Marenica Energy vorher WME, AREVAS Nachbar, Uran

Das macht schon der Kurs.
Heute in Sydney wieder - 7 %, geschlossen auf Tagestief von 13c.  

Guten morgen, bis zur Zusammenfassung bitte die neue Präsentation anschauen...
http://www.asx.com.au/asxpdf/20100421/pdf/31pwz8hbnsdbc4.pdf  

200000 Stück - das wird schon....

 

als in Australien!  

Zusammenfassung Rohstoff-Messe Frankfurt, 22.04.2010

Anwesend:
zorol
power_48
ballack
Herr Nino
eifelcash
thomkow
charly31
rentesicher
shareswillie
colbrie
wantedman
Mikrokosmos

Hallo liebe Fundamentalisten, (am Kurs kanns ja wohl nicht liegen, dass wir hier bereits länger investiert sind)

erst einmal vielen Dank für Euer reichhaltiges Erscheinen.
Es waren fast alle da, echt klasse.

Hier erst einmal die mit Wanted/Björn abgesprochene Zusammenfassung.

1.) Zu den ersten Fragen bzgl. Aktionärsstruktur/Optionen/Kapitalerhöhung:
Ende Juni/Anfang Juli wird es sehr wahrscheinlich eine Kapitalbeschaffungsmaßnahme geben. Es sollen ca. 8 Mio AUD eingenommen werden. Vorstellbar ist ein Right-Issue mit geringer Verwässerung plus handelbaren Optionen.
Nikolaenko hält offiziell ca. 30 Mio Aktien . Im Abstimmungsverfahren hat er auf weitere 50 mio Stücke Einfluss, wie man bei der letzten HV sehen konnte.
Batavia wird seinen 27,5 Mio-Anteil nicht am freien Markt verkaufen.
Es finden momentan Gespräche mit potentiellen Abnehmern statt.
Ende Juni benötigt Batavia Cash für deren Eisenerzprojekt.

2.) Resource/Geologie
Die metallurgische Auswertung ist zur Zeit noch im Gange.
Das Gestein ähnelt dem Trekoppje-Gestein und kann ohne Probleme in AREVAs Produktionsanlage verarbeitet werden.
In der Scoping-Studie wird das Vanadium vorraussichtlich keine Bedeutung finden. Die Abbaukosten werden sich vorraussichtlich unter 32 USD belaufen. Vor der Scoping-Study, die wie geplant Anfang Juni fertig gestellt sein wird, veröffentlicht Marenica ein weiteres Resourcen-Upgrade.
Dort werden auch teilweise Bohrergebnisse des neuen 7000m Bohrprogramms enthalten sein. Das Upgraden der Resource kostet je nach Nachweisbarkeitsstufe (inferred, indicated, measured) 1, 2 oder 3 cent pro Pfund Uran. Dies ist sehr günstig.
Desweiteren hat AREVA SRK die Erlaubnis erteilt, die Daten aus der Trekoppje-Studie für die Marenica-Scoping-Studie einzusehen und entsprechend in die MEY-Studie zu integrieren. (Zeit- und kostensparend)
Des weiteren hoch interessant ist, dass durch ein spezielles, kostengünstiges Verfahren 2/3 des tauben Gesteins vorab aussortiert werden können. Somit muss nur 1/3 der Gesteinsmasse verarbeitet werden. Es erhöhen sich die Grades durch dieses Verfahren nach aktuellen Tests um 375%. Bei 169ppm vor der Aussortierung, bewegen wir uns demnach bei Grades um 600ppm.
(Zeit- und kostensparend)

3.) Potentielle Investoren
Es gibt sehr viele Gespräche/Präsentationen mit potentiellen Investoren.
Erst nach Fertigstellung der Scoping-Study werden diese potentiellen Investoren, sowie auch ein Teil der TOP20-Holder weiter aufstocken oder investieren.
Auch verschiedenartigste Joint-Ventures sind durchaus realistisch.

