THE DRILL SERGEANT: Marenica Energy (ASX: MEY) has completed a Phase 3 reverse circulation (RC) drilling program to extend the width of the palaeochannel on the company’s Koppies tenement in Namibia, Africa.
Marenica Energy reported the recent drilling had identified the Koppies 2 palaeochannel to be up to 1.2 kilometres wide, extending to now encompass the full width of the tenement, being approximately 3.6km.
The company explained the importance of the resulting wider channel width, saying that the wider the mineralised palaeochannel the greater the potential for increased numbers contained uranium pounds in any given length.
The palaeochannel was identified through the drill holes intersecting calcrete hosted mineralisation, which is the rock type within palaeochannels Marenica is targeting.
“Identifying that the Koppies 2 palaeochannel has a width of approximately 1.2 kilometres is fantastic news, especially with a length of at least 3.6 kilometres,” Marenica Energy managing director Murray Hill said in the company’s announcement to the Australian Securities Exchange.
“The substantial width is expected to greatly increase the contained uranium pounds per unit length of palaeochannel, which is extremely positive for the potential economics of the Koppies project.
“The Koppies story continues to develop, with the extensive Koppies 2 palaeochannel, excellent grades achieved from Phase 2 drilling, and with only approximately 10 per cent of the Koppies tenement explored, let alone the remaining 2,494 square kilometres of tenements held by the Company in the Namib area.”
Mrenica followed its Phase 2 drill program, which had identified a mineralised palaeochannel at Koppies 2, with three HLEM survey lines across the Koppies 2 palaeochannel that were designed to determine the potential width of the palaeochannel ahead of the Phase 3 drill program.
The HLEM results indicated a more extensive palaeochannel than expected, which resulted in the drill program being expanded, extending further north and south than initially planned.
Following from the identification of a wide palaeochannel at Koppies 2 and confirmation that HLEM has been successful in locating palaeochannels at Koppies, the company indicated it would continue with the exploration program.
Receipt of the assay results from the Phase 3 drill program is expected in January 2020.