ERN - Erongo Energy
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News out
GRANTING OF ADDITIONAL URANIUM LICENCES IN NAMIBIA
The Board of Erongo Energy Limited (ASX: ERN) is pleased to announce that the Company has been granted two exploration licences at its Spitskoppe Project in Namibia. The Company now holds four granted exploration licences covering an area of approximately 920 sq kms that are prospective for uranium (Figure 1). The licences are located approximately 200km northwest of Windhoek and 150km northeast of the Rossing uranium mine in mid central Namibia. The Company has also made application for a fifth exploration
licence in the same area.
Spitskoppe Project (ERN 90%)
In September 2006 the Company announced it had acquired an interest in two tenement applications located to the west of the Erongo Granites Project. The Company advises that these two applications have now been granted (EPL 3477 and EPL 3523). As previously advised, the eastern licence (EPL 3477, covering 138 sq kms) has potential to host a calcrete deposit similar to Langer Heinrich or Spitskoppe to the south. A ground survey has identified a substantial amount of calcrete within the licence area. The well
defined drainage system in the area is towards the west suggesting the Erongo granites as well as surrounding granites to the north are a likely source of uranium. Both of these granites have a high uranium content. The depth of sediment is unknown but in the Spitskoppe area to the south calcretes are in excess of 30m. The western licence (EPL 3523, covering 365 sq kms) has potential to host both granitic and secondary mineralization. A major regional lineament transgresses the property and could possibly be enriched in uranium. Two significant uranium occurrences have been previously reported along the same lineament.
Exploration Programme - Spitskoppe and Erongo Granites Projects
The project areas have not been subject to detailed modern exploration. The Company has acquired raw data in relation to the project areas from the airborne radiometric survey flown previously by the Geological Survey of Namibia. The data is being reprocessed to better define prospective targets within the project areas which will be followed up with detailed sampling, commencing in the first quarter of 2007. Identified targets will then be drill tested.
Scientific or technical information in this news release has been prepared under the supervision of Mr Klaus Eckhof, a consultant to the Company and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Eckhof has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code).
GRANTING OF ADDITIONAL URANIUM LICENCES IN NAMIBIA
The Board of Erongo Energy Limited (ASX: ERN) is pleased to announce that the Company has been granted two exploration licences at its Spitskoppe Project in Namibia. The Company now holds four granted exploration licences covering an area of approximately 920 sq kms that are prospective for uranium (Figure 1). The licences are located approximately 200km northwest of Windhoek and 150km northeast of the Rossing uranium mine in mid central Namibia. The Company has also made application for a fifth exploration
licence in the same area.
Spitskoppe Project (ERN 90%)
In September 2006 the Company announced it had acquired an interest in two tenement applications located to the west of the Erongo Granites Project. The Company advises that these two applications have now been granted (EPL 3477 and EPL 3523). As previously advised, the eastern licence (EPL 3477, covering 138 sq kms) has potential to host a calcrete deposit similar to Langer Heinrich or Spitskoppe to the south. A ground survey has identified a substantial amount of calcrete within the licence area. The well
defined drainage system in the area is towards the west suggesting the Erongo granites as well as surrounding granites to the north are a likely source of uranium. Both of these granites have a high uranium content. The depth of sediment is unknown but in the Spitskoppe area to the south calcretes are in excess of 30m. The western licence (EPL 3523, covering 365 sq kms) has potential to host both granitic and secondary mineralization. A major regional lineament transgresses the property and could possibly be enriched in uranium. Two significant uranium occurrences have been previously reported along the same lineament.
Exploration Programme - Spitskoppe and Erongo Granites Projects
The project areas have not been subject to detailed modern exploration. The Company has acquired raw data in relation to the project areas from the airborne radiometric survey flown previously by the Geological Survey of Namibia. The data is being reprocessed to better define prospective targets within the project areas which will be followed up with detailed sampling, commencing in the first quarter of 2007. Identified targets will then be drill tested.
Scientific or technical information in this news release has been prepared under the supervision of Mr Klaus Eckhof, a consultant to the Company and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Eckhof has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code).
Emily..the trading with this means nothing today. Yesterday the shares hit 47 cents..off 800 thousand shares traded. That was decent.
There was still 500 thousand shares to be bought from 44.5 to 46 cents at the end of the day yesterday. These buy orders were all pulled overnight..because they know you will get weak holders selling out when they see the buyers dissapear. They know they still have time to get on board..but how much time is the question. See the trades that went through to pull the price down below.
19 3:55:10 pm 40.5 2,100 1.5 $851 1
18 3:01:15 pm 42 10,000 0.5 $4,200 1
16 - 17 2:59:57 pm 42.5 13,000 2.5 $5,525 2
10 - 15 1:17:11 pm 45 58,550 1 $26,348 6
8 - 9 10:35:10 am 46 10,000 1 $4,600 2
This is when the drop happened..talk about weak. 100,000 shares traded to pull the price down to 40.5 and 2100 shares sold at the end of the day to attempt to trigger some stop losses..they may well achieve what they were trying to do..we'll find out on open tomorrow. Erongo now hold 4 EPL's in Namibia..are still applying for one more and are cash flow positive from their oil assets.