4.) Strategie/Zeitplan
Das Ziel des Managements besteht darin, dass Marenica-Uran als einer der ersten potentiellen Produzenten in die Produktion zu bringen.
Dies bedeutet nicht, dass Marenica selbst Yellow-Cake herstellen wird…
John Young hat uns verschiedene sehr interessante Möglichkeiten genannt, wie Marenica reichlich Gewinne erzielen kann, ohne den kompletten Weg bis hin zu einer eigenen Produktionsanlage zu gehen.
Dies liegt an der hervorragenden Infrastruktur. Strom und Wasser stellen bei der Umsetzung des Projekts keine Schwierigkeiten dar.
Eine Produktion könnte bereits 2014 möglich sein.

5.) Verschiedenes
Das Management hat mittlerweile ein sehr gutes Netzwerk an Kontakten in Namibia aufgebaut. Marenica ist der einzige Explorer in Namibia, welcher sich durch das abgeschlossene BEE-Programm (zur Unterstützung der namibischen Bevölkerung) auch zukünftige Lizenzverlängerungen und auch weitere Genehmigungen gesichert hat.
Den anderen Explorern wird es vermutlich noch einiges an Zeit und auch Shareholdervalue kosten, um zukünftig Genehmigungen zu bekommen.
Angeblich sollen in Zukunft mindestens 20%-25% in namibischen Händen sein.


Kurzer Kommentar/Ergänzung von meiner Seite:
In der Podiumsdiskussion kam auch der Chairman Marenicas Graham Woolford zu Worte. Dieser ließ durchblicken, dass schon auf Grund der jetzigen nachgewiesenen Resource eine Produktion von 3,3 mlbs/Jahr Uran über mehr als 15 Jahre zu 32 USD/lbs höchstwahrscheinlich möglich ist.
Rechnen kann ja jeder selbst. Die Investoren wollen es anscheinend erst schwarz auf weiß haben. Es scheint, als seien die Überzeugten investiert.
Wie bereits erwähnt: mit Veröffentlichung der ScopingStudy wird ein anderes Kapitel aufgeschlagen. Das Kapitel Produktionsmöglichkeiten. Sicherlich wird weiter exploriert werden.
Aussage des Managements: wir brauchen nur noch weiterbohren.
Eine Resourcengröße von über 200mlbs scheint durchaus realistisch zu sein und untem im Süden wartet noch so eine kleine potentielle Überraschung.
Aus meiner Sicht steckt Marenica das Trekkopje-Projekt locker in die Tasche. Nicht nur im Bezug auf Resourcengröße, sondern auch bezogen auf die Grades.
AREVA hat insgesamt knapp 4 Mrd USD in Namibia investiert.
Deren Produktionsanlage, Wasseraufbereitungsanlage und Infrastruktur ist nur für Trekkopje alleine viel zu groß angelegt.
Wir werden sehen, wie AREVA sich strategisch verhalten wird...

Bis dahin also einen schönen Gruß vom sonnigen Niederrhein.
Auf reichhaltige Diskussionen,
Mikrokosmos  

So hallo an die Runde,

Ich war nach Frankfurt noch unterwegs und bin gerade erst wieder zu Hause eingetroffen,deshalb melde ich mich erst jetzt.

Ich kann mich meinen Vorrednern nur anschließen,Frankfurt war eine sehr erhellende und angenehme Angelegenheit.

Für mich einer der wichtigsten Punkte:

John Young hat noch einmal ausdrücklich betont wie entscheidend positiv das "screening and scrubbing" für unsere Resource ist.

Um das jedem nochmal ins Gedächtnis zu rufen, Zitat aus der Präsentation: 90% of the uranium can be retained in 37 % of the ore. 375 % increase in grades

Die darus folgende Rechnung sieht so aus:

Unsere Resource von 85 Mlbs würde sich durch dieses Verfahren auf 76 Mlbs reduzieren (= 90 %) die Gehalte allerdings steigen von 170 ppm auf 650-700 ppm ! (375%) Die Kosten für dieses Verfahren sind marginal (geschätzte 0,50-1,00 AUD pro lbs)

Unterm Strich also ein 76 Mlbs-Resource zu deutlich über 600 ppm !

Das liegt über den Durchschnittswerten bei Extract zum Beispiel.
Vergleicht man das geologisch mit anderen Uranexplorern,so wird schnell klar,was das wirklich bedeutet:
Dieses Verfahren ist nur für bestimmte Gesteinsarten anwendbar.

