Past year: ▼ 35%(20.5c – 47.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2021drilling result▲ GoodMajor
First drilling at Namib IV, 258 RC holes (2,336m), found uranium over 17km of the 19km palaeochannel. Best intercepts: 2m at 758ppm eU3O8 and 4m at 387ppm from surface. This is the third Namib Area tenement drilled to show mineralisation, after Koppies and Hirabeb.
27 July 2021drilling result▲ GoodMajor
Airborne EM over 5,217 line-km found palaeochannels covering about 347 km2 and 280km in length across the Namib Area. This is the survey started in April; the company expects drilling to continue into 2022. No uranium results yet.
23 Mar 2021drilling result▲ GoodMajor
New palaeochannel system found at Namib IV (EPL 7662, 379 km2), extending at least 19km, from ground geophysics only. Next steps: a drill rig is planned within weeks, and a 6,300 line-km airborne survey is due from April. No drilling or uranium results yet.
10 Nov 2020resource reserve update▲ GoodMajor
Angela resource re-reported under JORC 2012 at 30.8 Mlb U3O8 at 1,310ppm, Inferred category. Same tonnage and grade as the earlier JORC 2004 figure. This resolves the open JORC 2012 update thread for Angela.
21 July 2020drilling result▲ GoodMajor
Maiden 120-hole, 1,601m RC program at Hirabeb finds a palaeochannel system over 36km long, with uranium mineralisation intersected across 30km. Cost under A$120,000; drill lines average 5.5km apart. Management calls it potentially Namibia's biggest discovery since Husab; no grades given in the visible text.
22 June 2020drilling scheduled▲ Good
Namibian exploration restarts after the COVID lockdown. A A$100,000 drill program at Hirabeb tests HLEM palaeochannels over 18km, and a A$30,000 program tests Koppies' eastern extension up to 3.7km into EPL 7279.
5 May 2020resource reserve update▲ Good
Review of historical drilling at the Minerva uranium project in the Northern Territory, acquired in the December 2019 Optimal deal, finds 49 holes above 250ppm. Best is 11m at 4,218ppm U3O8, and mineralisation spans 2,400m. Data is historical, not a new JORC resource, and gold is also present.
27 Apr 2020drilling result▲ Good
Electromagnetic surveys on the 730 km2 Hirabeb licence (EPL 7278) find palaeochannels over 30m deep, deeper than Koppies' 15-18m. At least half the licence could be covered. The COVID-19 lockdown in Namibia halts further surveys and drilling.
26 Mar 2020drilling result▲ Good
Electromagnetic surveys double the Koppies palaeochannel system to about 6.4 km2, widening eastward into Marenica's adjoining EPL 7279. Drilling so far covers under half the area. No new assays; it sets targets for further drilling.
12 Mar 2020farm in farm out agreement▲ GoodMajor
Marenica forms a joint venture on EPL 6663, adjoining Koppies, holding 90% with Ignatius Hinky Theodore holding 10%. Marenica funds all exploration until a decision to mine. Extends its contiguous Namib land package next to the Koppies discovery.
10 Feb 2020drilling result▲ GoodMajor
Phase 3 Koppies RC assays arrive: KOR62 3m at 3,087ppm U3O8, including 1m at 7,060ppm, the best metre at Koppies. Koppies 2 stays up to 1.2km wide, 3.6km long and open to the east. Mid-sized follow-up drilling is planned. Assays arrived in the March-quarter window.
5 Dec 2019drilling result▲ Good
Phase 3 RC drilling (65 holes, deepest 22m) indicates the Koppies 2 palaeochannel is up to 1.2km wide and at least 3.6km long. No new assays; results due January 2020. Widens the potential tonnage of the Phase 2 discovery.
7 Nov 2019drilling result▲ GoodMajor
Koppies Phase 2 drilling finds a second mineralised palaeochannel (Koppies 2) over 3.6 km. Best result is 13m at 905ppm U3O8, including 2m at 4,504ppm, in holes under 20m deep. Under 5% of the licence explored; expanded drilling to follow.
27 Aug 2019drilling result▲ GoodMajor
First Koppies RAB drilling: all eight holes hit uranium, best 6m at 432ppm U3O8, over a zone 1,000m long and 800m wide, shallower than 20m. Expanded drilling starts next week. This confirms the March exploration theory at the first granted licence.
18 July 2019drilling spud▲ GoodMajor
Marenica has environmental clearance and has started drilling at Koppies (EPL 6987), granted in March, next to Deep Yellow's Tumas East. Historical 1970s holes showed 350-560ppm U3O8. EM surveys and drilling will follow. This continues the Koppies thread.
