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Bannerman Resources Ltd

Bannerman Resources renews exclusive prospecting licence at Etango Uranium Project in Namibia

The company’s mineral deposit retention licence was granted in September 2017 for an initial five-year extendable term, enabling the DFS update work program to continue.

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The uranium resources within the Etango project are secured under long term tenure

Bannerman Resources Limited (ASX:BMN) has obtained a renewal of its exclusive prospecting licence by the Namibian Ministry of Mines and Energy to explore potential satellite deposit targets at its Etango Uranium Project.

The prospecting renewal is valid until April 25, 2021, and adjoins the Etango project area which is covered by a mineral deposit retention licence (MDRL).

READ: Bannerman Resources defines satellite deposit potential in drilling at Etango Uranium Project

Bannerman’s chief executive officer Brandon Munro said: “We are grateful for the continued support Bannerman receives from the Namibian Ministry of Mines and Energy, who have processed the renewal of EPL3345 efficiently and promptly.”

As required by the Minerals (Prospect and Mining) Act of Namibia, Bannerman reduced the licence area by 25%.

The MDRL covers 7,295 hectares and includes the Etango ore body, two satellite deposits at Hyena and Ondjamba and all planned mine infrastructure.

READ: Bannerman Resources highlights positive uranium industry outlook as it updates DFS

On February 28, 2019, reconnaissance drilling within the prospecting licence area indicated additional satellite feed potential from the Ombepo target, 7 kilometres from the proposed Etango primary crusher.

A total of eight reverse circulation (RC) drill holes were drilled for 973 metres, testing the Ombepo and Rossingberg targets north of Etango.

Four drill holes for 575 metres were drilled at the Ombepo prospect and four drill holes for 398 metres were drilled at Rossingberg.

Highlighted results included:

  • 2 meters at 452 ppm uranium from 70 metres;

  • 13 metres at 203 ppm from 146 metres, including 2 metres at 401 ppm from 147 metres;

  • 19 metres at 203 ppm from 140 metres, including 5 metres at 372 ppm from 153 metres; and

  • 11 metres at 238 ppm from 153 metres.

Both targets have been retained within the renewed licence area.

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Watch

Bannerman highlights improving sentiment in uranium market

Brandon Munro, chief executive officer at Bannerman Resources (ASX:BMN), talks about improving uranium market conditions and sentiment and the progress the company is making at the Etango uranium project in Namibia.

on 13/1/17

2 min read