Für Extract und Bannerman ist dieser Prozeß wegen des viel härteren Gesteins nicht möglich ! Andere Sekundäruranvorkommen wie ACAP-Resources können dieses ebenfalls nicht anwenden (bei denen würde sich das Uran im Wasser auflösen)
Lediglich Trekkopje mit sehr ähnlichem Gestein wie Marenica und Langer Heinrich (Paladin) können diesen extrem billigen Aufwertungsprozeß einsetzen.
Hier dazu eine Präsentation von Paladin wie dieser Prozeß funtioniert (ab Seite 11):

http://www-pub.iaea.org/MTCD/Meetings/PDFplus/...cn175/URA…

Dies hat der Markt offensichtlich noch nicht begriffen-da kann hoffentlich die scoping study dazu beitragen dies zu ändern.

Von daher bin ich mehr denn je davon überzeugt,daß wir hier wirklich ein "Weltklassevorkommen" haben-früher oder später sollte das auch in den Markt durchsickern...

Gruß an Alle

Wantedman  

Ich hatte die gelegenheit mit Graham Woolford ein längerers Gespräch zu führen über Marenica Engergy. Ich glaube im Juni wird uns Marenica ein Lächeln ins Gesicht zaubern. Wasser ist kein Thema denn wer hat das Wasser? Areva und wer ist in Marenica mit 10.4 % Investiert Richtig Areva. Hr. Woolford erwähnt noch einmal die ausgewöhnlich Guten verbindungen zum Minesterium in Namibia und die Sozialen Projekte die Marenica dort Betreut um diese Verbindung noch zu festigen. Er deutete an das die Vertragssituation von Marenica wohl besser ist als mach anderer Explorer dies seinen Aktionären verspricht. Ich sehe den Kurs momentan so ( nachkaufen was das Kapital erlaubt)  

Hallo an die FFM- und Stgt-Reisenden: Danke für den Einsatz und die Postings. Als investierter Mitleser sind diese Informationen unentbehrlich.

Hallo Wantedman: Link in #607 funktioniert nicht. Ist das ein verschlüsselter Bereich? Bitte prüfen.

Gruß an Alle, M.  

http://www-pub.iaea.org/MTCD/Meetings/PDFplus/..._Marsh_Australia.pdf

grüsse
power  

Super Artikel von bonobo auf hotcopper.
Ich würde sagen, wir brauchen uns um die zukünftigen Begehrlichkeiten Marenicas keine Sorgen zu machen.

[i]Just found this fantastic article on Areva's Trekkopje alkaline leaching operations with some great detail and pics of the whole operation, including the recently opened desalination plant. Gives as good an indication yet as to how Areva propose to make a 'paltry' 95ppm resource economical, and provides a tantalising glimpse of the infrastructure that Marenica might soon be able to utilise.

Innovation the order of the day at Trekkopje
http://www.delfengineers.com/images/...0January%20Modern%20Mining.pdf

It describes the Nimsix IEX technology a 'pioneering'.

And gives confirmation of available surplus from the desalination plant: 'Apart from supplying all Trekkopje's needs, the plant will have a surplus available for domestic and industrial users in the Erongo region.'

It emphasizes the small environmental footprint of the On-Off Heap Leach mining method and mentions SRK as a key consultant right up to the last 'MAXI' phase of development. And on the geology/mineralisation of Trekkopje (and others like it), it speaks of possible upgrading of weak regional background uranium values by 'three to ten times (or more)'.

This report has led me to this, published last week -

Areva Report: Desalination Plant Inauguration
http://areva.com/mediatheque/liblocal/docs/pdf/...ssal-namibie-va.pdf

Includes the following:

'Once the technical and financial feasibility has been demonstrated, the ore is mined, either from open pit or underground mines, or using in situ recovery
techniques. In situ recovery techniques are used to recover uranium from low grade or very low grade deposits. In situ leaching can often be implemented quickly.'

'In June 2009, AREVA solidified its partnership with the government of Jordan by creating an exploration joint venture. An agreement was also signed with the government of Namibia to explore and develop uranium deposits.'

And this indication that immediate spot price has little bearing on how Areva values its U308 -

'The decrease in the spot price in 2009 had little impact on financial performance, since AREVAs contract prices are fixed or based on long term indicators. During the 2007 to 2009 period, for example, only one third of the amounts to be delivered was indexed to market prices.'

