Marenica Energy Limited (“Marenica”) is pleased to advise that it has executed a binding term sheet with Optimal Mining Limited (“Optimal”) for the acquisition of Optimal’s Australian uranium tenements. Completion of the purchase is subject to a number of conditions, including obtaining shareholder approval from both Marenica and Optimal shareholders.
The outright purchase of Angela, Thatcher Soak and Oobagooma, and joint venture holdings in the Bigrlyi, Malawiri, Walbiri and Areva joint ventures in Australia; add significant high-grade Mineral Resources to Marenica’s asset base. The Mineral Resources are significant in their own right but could be dramatically enhanced when coupled with Marenica’s U-pgradeTM beneficiation process.
In the ASX announcement announcing the acquisition, Managing Director, Murray Hill, said “The counter-cyclical purchase of these high-grade uranium resources in Australia, averaging 859 ppm U3O8, increases our uranium resources by 48 Mlbs. Following completion of the acquisition Marenica will have high-grade uranium resources in Australia; uranium resources and a recently assembled highly prospective exploration tenement position in Namibia; all of which Marenica expects to add significant value through application of its U-pgradeTM beneficiation process. Where else can you find that! Marenica continues it’s exciting phase of development in the uranium space.”
Location of the Tenements:
JORC Resource Summary:
* JORC 2004 Resources, all others are JORC 2012.
In addition, the Bigrlyi Deposit Mineral Resource contains 19.7 Mlb V2O5 at a grade of 1,197 ppm V2O5 with 13.4 Mlb V2O5 at 1,303 ppm V2O5 in the Indicated Resource Category and 6.3 Mlb V2O5 at 1,020 ppm V2O5 in the Inferred Resource Category, reported at a cut-off grade of 500 ppm U3O8.
On completion, Marenica will acquire all of the interests in three Australian subsidiaries of Optimal which collectively hold 16 mining tenements and joint venture interests in 28 mining tenements in Western Australia and the Northern Territory (New Tenements) that are prospective for uranium.
Angela Deposit (100%)
Angela is a sandstone-hosted roll-front type uranium deposit with an Inferred Mineral Resource of 30.8 Mlb U3O8 at 1,310 ppm U3O8 located in the Amadeus Basin of the Northern Territory, approximately 25 km from Alice Springs.
The mineralisation includes a higher-grade core of 20.2 Mlb U3O8 at a grade of 2,500 ppm U3O8 at a cutoff grade of 1,500 ppm.
Thatcher Soak Deposit (100%)
The Thatcher Soak deposit is located within the main Yilgarn calcrete province in Western Australia and includes an Inferred Mineral Resource of 10.9 Mlbs U3O8 at 425 ppm U3O8. Thatcher Soak is a calcrete hosted uranium deposit. Other similar style deposits in this province include Yeelirrie, Lake Way, Centipede and Lake Maitland.
Oobagooma Deposit (100%)
The Oobagooma deposit is located in the West Kimberley region of Western Australia, 1,900 km north-north-east of Perth and 75 km north-east of the regional centre of Derby. The Oobagooma deposit area was explored by AFMEX between 1983 and 1986, during which time extensive zones of uranium mineralisation were discovered.
Joint Venture Assets:
Bigrlyi Joint Venture (Energy Metals Limited 72.39%, Marenica Energy Limited 20.82%, Southern Cross Exploration NL 6.79%)
The Bigrlyi Joint Venture covers exploration licences located in the Ngalia Basin approximately 320 km north-west of Alice Springs in the Northern Territory. The Bigrlyi deposit is a sandstone-hosted roll-front type uranium deposit with a total Mineral Resource of 21.1 Mlb U3O8 at 1,283 ppm U3O8 (14.0 Mlb U3O8 at 1,366 ppm U3O8 in the Indicated Resource Category and 7.1 Mlb U3O8 at 1,144 ppm U3O8 in the Inferred Resource Category) and also contains a vanadium resource of 19.7 Mlb V2O5 at 1,197 ppm V2O5 (19.7 Mlb V2O5 at 1,197 ppm V2O5 in the Indicated Resource Category and 6.3 Mlb V2O5 at 1,020 ppm V2O5 in the Inferred Resource Category).
The mineral resources of the Sundberg, Hill One and Karins deposits are also included in the Bigrlyi Joint Venture.
Walbiri Joint Venture (Energy Metals Limited 77.12%, Marenica Energy Limited 22.88%)
Walbiri is a sandstone-hosted roll-front type uranium deposit with an Inferred Mineral Resource of 15.5 Mlb U3O8 at 641 ppm U3O8 located in the Ngalia Basin of the Northern Territory.
Malawiri Joint Venture (Energy Metals Limited 76.03%, Marenica Energy Limited 23.97%)
Malawiri is a sandstone-hosted roll-front type uranium deposit with an Inferred Mineral Resource of 1.2 Mlb U3O8 at 1,288 ppm U3O8 located in the Ngalia Basin of the Northern Territory.