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- Marenica Energy (MEY) has conducted a review of historical data from the Minerva uranium project, revealing promising high-grade deposits at the site
- The data review incorporated results from 49 mineralised drill holes, as well as site visits by subsequent explorers
- The holes indicate mineralisation stretching over a length of 2400 metres, including 29 drill intervals with grades in excess of one per cent uranium
- Two holes were also assayed for gold, with one hole showing high-grade gold mineralisation, indicating the possibility of further deposits at the site
- The company will conduct further assessment at Minerva to determine future plans
- Marenica Energy closed 9.8 higher on Tuesday, with shares priced at 6.7 cents each
Uranium explorer Marenica Energy (MEY) has conducted an extensive review of historical data from the Minerva uranium project, revealing promising high-grade deposits at the site.
Historical assays
The data review incorporated results from 49 mineralised drill holes sourced from periodic and annual reports from previous Minerva licence holders. These include Agip Australia (later renamed Bulong Nickel), and Northern Territory Uranium.
Further data was sourced from site visits by Paladin Energy and Energy Metals.
The 49 drill holes all returned assays of over 250 parts per million (ppm) triuranium octoxide (U3O8), including 29 drill intervals with grades in excess of 10,000 ppm or one per cent U3O8.
The holes indicate uranium mineralisation stretching over a length of 2400 metres.
In addition to to the high-grade uranium mineralisation, two holes were assayed for gold, with one hole returning indications of high-grade gold. The other hole contained indications of neither gold nor uranium.
Given the other holes weren’t tested for gold, there’s a possibility of further gold mineralisation associated with the broader uranium deposits.
Further work
In most cases the assays were confirmed from multiple sources – lending credence to Marenica’s claims of a potential high-grade uranium deposit.
Although many of the 49 mineralised holes have been located, several are still unfound. Further work will be required to either find the holes or confirm the results via extra drilling.
The ground at Minerva consists of several layers of deformed rock, with four stacked ore shoots suspected to branch through the hosting sandstone. The deformation of the layers has left them stacked at a sharp angle, meaning drill results may be somewhat misleading as the true thickness and attitude of the mineralisation is hard to identify.
Marenica Managing Director Murray Hill says despite the challenges in interpreting the data, there’s still considerable promise at Minerva.
“Confirmation of high-grade uranium and gold at Minerva is very exciting,” Murray exclaimed.
“Uranium and gold, both ‘yellow metals’, have experienced substantial price increases during 2020.”
Marenica Managing Director Murray Hill
The company will conduct further assessment at Minerva to determine future plans.
Marenica Energy closed 9.8 higher on Tuesday, with shares priced at 6.7 cents each.
