ASX-listed Marenica Energy has entered into a joint venture agreement with the holder of Exclusive Prospecting Licence (EPL) 6663, which adjoins the Koppies EPL.

Namibia – As a result, 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 recently intersected high-grade uranium mineralisation through successful exploration at the Koppies EPL, with the results of the most recent drill program announced to ASX on 10 February 2020.

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 assay interval is the highest grade metre interval to date from all drilling campaigns conducted by Marenica at the Koppies EPL.

Read: Marenica adds to its uranium portfolio

Encouraging signs

Marenica MD Murray Hill, commented: “Through this new JV Marenica has expanded its footprint in a highly prospective region of Namibia, with excellent potential for calcrete hosted uranium deposits.

“Exploration at Koppies has intersected grades of 4,504 ppm (over 2 m) and 7,060 ppm U3O8 (over 1 m) in recent drill programmes, demonstrating both our exploration success and the significant potential of the area. This success encouraged the company to enter into this joint venture on EPL 6663 with Marenica holding a 90% interest.”

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.

Under the terms of the JV Marenica is responsible for financing all exploration activities until a decision to mine.