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Market: ASX
Sector: General Mining - Uranium & Lithium
EPIC: MEY
Latest Price: A$0.01  (0,00%)
52-week High: A$0.05
52-week Low: A$0.01
Market Cap: A$6.52M
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Marenica Energy
www.marenicaenergy.com.au

Marenica Energy's  (ASX: MEY) strategy is to focus on the evaluation of the Marenica Project as well as to identify and acquire other uranium opportunities globally.

The Company's principal asset is the Marenica Uranium Project located in the uranium rich Damara Province in Namibia. The project covers 527sq km, with high prospectivity for both secondary and primary uranium deposits.

Full Marenica Energy profile here
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Marenica Energy finds uranium outside of Marenica Project

31st May 2010, 9:14 am

African-focussed Marenica Energy (ASX: MEY) has reported "further excellent results" from first pass drilling at two key targets outside of the main resource area at its Marenica Uranium Project in Namibia, Southern Africa.

Results received from both the MA7 and MA5 palaeo-channel systems, firm up these two target areas, which lie 7km south-east of the main resource, further reinforcing the regional exploration upside at the Marenica Project outside of the current JORC resource area.

Best results from the MA7 Target included:

- 6.4m @ 231.6ppm eU3O8 from 2.00m in MAC0347;
- 4.8m @ 124.0ppm eU3O8 from 2.77m in MAC0348;
- 6.5m @ 119.3ppm eU3O8 from 1.69m in MAC0395;and
- 5.7m @ 115.9ppm eU3O8 from 6.69m in MAC0404.

The company said uranium mineralisation was also encountered on all three traverses of Aircore drilling conducted over the central part of the Southern Palaeo-channel system.

Drilling targeted airborne radiometric anomalies occurring within a broad, 5km long zone of surface radon anomalism.

To date the intersections have been received from shallow drilling conducted on wide spacings of more than 1km and drilling, with better results including:
 
- 1.5m @ 206.2ppm eU3O8 from 24.39m in MAC0363;
- 4.8m @ 137.4ppm eU3O8 from 20.69m in MAC0370;
- 7.0m @ 176.7ppm eU3O8 from 18.91m in MAC0388; and
- 4.1m @ 136.8ppm eU3O8 from 21.18m in MAC0393.

John Young, chief executive officer, said a ground-based EM survey has been proposed to identify deeper channels within the palaeo-system, which will allow to drilling to be more focused over such a large area.

Wide- spaced drilling has indicated the potential for both surface mineralisation and deeper channel mineralisation. An extensive program of RC drilling to define potential resources in this area is planned for Q3 of 201."

The company also said that all remaining down-hole geophysical probe results have now been received for regional Aircore drilling completed during March-April 2010.

Further encouraging results have been received for Target Area MA5 confirming a broad, 2km wide zone of near-surface secondary mineralisation, located immediately west of the current resource area.

Better results returned from the MA5 Target included:

- 5.3m @ 336.7ppm eU3O8 from 1.68m;
- 4.2m @ 368.0ppm eU3O8 from 10.19m;
- 2.5m @ 247.0ppm eU3O8 from 1.18m.
 
Marenica said a program of RC drilling to define potential resources in this area is planned for Q3, 2010.

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