The Marenica Energy Ltd (ASX: MEY) share price was on the move earlier today. However, after posting gains of 3.3% in afternoon trading, the share price is currently flat.
This comes after the ASX uranium explorer reported successful early results at one of its projects in Namibia. In addition, Marenica currently holds the largest area of uranium exploration leases in the African nation.
What uranium exploration results did Marenica Energy report?
Marenica's shares moved higher earlier today after the company reported it had discovered an extensive palaeochannel system during its maiden geophysical exploration program at its Namib IV prospect.
The exploration program is intended to reveal uranium mineralisation zones. Additionally, the company said the system it has discovered extends for more than 19 kilometres.
Management commentary
Commenting on the exploration results, Marenica's managing director, Murray Hill said:
The structure of this palaeochannel system at Namib IV is extremely promising and we look forward to mobilising a drill rig, within weeks, to test this expansive system.
The other great news is that we are getting closer to commencing an airborne EM [electromagnetic] survey of the Namib Area with final approvals expected this month. The airborne EM is expected to outline new and extensive palaeochannel systems and enable rapid planning of detailed drill programs on highly prospective targets.
According to the release, the EM survey should commence in early April and cover 6,300 linear kilometres. Due to COVID-19 impacts, the survey had been delayed.
Marenica Energy share price snapshot
Marenica Energy shares have performed exceptionally well over the past 12 months, up 288%. That compares to a 49% gain on the All Ordinaries Index (ASX: XAO).
Year-to-date the Marenica share price is up 11%. At the current price of 16 cents per share, the ASX uranium minnow has a market cap of $33 million.