And how's this for a statement of intent -

'Against the backdrop of the nuclear revival and rising demand, uranium is once again a strategic resource. AREVA is therefore leveraging all of its assets to bolster its position as a leading supplier. Its revitalisation plan aims to increase production at the existing mines, bring new projects on line quickly, expand its partnerships and acquisitions, and discover new ore bodies by investing in exploration. Having gathered together the necessary technical, human and financial resources to increase its production and marketing capabilities, AREVA intends to strengthen its position on the uranium market even further.'[/i]  

http://www.businessweek.com/news/2010-04-19/...to-ease-shortages.html


Gruß

Pritpal  

weiter Anmerkung von bonobo:

I forgot to pull out the best quote of all, and one that again emphasizes my point that you either 'get' the upgrade potential of this new technology for Marenica's ore, or you don't. Market currently doesn't, as Areva are breaking new ground, but SRK, who are working with Areva and Marenica, should make it clear to market very soon. Don't you just love this comment:

'The fact that AREVA has chosen to build one of its flagship mines in Namibia not only reflects the countrys extraordinary endowment in terms of uranium but also its status as an attractive mining destination with a stable, democratic government and one of the most important factors a very well developed infrastructure.

From a technical point of view, Trekkopje is breaking new ground and is arguably the most interesting uranium project currently under development anywhere in the world.

Certainly ONE CAN ENVISAGE IT BEING THE TEMPLATE FOR OTHER LOW GRADE OPERATIONS IN NAMIBIA.

Arevas use of sophisticated technology has reduced the risk drastically.'

I cannot wait for the scoping, and I hope that John Young, Graham Woolford et all are loud and proud about any headline numbers, particularly those relating to boosting our grades.

Übrigens, schöner Umsatz in D.
Ca. 9% über Pari, seit zwei Tagen...  

...und schon gehts rauf! 15%+

http://www.asx.com.au/asxpdf/20100427/pdf/31pzfj7kr45pn0.pdf  

Top Ergebnisse !!!
Man sollte sich das ANN genau durchlesen.
Auch an den anderen Targets wurde gebohrt:

Da können wir in den nächsten Wochen sehr gespannt sein, was die anderen  Targets noch so hervorbringen.
Hier einmal die Karte der einzelnen Targets:

Und hier nochmal die MA5 Zone der heutigen Ergebnisse:


Wahnsinn, wie nah an der Oberfläche wieder mal die Mineralisierungszonen  anzufinden sind.
Bagger mit Frontlader und ab geht die Post ;-) sag ich da nur.
Freunde, ich wiederhole mich:
Marenica ist ein Weltklasse-Deposit!
Lest selbst:

Ich bin sehr zufrieden. Dies dürften wieder ein paar Millionen Pfund  mehr bedeuten.

 

Der Anstieg hat sich gestern schon bei uns angedeutet, das Volumen heut in Australien war zudem mit rund 500000 Stücken auch nicht größer.
Wenn der Kurs auf ein Resourcen-Upgrade von +120 % nicht positiv reagiert hat, warum dann jetzt auf diese Meldung von vergleichsweise untergeordneter Bedeutung?
Ich glaube nicht, dass der Anstieg an dieser Meldung liegt - aber es kann uns auch egal sein..  

Der Markt reagiert kurzfristig nicht immer logisch, langfristig schon und daher weiß ich das die laecherlichen 0,10 Euro derzeit pro Aktie nur eine Momentsaufnahme sind. Mit dem Kursanstieg geht's dann oftmals sehr zuegig, z. B. wenn ueber Nacht News z. B. mit den Franzose hereinschneien. Die derzeitigen Kurse sind m.E. klare Kaufkurse!  

Hats keiner gesehen?
FAZ von gestern (online), heute in der Zeitung gedruckt:

http://www.faz.net/s/...43807B296CC0422DF9~ATpl~Ecommon~Scontent.html


Uranbergbau in Namibia
Das Gelbe vom Kuchen
Der staatliche französische Nuklearkonzern Areva ist heute der größte Uranförderer der Welt. Den Rohstoffbesitz sieht er als strategischen Vorteil für die Energieschlachten der Zukunft. In Namibia macht Areva sich als langfristiger Partner unentbehrlich....

