Marenica Energy Ltd. was granted exclusive prospecting license EPL 6987, known as Koppies, covering part of the eastern extension of the Tumas palaeochannel, which hosts Deep Yellow Ltd.'s Tumas and Tubas uranium deposits in Namibia.
Using historical drilling data, Marenica identified an exploration target of about 20 million to 60 million pounds grading between 300 and 500 parts per million of U3O8.
The company said March 25 that it is planning to start an exploration program to identify additional drill targets.
The license is conditional on environmental clearance that must be obtained before exploration can start, planned for the second quarter.
Marenica has started the environmental clearance process, expected to take about two months.