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Marenica sees resource update for Namibia uranium project out soon - 18.01.2010

http://www.miningweekly.com/article/marenica-expects-to-publish-namibia-resource-update-soon-2010-01-14

JOHANNESBURG (miningweekly.com) ASX-listed uranium explorer Marenica Energy on Thursday reported that its resource update for the Marenica uranium project, in Namibia, was likely to be completed by the end of January or early February.

Marenica Energy owns an 80% stake in the Namibian project.

In December, the company reported a series of positive results from the Marenica project, including an interim resource estimate upgrade of 122-million tons grading 140 parts per million (ppm) uranium oxide (U3O8), comprising an indicated resource of 16-million tons grading 170 ppm U3O8 and an inferred resource of 106-million tons grading 140 ppm U3O8.

Sixteen new priority exploration targets had been identified following the receipt of new airborne radiometric and magnetic data for the project. Preliminary interpretation of the data has been completed within an area of 340 km2.

Marenicas exploration team in Namibia would begin ground checking and sampling of the anomalies in early 2010.

The uranium explorer said in a statement that the anomalies have been categorised as primary granite-hosted targets and secondary uranium palaeo-channel-hosted targets, similar to the Marenica deposit.

Primary granite-hosted targets analogous to the previously identified Phillipus and Springbok prospects have been identified within and adjacent to the Main Dome and Southern Dome areas.

A number of secondary (supergene) targets have also been identified in areas adjacent to the Marenica resource, as well as previously untested downstream parts of the Marenica Palaeo-channel and adjacent to the prospective Southern Dome region.

Last month, the French-based multinational industrial and nuclear energy giant, Areva, agreed to acquire a 10,57% interest in Marenica from Polo Resources.

Areva, which is the world leader in the nuclear fuel cycle, from uranium mining, conversion and enrichment through to spent fuel reprocessing and recycling, has a majority interest in the Trekkopje uranium mine, which is located less than 30 km from the Marenica project.