The Company's principal assets are the Marenica Uranium Project located in the uranium rich Damara Province in Namibia and "U-pgrade™" technology to beneficiate uranium from surficial calcrete hosted uranium deposits.
The Marenica Uranium Project covers 527km², with identified secondary uranium resources of 276Mt at 94ppm U3O8 for a contained total of 57Mlbs, with high prospectivity for additional secondary uranium deposits.
The Marenica resource is relatively well known so the Company has suspended all drilling activities on the resource or on exploration targets whilst it progresses the metallurgical "U-pgrade™" process development stage, as the future of the Project is dependent on metallurgical beneficiation success and not additional resource definition success.
The "U-pgrade™" beneficiation process has produced an upgrade of >60 times at a recovery >65% on the Marenica ore, which is above Marenica’s expectations. The "U-pgrade™" process has rejected 99% of the mass, reducing the leach feed to about 1% of the beneficiation plant feed. This has been due to significant rejection of the major gangue mineral of calcite, enabling the proposed leach circuit to be changed from an alkali leach (with higher operating temperatures and slower kinetics) to an acid leach (at ambient temperature and rapid kinetics), reducing expected capital and operating costs. The leach feed tonnes are therefore expected to be 200,000tpa from 20,000,000tpa mined, and the leach feed grade is expected to be >5,500ppm U3O8.
Due to the novel approach of the metallurgical "U-pgrade™" process, the Board has taken the decision to lodge a Patent over the process to protect the Company’s Intellectual Property.
Marenica are looking to apply the "U-pgrade™" process to other calcrete hosted deposits around the world, but with particular emphasis on Namibia.
Marenica Energy Ltd's strategy is to focus on the evaluation of the Marenica Project as well as to develop the "U-pgrade™" process and apply the technology to other uranium deposits globally.