...Marenica auch Wink  

es jetzt mal etwas nach oben geht. Gestern bei 0.93 noch dazugekauft - leider nicht genug.
Aber die Zukunft sieht rosig aus!

da bin ich eben aufgewacht, und mein Baby geht plus :-))

So ich leg mich weiter schlaffen, schauen wir was kommt :-)

nacht  

welch müdes Forum..Da bin ich von VG Gold anderes gewohnt. Aber Hauptsache, es geht aufwärts......

 Hallo zusammen,

War den ganzen Tag unterwegs,deshalb melde ich mich erst jetzt.

Dafür habe ich um so schönere Nachrichten.

Erstmal klasse Bohrergebnisse,die 100 Mio Pfund können kommen bzw.sind wahrsceinlich schon da

Aber hier die bisher beste Studie über Marenica (leider nur als pdf,also kein Link vorhanden) von Warwick Grigor,einem Analysten von BGF aus Australien,mit dem ich vor 3 Wochen mal telefoniert habe um das screening and scrubbing-Verfahren besser zu verstehen.

Ein sehr wichtiger Satz mal vorab:

Disclosure: BGF Equities Pty Ltd have not been paid fees by MEY for the preparation of this report. It has not been paid corporate fees. The authors do not own shares in MEY.


Marenica Energy Ltd MEY Initiating Coverage

Progress on metallurgy will lead to signifificant upgrade of economics

Recommendation: BUY for Project Upgrades

Investment Perspective: We have upgraded our view on MEY following two key events; the acquisition of 10.6% of the Company by Areva, and the 120% increase contained uranium resources, following the boost in grade from 140 ppm to 170 ppm.
MEY is one the cheapest entries into the Namibian uranium sector, as demonstrated by the comparative table on page two with an EV of A$0.93/lb.
While we have less guidance on capex and opex for a possible development, as the scoping study is not due until mid 2010, we may find that the association with Areva gives MEY some unique benefits. Infrastructure sharing would lower capex. The ability to deliver pregnant liquor to Trekkopje for stripping could significantly lower capex and reduce financial risk.
A corporate outcome would also be an option for Areva if it decided it made sense to own Marenica outright, to maximise its presence in the region. Given what it paid for Trekkopje, MEY would be cheap at twice its price. While the in-situ grade is modest, test work is showing that a simple mechanical upgrading of the ore can lead to grades in excess up to 500 ppm prior to leaching. This significantly improves the economics relative to the hard rock alaskite projects in Namibia.
Many questions will be answered with the release of the scoping Study, which could lead to a significant re-rating of the stock.

Primary Points

1.Resources
Grades and tonnages
recently improved

-Historical resource grade shown to be understated; revised up from 140 ppm to 170 ppm
-120% increase in contained U3O8 to 85 Mlbs (38,500 t), Indicated and Inferred
-Increase in resources expected from continued drilling

2.Excellent Jurisdiction
Namibia - one of the best
countries in the World

-Namibia is an established uranium producing country
-Mining law is amongst the most favourable in the World
-Government is supportive of new projects

Project Status
Metallurgical test work
points to grade lifting by
200-300%

-ANSTO test work shows scrubbing and sorting delivered 90% of the uranium into 37% of the ore, giving a 200-300% boost in grades before leaching
-96% extraction of uranium to solution in laboratory tests
-Scoping Study due for completion in June 2010

Strategic Shareholder
Areva on the register adds
to the allure, and possibly
the economics

-Strong vote of confidence with shares purchased at 21¢ in December 2009
-Opportunity for co-operative development with Arevaʼs Trekkopje project e.g. use of water from desalinisation plant, sharing stripping and back end of plant facilities
-Better ability to debt finance project

Economics of the Marenica Uranium Project at Spot and Long Term Prices

We have run tables estimating the impact of the pre-concentration stage in the treatment of the Marenica ore. Table 1.
below shows the impact on the tonnages and the grades, with 90% of the uranium reporting to the concentrated
tonnage.

