Marenica Energy’s airborne survey of its Namibia project takes off
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Uranium exploration company Marenica Energy has started an airborne survey flying over 1,500sqkm of its uranium tenements in the African country of Namibia.
The electromagnetic (EM) survey will cover Marenica Energy’s (ASX:MEY) Hirabeb and Koppies uranium deposits and its recent Namib IV discovery in the Namib area of Namibia.
“The commencement of the airborne electromagnetic geophysical survey marks an acceleration of our exploration efforts in Namibia,” managing director, Murray Hill, said.
The airborne EM geophysical survey will be used to identify the outline and indicative depth of palaeochannels to generate targets for fresh exploration drilling in the tenements area.
Results from the EM survey, which started in April, are expected to be completed within three months.
“The EM survey covers an area of 1,500sqkm over our tenements in the greater Namib area,” said Hill.
An airborne EM survey is much quicker than other geophysical survey methods and can cover 120-150km per hour.
“This greatly accelerates the company’s exploration program in Namibia. The EM survey will include Hirabeb where we have identified a palaeochannel longer than the width of the English Channel,” Hill said.
The company’s Namib IV system is located to the northeast and southwest of its Hirabeb and Koppies tenements but is also separate from these discoveries.
Marenica Energy is the holder of the largest area for uranium exploration leases in Namibia.
Uranium prices in the spot market have recovered to around $US30 per pound from a low of about $US20 per pound back in 2017.
The January closure of the Ranger uranium mine operated by Rio Tinto subsidiary Energy Resources of Australia (ASX:ERA) has had a significant impact on the global market.
This, together with production suspensions in Canada and flat output from Kazakhstan, has tightened the market considerably, according to market analysts.
This article was developed in collaboration with Marenica Energy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.