What’s going on with ASX uranium share Marenica Energy’s (ASX:MEY) share price today?

ASX uranium share Marenica Energy’s share price is charging higher today. We look at the company’s latest exploration results.
The post What’s going on with ASX uranium share Marenica Energy’s (ASX:MEY) share price today? appeared first on The Motley Fool Australia. –

flat asx share price represented by investor shrugging

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.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s going on with ASX uranium share Marenica Energy’s (ASX:MEY) share price today? appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!