Uranium explorer Marenica Energy has discovered significant new zones of uranium mineralisation within the Southern Palaeochannel System, located 7km south-east of the main deposit at its 80% owned Marenica uranium project in Namibia, southern Africa.
Positive results have been received from a program of wide-spaced, reconnaissance Reverse Circulation (RC) drilling (67 holes for 1,980m) completed in November 2010 at the MA7 Target.
As part of the recent program, 29 of the 67 holes completed returned anomalous uranium results of greater than 50ppm eU3O8, outlining two separate mineralised trends, each over 2,000m long and up to 400m wide.
Mineralisation in the Southern Palaeochannel system occurs within low-order tributaries to the main channel system, and is typically concentrated adjacent to palaeo-high features.
Drilling to date has now defined three discrete mineralized zones within the target area.
In November 2010, the company drilled a total of 67 RC holes for 1,980m at Target MA7 on broadlyspaced (300m) traverses, with holes on 200m centres.
The recent Scoping Study, undertaken by SRK Consulting, found the Marenica project in Namibia could deliver 3.5 million pounds of uranium per annum.
The Scoping Study found the Marenica project could produce a total of 45 million pounds of uranium over a 13-year life based on the existing defined Indicated and Inferred Mineral Resource.
Marenica will now undertake additional drilling and metallurgical work in order to upgrade Inferred Resources, which should continue to improve the economic parameters of the project.
A definitive feasibility study relating to the Indicated Resources is expected to be completed by the end of 2012.