Marenica Energy (MEY.AX) has released initial results from the (re-)interpretation of historical drill data on the Minerva project in Australia’s Northern Territory. While Minerva still is a uranium project (confirmed by the uranium values) one of the holes also encountered very short intervals of high-grade gold with 0.5 meters containing 2.3 g/t gold and 0.5 meters at 19.2 g/t just 1.5 meters deeper. These two half-meter gold intercepts were located in a zone that also contained uranium mineralization with 8.5 meters of 653 ppm U3O8.
Reviewing the data confirmed 49 holes contained mineralization exceeding 250 ppm U3O8 and over half of those holes (29) carried a grade exceeding 1% U3O8 (for a rock value of around US$700/t using the current uranium spot price). Now the mineralization has been traced over a 2,400 meter strike length, Marenica has a better understanding of the mineralization which will help to design a high-impact drill program.
Disclosure: The author has no position in Marenica Energy.