! Table 1 - Impact of Pre-Concentration


JORC Resource" 227 mill. tonnes at 170 ppm
Contained Uranium" 85 mill. lbs U3O8 (38,500 tonnes)
On Pre-concentrating" 75 mill. tonnes at 500 ppm
Contained Uranium" 76 mill. lbs U3O8 (38,500 tonnes
Plant Feed" 10 mtpa at 170 ppm
Leach Feed " 3.3 mtpa at 500 ppm"

We have estimated project economics using numbers that need to be verified when the Scoping Study is released in June/July, but we believe they are within the ballpark. These are tabled below. Notable observations:

• the $100m capex might seem low, but given the friable nature of the ore the front end of the circuit should be much cheaper than for hard alaskite orebodies found in Namibia
• the pre-concentration methodology has been show to work on bench scale test, but this needs to translate to commercial scale operations
• we have used two uranium prices;
• spot US$40/lb - at this price the rate of return would be unacceptable
• long term US$60/lb - at this price it would be a very profitable operation
• it is generally accepted that at US40/lb, very few new uranium mines would be developed. This would
result in a seriously shortfall in supply over the next 5-10 years.
• the spot price is relevant to minor amounts of uranium and is therefore not considered a sound price to
use for mines with long term production potential, that could appeal to nuclear power utilities.
• We have not fully considered the opportunity to share facilities with Areva, or the possibility of delivering
only pregnant liquor to Areva for uranium stripping+

! Table 2 - Marenica Project Economics

Marenica Project Economics (80% MEY)
Capex! $100m
Scrubbing Circuit Feed 10 mtpa
Leach Circuit Feed 3.3 mtpa
Leach Head Grade 500 ppm
Recovery Rate 85%
Uranium Production 1,122 tpa MEY Equtiy
MEYʼs Equity $40.00/lb $60.00/lb
Revenue US$m 98.916 148.373
Royalty 5% 4.946 7.419
Net Revenue 93.970 140.955
Operating Costs $35./lb 86.551 86.551
Gross Cash Flow 7.419 54.404
Per Share 1.6¢ 11.96¢
PCG 9.2x 1.3x
Capex Payback Yrs 10.8 1.5

Jetzt kommt eine Vergleichstabelle verschiedener Uranexplorer.

Darunter Kommentar zu Marenica:

Planning screen and scrub to reduce mass by 65%, with 90% of U3O8, which lifts grade by approx. 3x into the leach circuit. Pregnant resin to be sold to/contracted to third party for final product. This might be Arveva, at Trekkopje, as Areva now hold 10.6% of MEY shares. Table assumes the grade can lift from 170 ppm to 500 ppm, with initial plant feed of 10 mtpa reducing to 3.3 mtpa into the leaching circuit.

Marenica Uranium Project, Namibia (MEY 80%)

Background

Marenica Energyʼs main project, Marenica, is strategically located in the uranium-rich Damara Province Namibia, where the Rossing (RIO) and Langer Heinrich (Paladin) mines account for more than 10% of the world mine supply of uranium. Trekkopje (Areva) and Rossing South (Extract) promise to boost Namibiaʼs proportion of World supply to 20%. Other projects in the province include Etango (Bannerman), Inca (Deep Yellow) and Valencia (Forsys). These projects combined will ensure that Namibia remains one of the most important countries in the resurgence of uranium and nuclear power.

The Marenica uranium project is covered by EPL 3287. centred 65 km E of Henties Bay and 60 km W of Usakos, intersected by a regional road. The licence was first granted in November 2006, for a period of three years. During the December quarter of 2009, the EPL was renewed for another two years by the Ministry of Mines and Energy.
MEY became involved in April 2006, when a joint venture was signed with Jaco Smith and MEY became Exploration Manager. Ministerial consent for the joint venture was obtained in May 2006. Environmental Clearance was received in July 2006.
The licence was transferred to Marenica Minerals (Pty) Ltd, a Namibian registered company, in June 2007. The licence was renewed (with a 25% reduction) for a period of two years from November 2008 to November 2010.

