GreenBank Capital Inc (CSE:GBC) announced that its portfolio company Ubique Minerals Limited has received a repot from its own subsidiary Resource 500 V Ltd (R500) covering an exploration license in Nambia.
R500 is an Irish exploration company that holds six mineral exploration licenses and applications for two additional licenses in Namibia. Ubique Minerals owns 25% of the issued shares in R500, and Greenbank owns roughly 20% of Ubique Minerals.
The report, dated June 6, covers exploration license EPL7167. The report suggests that sufficient information exists to undertake work on the ground and that it should focus on the identified trends with surface geochemical sampling followed by drilling, the company noted.
Ubique and R500 are now working to determine next steps, according to Ubique CEO Vilhjalmur Vilhjalmsson.
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“We are extremely pleased to share this exciting news and remain confident that Ubique’s strong management team coupled with the geological expertise present on their board make them well positioned to capitalize on their existing as well as any future mining opportunities.” GreenBank CEO Terry Pullen said in a statement.
License EPL7167, located in the Erongo region in west central Nambia, is under renewal for three years as of June, the company said. The license contains evidence of Damara aged granite pegmatite- and palaeochannel hosted uranium mineralization, as well as possibly massive base metal sulfide mineralization in Proterozoic metamorphosed sediments and volcanics, the company added.
The area has current and historic mines for all three, including the world-class Rossing mine to the immediate west (which has seen 390 megatonnes (Mt) grading 0.022% triuranium octoxide (U3O8)) and the Husab mine to the southwest (446 Mt at 0.048% U3O8 in Zone 1 and an additional inferred resource of 102Mt at 0.054% U3O8 in Zone 2). Additionally, the operating palaeochannel-hosted uranium mine at Langer Heinrich to the immediate south has recorded 71 Mt at 0.06% U3O8.
To date, minimal geochemical surveys have been completed over EPL7167. The results of two grab samples noted in the report provided confirmation of uranium anomalies. The combined results of the remote sensing and geochemical surveys to date suggest that there are two types of uranium mineralization present: Rossing-style alaskiite hosted uranium and calcrete or palaeochannel hosted uranium.
GreenBank Capital is a next-generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability.
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