Elevate Uranium Limited (Marenica Energy)
Elevate Uranium Limited (Marenica Energy)
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The Namibian government has moved to counter “misconceptions” that led to widespread reports it may seize minority stakes in mining and petroleum producers.
The fallout from media reports has impacted uranium miners and developers Paladin Energy, Deep Yellow, Bannerman Energy and Elevate.
The discovery of a uranium mineralised zone extending over 10km and up to 1,000m wide has raised the potential for Elevate Uranium to add significantly to its maiden 20.3Mlb eU3O8 inferred mineral resource at its Koppies project in Namibia.
MD Murray Hill says Elevate’s drilling continues to improve with drilling. The uranium mineralisation is generally less than 10m below the surface.
Elevate Uranium has raised the potential to add significantly to its maiden 20.3Mlb U3O8 inferred mineral resource at its Koppies project in Namibia with the identification of a mineralised zone extending over 10km and up to 1,000m wide.
Australian-based explorer Elevate Uranium is confident there’s more to come after it established an initial JORC inferred mineral resource estimate of 20.3Mlb eU3O8 at its Koppies uranium project in Namibia.
MD Murray Hill says Elevate is even more encouraged by the significant potential to expand the resource at Koppies, the first of its Namib Desert tenements to be explored.
The resource remains open to the NE and SW, and recent drilling discovered uranium mineralisation at least 1km beyond the know envelope.
Australian-based uranium explorer Marenica Energy sees its recently acquired Angela project in the NT as a demonstration case for its U-pgrade beneficiation process after posting a JORC 12-compliant inferred resource of 30.8Mlb @ 1,310ppm U3O8.
The Angela project 25km S of Alice Springs, the most advanced of a parcel of assets acquired by Marenica in Dec 2019, previously held a JORC 2014-compliant resource.
Australian-based explorer Marenica has further strengthened its Namibian holdings in anticipation of future recovery in the uranium market after securing 95% interest in a tenement in the Namib Desert.
The agreement with a private applicant for the exclusive prospecting licence, in return for technical expertise and funding through to a decision to mine, extends Marenica’s position as the largest tenement holder for nuclear fuel minerals in Namibia.
Explorer Marenica Energy has executed a binding term sheet to buy Optimal Mining’s 48Mlbs, 859ppm high-grade uranium resources in Western Australia and the Northern Territory for $A250,000 cash/27.5M shares, lifting Marenica’s Australian uranium resources 80% to 110Mlbs.
Completion of the deal, which includes the outright purchase of Angela, Thatcher Soak and Oobagooma, and J/V holdings in the Bigrlyi, Malawiri, Walbiri and Areva operations, will make Marenica the 4th largest uranium resources holder on the ASX.
Namibian-focused Marenica Energy is continuing its strategy of acquiring projects potentially amenable to its U-pgrade beneficiation technology after clearing $A1.65M debt by the issue of shares to Hanlong Energy.
MD Murray Hill says Marenica continues to advance the U-pgrade process to third party mining and development projects while explorer Deep Yellow generates exciting results at its Tumas deposit close to its ground in Namibia.
Australian uranium processing developer Marenica Energy will increase marketing efforts for its U-pgrade beneficiation technology after raising $A1.2M in a placement of 11.8M shares at 10c to professional and sophisticated investors.
MD Murray Hill says Marenica aims to take advantage of the uranium sector’s improving investment environment adding to the impetus of the award of patents for the U-pgrade process and its progress with third-party projects.
Uranium producer Paladin is independently evaluating the U-pgrade technology developed by Australian processing innovator Marenica after highly successful testwork on ore from its 75%-owned Langer Heinrich project in Namibia indicated its potential to create extremely low-volume, high-grade concentrate.
Marenica says the results show it could produce 25kg of concentrate for each 1t of ore mined. The project currently sends 600kg of ore to the leach plant for each 1t mined.