Namibia, Africa is referred to as the Koppies tenement. It is one of nine tenements that the Company has applied for in the Namib desert in recent years.
Subsequent to completion of the Phase 1 drilling program, geophysical and geochemical surveys were undertaken at Koppies in order to identify the morphology of palaeochannels in the vicinity of the drilling, with a number of different methods being tested and drilling was used to confirm the outcome.
Phase 2 drilling at Koppies
The company had recently commenced its Phase 2 reconnaissance rotary air blast (RAB) drilling program on Koppies tenement.
The program included 51 RAB holes for 336 m with mineralised intersections greater than 100 ppm U3O8.
The company said that eleven 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 Phase 2 drill program included RAB drill holes positioned in existing surface drainage streams, to test if these were underlain by palaeochannels. This approach resulted in the location of significant and continuous uranium mineralisation in Koppies 2.
Further uranium mineralisation
The company reported that the mineralisation at Koppies 2 appears to run the full width of the EPL, 3.6 km in this area.
MEY said that the mineralised channel appears to flow westwards from Marenica’s EPL 7279, which borders Koppies to the east. The company noted that this discovery increases the potential for mineralisation in EPL 7279.
The company said that 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.
The company noted that in certain locations the mineralisation can reach a thickness of up to 13 m and grade of up to 4,504 ppm U3O8.
High-grade intercepts
The company announced that the best Koppies 2 hole, 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 hole KP047.
Other significant intercepts include 13 m at 905 ppm U3O8 from 3 m including 2 m at 4,504 ppm U3O8 (hole KP055); and 7 m at 277 ppm U3O8 from 10 m (hole KP012).
Excellent potential for Koppies tenement
The company said that drilling to date confirms that the uranium mineralisation is not confined to one single channel, and is associated with a complex palaeodrainage system consisting of many palaeochannels.
MEY said that the identification of multiple mineralised channels emphasises the strong exploration potential of the extensive, uranium-fertile palaeochannel system which is Koppies.
To date, less than 5% of the Koppies EPL has been explored, demonstrating the significant potential of the tenement. The company said that the ongoing drilling will be aimed at defining the extent of the mineralised system at Koppies.
MEY reported that the exploration to date has concluded that Horizontal Loop Electromagnetic (HLEM) is the preferred future method for locating palaeochannels with its use expected to significantly improve future drill targeting.
Same style of ore as U-pgradeTM
Mineralisation is calcrete hosted within palaeochannels, the same style of ore used to develop Marenica’s U-pgradeTM uranium beneficiation process.
The Company expressed confidence that U-pgradeTM could be successfully applied if mining and processing operations were developed at Koppies, for a consequent significant reduction in development costs compared to Marenica’s peers with similar grade ores in Namibia.
Future plans
Following from these excellent results, the Company reported that it will complete additional HLEM work within the vicinity of Koppies 1 and 2, as the priority will now be to confirm the extent of the palaeochannels to guide the Phase 3 drill program.
The Company announced that it plans to complete the Phase 3 drilling before the end of the calendar year with exploration continuing through 2020 to test the extent of mineralisation on the Koppies EPL.
Management comments
Marenica Managing Director, Murray Hill, commented: “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.
We look forward to continuing to advance the project over the coming period with expanded drilling to commence shortly.”
