Marenica Energy Limited’s (ASX:MEY) Phase 3 reverse circulation (RC) drilling programme has identified that the Koppies 2 palaeochannel is up to 1.2 km wide, extending the full width of the tenement to approximately 3.6 km.
Marenica Managing Director, Murray Hill, said the wider the mineralised palaeochannel the greater number of potential contained uranium pounds in any given length.
The palaeochannel has been identified through the drill holes intersecting calcrete hosted mineralisation, which is the rock type within palaeochannels Marenica is targeting. Assay results are expected in January.
“Identifying that the Koppies 2 palaeochannel has a width of approximately 1.2 km is fantastic news, especially with a length of at least 3.6 km,” Mr Hill said.
“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% of the Koppies tenement explored, let alone the remaining 2,494 square kilometres of tenements held by the company in the Namib area.”
Earlier this year the ompany announced that drilling at Koppies 2 had produced exceptional results including an interval of 2 m at 1,974 ppm U3O8, contained within an intersection of 10 m at 687 ppm U3O8 from 3 m in hole KP045.
Phase 3 drilling was conducted around the Phase 2 drill holes and areas identified to be palaeochannels from horizontal loop electromagnetics (“HLEM”) surveys.
The Phase 2 drill programme identified a mineralised palaeochannel at Koppies 2, leading to three HLEM survey lines across the Koppies 2 palaeochannel. The HLEM surveys were designed to determine the potential width of the palaeochannel ahead of the Phase 3 drill programme.
Mr Hill said the HLEM results indicate a more extensive palaeochannel than expected, which resulted in the drill program being expanded, extending further north and south than initially planned.