Geology and Mineralisation

The licence geology is dominated by the Damara Mobile Belt, which comprises erosional sediments from the Mokolian Group, which hosts several large deposits including the Rossing Uranium Mine and the Navachab Gold Mine.
The region is dominated by eroded sediments and exposed granites and intrusions. Overlying the sediments are calcrete and gypcrete occurrences.
The Marenica Project covers areas of resistant marble domes and schists, with numerous late-stage dolerite dyke swarms that can be from 1 to 150m in width. Numerous latestage faults cut the area and these have provided channel paths for the dykes.
There is an extensive network of ephemeral river channels with broad alluvial and colluvial cover, typically draining to the SW. These frequently obscure the palaeodrainage related calcrete mineralisation within the project.
Reconnaissance drilling in the 1970s first identified the two styles of mineralisation being investigated by MEY today; uranium in nodular and tube-like structures within calcrete and gypcrete sediments, and secondary mineralisation that occurs as infill along joints, planes and fractures within the basement rock.

Exploration History

Pre-Marencia Energy

The radiometric anomalism on the Marenica licence was first identified in the 1970s when the Geological Survey of Namibia flew several airborne radiometric surveys.
In 1973, the Atomic Energy Board examined the area in conjunction with the Damara Mining Company of South Africa. A scintillometer survey was undertaken with follow-up trenching and sampling. Uranium was identified with secondary mineralisation.
In 1976, Gold Fields Mining and Development Ltd conducted work on what is now the NE extent of EPL3287, continuing until the relinquishment of the ground in the early 1980s. Approximately 2,000 bore holes were drilled for over 32,000m. Beneficiation test work was conducted, including radiometric sorting, attritioning and alkaline leaching. Gold Fields calculated an estimated resource of 5,535 t of “recoverable” uranium at a grade of 205 ppm eU3O8, and an additional resource of 2,600 t at a grade of 200 ppm eU3O8. A cut-off grade of 80 ppm was applied.

Post Marenica Energy

MEY commenced with mapping, rock chip sampling, trenching and airborne radiometric and gravity surveys. This work improved the accuracy of the database and interpretations, and resulted in much of the earlier identified schistose rock being reclassified as granite and alaskite, thereby increasing the prospectivity for basement-hosted primary mineralisation.
MEY identified 1,945 Gold Field drill holes, finding 582 of these had collapsed but a total of 24,127m of drill holes were found to be open. MEY drilled 150 RC holes in the first half of 2007, as part of a validation exercise, with half being alongside Gold Field
holes. An initial JORC resource of 31 Mt at 210 ppm was calculated in November 2007. RC drilling recommenced in November 2007, drilling to extend known mineralisation to the east, and in-filling
between Gold Field anomalies 3 and 4. Drilling was mostly on 600m x 200m spacing, while resource calculation areas were drilled on a 120m x 120m pattern to depths of 10-25m.
From May to July 2008, the Phillipus prospect was tested with 12 holes for 1,540m. The target was primary alaskite mineralisation on the northern margin on the Marenica Dome. Three layers of mineralisation with grades of 50-200 ppm, in combined thicknesses of 3 to 60m.
From July to November 2008, a further 264 holes were drilled in the paleochannel area for 12,386m, mostly on a 600m x 300m grid.
Diamond core drilling was conducted in April and May 2009, to provide geotechnical, mineralogical and metallurgical samples for scoping and feasibility studies. Seven HQ core holes were completed for 771m. This was followed by further RC drilling for resource calculation data, with 587 holes for 10,690m. The resource was upgraded to 122 mill. tonnes at 140 ppm in November 2009. A further 30 RC holes were drilled on the Phillipus and
Springbok targets in 2009.

The Current Exploration Programme

A 5,000m programme of air-core drilling, designed to test regional palaeo-channel targets, commenced in February 2010. Three targets are being tested with 115 holes drilled to an average depth of 8m.
The Recent Resource Upgrade On 1 March 2010, MEY announced a 120% increase in the contained uranium incorporating recent drilling and an extensive programme of re-probing holes drilled by Goldfields and subsequently comprising;

• probing of unlogged historic drill holes: 291 holes/6,718m
• probing of new in-fill drill holes: 249 holes/4,762m
• probing of exploration drill holes: 19 holes/2,384m

SRK Consulting conducted an updated resource assessment, calculating a JORC compliant 85 mill. lb U3O8 (38,500 t) resource, including the correction of eU3O8 values to U3O8 equivalents using linear regression, tabled below:

Methodology of Resource Calculation

The resource covers the palaeo-channel domain and secondary mineralisation in the basement which outcrops to the west of the channel and which forms the footwall of the channel deposit. The sub-channel basement was previously excluded from the resource calculation.
Ordinary kriging algorithms were used for block grades, but a Uniform Conditioning analysis was applied, considering the large block size and the shallow nature of the orebodies.
The individual Selective Mining Unit (SMU) was 10x5x2m, assuming this is an achievable mining size. There has been no consideration given to mining or processing recoveries, mining losses or dilution. The density of the palaeo-channel material was assumed to be 2.2t/m3, and the basement material 2.61/tm3. The Indicated material is in the central portion of the deposit that has been more closely drilled, as well as the boundary between the channel and basement domains.

