Marenica Energy Granted Strategic Uranium Licence

THE BOURSE WHISPERER: Marenica Energy (ASX: MEY) has been granted exclusive prospecting licence (EPL) 6987 in Namibia.

Marenica Energy explained the EPL 6987, known as Koppies, covers part of the eastern extension of the Tumas palaeochannel, which hosts other uranium deposits, including the Tumas and Tubas uranium deposits owned by Deep Yellow (ASX: DYL).

Drilling results reported by DYL during 2018 for the Tumas East uranium prospect, came within 100 metres of the boundary with EPL 6987 leading to the subsequent release of an inferred resource in excess of 60 million pounds uranium in the Tumas palaeochannel.

“Securing the Koppies license is an exciting and strategic development for the company,” Marenica Energy managing director Murray Hill said in the company’s announcement to the Australian Securities Exchange.

“Koppies is adjacent to Deep Yellow’s – Tumas East uranium deposit and is the first of our EPL applications to be granted in the greater Namib project area.

“Historical drilling results obtained for the Koppies license has enabled the estimation of an Exploration Target.

“The historical drilling results cover an area 1,000 metres in an east-west direction and 800 metres from north to south, providing Marenica with many significant drilling targets to pursue.

“Drilling costs in Namibia are low compared to Western jurisdictions, we cannot wait to start drilling on the Koppies licence.”