Marenica Energy Limited (“Marenica”, the “Company”) (ASX:MEY) is pleased to announce that it has received the assay results from the Phase 3 reverse circulation (“RC”) drilling program undertaken at the Koppies tenement in Namibia. These results confirm an extensive mineralised palaeochannel at Koppies 2, which is up to 1.2 km wide and at least 3.6 km long, the palaeochannel is open to the East.
- Phase 3 RC drill program confirms continued expansion of the broad area of uranium mineralisation in the Koppies 2 palaeochannel
- Best assay intersections include:
o KOR62 3 m at 3,087 ppm U3O8 from 1 m
§ Including 1 m at 7,060 ppm U3O8
o KOR21 11 m at 502 ppm U3O8 from 6 m
- Horizontal loop electromagnetic surveys indicate palaeochannel widens to the east
- Palaeochannel mineralisation is calcrete hosted, the same style of ore amenable to Marenica’s U-pgradeTM uranium beneficiation process
The best Koppies 2 hole, KOR62, intersected 3 m at 3,087 ppm U3O8 from 1 m, and included 1 m at 7,060 ppm U3O8 from 1 m. Other high uranium grade holes include;
- KOR21 –11 m at 502 ppm U3O8 from 6m
- KOR2 – 6 m at 354 ppm U3O8 from 1 m
- KOR1 – 5 m at 364 ppm U3O8 from 2 m
- KOR49 – 2 m at 518 ppm U3O8 from 2m
An exceptional assay interval of 1 m at 7,060 ppm U3O8 was contained within an intersection of 3 m at 3,087 ppm U3O8 in hole KOR62. This is the highest grade metre interval to date from all drilling campaigns conducted by Marenica at the Koppies EPL.
In addition, exploration by horizontal loop electromagnetic (“HLEM”) surveys undertaken in January 2020 indicate the Koppies 2 palaeochannel is larger than its current dimensions, of up to 1.2 km wide and at least 3.6 km long. The paleochannel remains open to the east. Additional HLEM surveys and a drill program are being planned for the eastern end of the Koppies 2 palaeochannel.
Marenica Managing Director, Murray Hill,