27 Mar 2019drilling spud▲ GoodMajor
Drilling starts at Mile 72, a 60-hole program targeting an 11 km by 2 km palaeochannel, following the environmental clearance received earlier. Results are expected by the end of June 2019.
18 Apr 2017resource reserve update▲ GoodMajor
Independent scoping study on the Marenica uranium project concludes it would have industry-competitive costs using U-pgrade, with shallow, flat, low-waste surface mining. Production and cost figures are withheld because ASIC restricts reporting from inferred resources. Further funding would likely be needed.
13 Jan 2015resource reserve update● Neutral
Required addendum restating the Marenica-area resource: 276.1Mt at 94ppm for 57.3Mlb, plus MA7 inferred 22.8Mt at 81ppm for 4.0Mlb, unchanged from 2013. It is a 2011 Optiro estimate; no new drilling.
8 July 2013drilling result▲ Good
New testwork shows the U-pgrade process works as well in sea water as in desalinated water, which the company says could cut estimated operating costs from US$49 to under US$42/lb. Early tests on high-sulphate ore also look promising. Company-internal estimates, not independently verified.
21 Dec 2012drilling result▲ GoodMajor
First numbers from the upgrade testwork: primary upgrade of 3-5 times, and about 30% of that concentrate upgraded a further 15-25 times overall. Testing continues on the other ~70%. Early support for the concept first floated in March 2012, though not yet proven.
14 Dec 2011resource reserve update▼ BadMajor
New Optiro resource for Marenica: 276Mt at 94ppm, 57Mlb U3O8, down from SRK's 648Mt, 138Mlb (2010) due to tighter methods. Maiden MA7 resource 23Mt at 81ppm, 4Mlb. Heap leach is dismissed in favour of tank leach, and the 2010 scoping economics no longer apply.
18 July 2011drilling result▲ Good
East Pit infill drilling is finished (205 holes, 11,201m); 86% of holes probed hit over 100ppm, with best results such as 4.0m at 1,169ppm. MA7 drilling is also complete (88 holes, 2,525m), with results to follow. Supports the planned resource update.
8 June 2011drilling result▲ Good
Infill drilling in the East Pit area of the Marenica resource confirms continuity: 62 of 74 holes probed returned over 100ppm, with best intercepts to 19.4m at 193ppm. A further 3,000m is planned at MA7 to support a first resource estimate there.
20 Dec 2010drilling result▲ GoodMajor
Reconnaissance RC drilling of 67 holes at MA7 finds two mineralised trends, each over 2km long and up to 400m wide. Best intercept is 8.8m at 319.6ppm eU3O8. Infill drilling is planned for first half 2011. This builds on the earlier first-pass MA7 result. The release states 80% ownership, while earlier reports said 75%.
5 Oct 2010resource reserve update▲ GoodMajor
Upgraded SRK scoping study: heap leach producing 3.5Mlb a year over 13 years, operating cost US$38/lb, capital US$260M, five-year payback. Resource rises from 85Mlb to 648Mt at 97ppm for 138Mlb at a 50ppm cut-off. Resolves the suspended scoping study.
31 May 2010drilling result▲ Good
First-pass drilling at new target MA7, 7km south-east of the resource, hits 6.4m at 231.6ppm eU3O8. More MA5 results include 1.4m at 960ppm. RC drilling to define resources at both is planned for Q3 2010.
27 Apr 2010drilling result▲ Good
Further probe results at MA5, west of the resource, define a 1.6km shallow mineralised zone open to the west; best 2.9m at 398ppm eU3O8. Aircore finished at 410 holes for 6,002m; RC drilling is planned for Q2-Q3 2010.
23 Mar 2010drilling result▲ Good
Early aircore drilling at target MA5, west of the resource, finds shallow uranium mineralisation, best 1.4m at 259ppm eU3O8; a possible western extension. Granite uranium seen at MA6. A further A$648,400 is payable under the Mallee agreement after the new resource.
1 Mar 2010resource reserve update▲ GoodMajor
Updated resource rises to 227Mt at 170ppm U3O8 for 85Mlb, a 120% rise in contained uranium on the interim estimate. Indicated is 31Mt at 175ppm; Inferred 196Mt. Resolves the pending final resource; the scoping study is due June 2010.
2 Dec 2009drilling result▲ Good
Final probe results from 355 re-probed historic holes average 196ppm eU3O8, above the 140ppm interim resource grade, with best 7.9m at 1,256ppm. Supports a higher-grade January 2010 resource update. Springbok assays due late December.