Mineralogy and Metallurgical Testwork

Three styles of mineralisation have been identified at Marenica with carnotite comprising 85% of the uranium;
• primary, hyrdrothermal uraninite
• secondary oxidised bedrock carnotite
• calcrete-hosted carnotite

Metallurgical test work is ongoing. During 2009, 600 kg of mineralised material was collected from two costeans. Both palaeo-channel and weathered granitic bedrock material was collected. These samples were shipped to Cardiff University in the UK, to test for amenability to alkaline leaching processes similar to those employed by Langer Heinrich and Trekkopje. More recently, the Australian Nuclear Science and Technology Organisation (ANSTO) has been conducting test work at its Lucas Heights facility in Sydney. Tests on two 500 kg samples have confirmed that the ore is amenable to upgrading using screening, scrubbing and ore sorting
methods. The grade of the calcrete ore can be lifted by up to 240% by rejecting 63% of the material, retaining 90% of the uranium in the process.
Results from the weathered bedrock indicate that 90% of the uranium can be preconcentrated into 30% of the ore, lifting the sample grade from 232 ppm to 871 ppm, being a 375% lift in the grade. The process used by ANSTO is effectively a scubbing and
washing of ore crushed to 25 mm i.e. simple mechanical process. This method has been found to be more effective than radiometric sorting. Bottle roll tests have given encouraging leaching results but there is concern that generation of fines could be problematic for a heap leach operation i.e. fines could cause ponding and incomplete leach coverage. Agglomeration would be necessary.
Given the amenability to scrubbing and sorting to boost the head grade by 200-250%, it is likely that agitated leach tanks will be preferred to heap leaching. Work is continuing to assess and improve the rheological characteristics of the slurry for the alkaline leaching stage.
Initial tests have shown good leaching characterisitcs with 96% uranium extraction within a 24 hour period from both calcrete and weathered bedrock material. The testing process is yet to address the recovery of uranium once it is dissolved into solution. An appropriate ion exchange (IX) resin needs to be identified for resin in pulp (RIP) recovery.

Exploration Upside

As with many uranium projects, there continues to be sound exploration potential for expanded resources. In November 2009, a new airborne survey identified 16 new targets in both palaeo-channel and bedrock terrains. A 5,000m aircore drilling programme commenced in February. On 23 March 2010, MEY announced the first
results from this programme, with Target MA5 looking like a western extension of the current resource. Intercepts were in
the range of 1.4 to 3.0m, and grades were 106-259 ppm. The targets being tested are shown on the diagram below.

Finances

MEY currently has $3.5m in the bank. MEY is obliged to make payments based on the size of the resource calculated. The recent increase in the resource resulted in the payment of $648,400 plus GST.

Share Register

Like a number of other uranium exploration companies in Africa, MEY was approached by Polo Resources Plc in mid 2009, to conduct a placement of shares. As with the other companies, Polo decided to divest its holdings to concentrate on Extract Resources. The Polo holding of 10.57% in MEY was sold to Areva NC in December 2009.
The appearance of Areva on the share register could have significant implications for MEY, both corporately and operationally. Apart from being a world-leader in uranium and nuclear power, Areva is developing the large tonnage, low-grade calcretised palaeo-channel Trekkopje uranium deposit located 25-30 km to the south of the Marenica uranium project.
The Areva presence on the register will add to shareholder confidence, though it is still only a small holding in the eyes of Areva. However, it does open the door to sensible cooperation on the operational front. Significantly, Areva has invested heavily in local infrastructure that could benefit MEY e.g. the water desalinisation plant at Wlotzkasbaken, 30 km north of Swakopmund.
 

 

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