A maiden scout exploration program has uncovered a +30km-long uranium-rich channel at the Hirabeb project. This could be “the most significant uranium discovery in Namibia since Husab in 2008”, Marenica Energy (ASX:MEY) says.

In 2008, ASX-listed Extract Resources discovered Husab, now expected to be the #2 largest uranium mine in the world.

Perth-based Extract had a sub-80c share price at the time. Four years later it was acquired by a Chinese company for $8.65 per share ($2.1bn).

A small cap investor’s dream outcome.

~$10m market cap Marenica is currently the largest uranium exploration tenement holder in Namibia, a world-class uranium province with an established mining industry.

Marenica is targeting uranium which has been deposited in near-surface palaeochannels (ancient river systems).

The exciting part for Marenica is that the area at Hirabeb where this monstrous discovery was made had never been drilled, until now.

The palaeochannel is mineralised for the majority of its length, providing Marenica with a multitude of follow-up exploration targets with the potential to host a significant uranium deposit, managing director Murray Hill says.

The explorer was up ~12 per cent in morning trade.


“This is an exciting new uranium discovery in an area not previously explored using modern exploration techniques,” Hill says.

“The maiden scout exploration program which has not tested the full width of our tenement, has identified a massive palaeochannel system.

“To put this into perspective the palaeochannel is longer than the width of the English Channel.”

Comparison of the Hirabeb Palaeochannel with the English Channel.