Im still very confident.
There was still 500 thousand shares to be bought from 44.5 to 46 cents at the end of the day yesterday. These buy orders were all pulled overnight..because they know you will get weak holders selling out when they see the buyers dissapear. They know they still have time to get on board..but how much time is the question. See the trades that went through to pull the price down below.
19 3:55:10 pm 40.5 2,100 1.5 $851 1
18 3:01:15 pm 42 10,000 0.5 $4,200 1
16 - 17 2:59:57 pm 42.5 13,000 2.5 $5,525 2
10 - 15 1:17:11 pm 45 58,550 1 $26,348 6
8 - 9 10:35:10 am 46 10,000 1 $4,600 2
This is when the drop happened..talk about weak. 100,000 shares traded to pull the price down to 40.5 and 2100 shares sold at the end of the day to attempt to trigger some stop losses..they may well achieve what they were trying to do..we'll find out on open tomorrow. Erongo now hold 4 EPL's in Namibia..are still applying for one more and are cash flow positive from their oil assets.
Im still very confident.
Well I have just done an overall Summary with some images to give an overall wrap on how Erongo has progressed with their current licenses in Namibia. We all know that the Granitic type rocks in Namibia is the primary source of Uranium Mineralisation.
Currently Erongo have been granted 4 EPL’s in Namibia with 1 more still on the cards. They also have Oil assets in Louisiana providing cash flow which will help in the exploration on their Namibian EPL’s
The Erongo mountains EPL1 on the map contains a large granitic ring complex, whereas the Spitzkoppe mountain is relatively small, Erongo is massive at 45kms in diameter with a metamorphic belt extending outward an additional 15 to 20 kms (see image below). As I stated earlier Erongo are currently applying the Spitzkoppe EPL5 on the map which already contains a small deposit. This would be huge if they could be granted this EPL because it gives the company an already existent deposit.
Area No. 5, which (still) is “contested”, covers the attractive small Spitzkoppe DEPOSIT, which is mentioned on the official homepage of the mine Ministry http://www.mme.gov.na/gsn/uranium.htm with the following values:
“… The arid coastal belt OF western Namibia has numerous calcrete hosted uranium DEPOSITs, which could investigated and developed. Examples OF some known occurrences include: Small Spitzkoppe uranium (5 Mt ore grading 287 ppm U3O8),…”
An image of Spitzkoppe is below.
Back onto the first two licenses that were granted. We can see some comparisons from the Radiometrics obtained. From the images provided in earlier announcements you can see that the first 2 EPL's are extremely promising. I know this has previously been posted but I'm adding it to my summary. Plus im bored and have nothing else better to do.
Good luck if your on board with this stock. Just remember this is a spec stock and can be volatile. I believe they are a great play though and will give excellent returns in 2007.
Currently Erongo have been granted 4 EPL’s in Namibia with 1 more still on the cards. They also have Oil assets in Louisiana providing cash flow which will help in the exploration on their Namibian EPL’s
The Erongo mountains EPL1 on the map contains a large granitic ring complex, whereas the Spitzkoppe mountain is relatively small, Erongo is massive at 45kms in diameter with a metamorphic belt extending outward an additional 15 to 20 kms (see image below). As I stated earlier Erongo are currently applying the Spitzkoppe EPL5 on the map which already contains a small deposit. This would be huge if they could be granted this EPL because it gives the company an already existent deposit.
Area No. 5, which (still) is “contested”, covers the attractive small Spitzkoppe DEPOSIT, which is mentioned on the official homepage of the mine Ministry http://www.mme.gov.na/gsn/uranium.htm with the following values:
“… The arid coastal belt OF western Namibia has numerous calcrete hosted uranium DEPOSITs, which could investigated and developed. Examples OF some known occurrences include: Small Spitzkoppe uranium (5 Mt ore grading 287 ppm U3O8),…”
An image of Spitzkoppe is below.
Back onto the first two licenses that were granted. We can see some comparisons from the Radiometrics obtained. From the images provided in earlier announcements you can see that the first 2 EPL's are extremely promising. I know this has previously been posted but I'm adding it to my summary. Plus im bored and have nothing else better to do.
Good luck if your on board with this stock. Just remember this is a spec stock and can be volatile. I believe they are a great play though and will give excellent returns in 2007.
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chris1983 said:Well I have just done an overall Summary with some images to give an overall wrap on how Erongo has progressed with their current licenses in Namibia. We all know that the Granitic type rocks in Namibia is the primary source of Uranium Mineralisation.
Currently Erongo have been granted 4 EPL’s in Namibia with 1 more still on the cards. They also have Oil assets in Louisiana providing cash flow which will help in the exploration on their Namibian EPL’s
The Erongo mountains EPL1 on the map contains a large granitic ring complex, whereas the Spitzkoppe mountain is relatively small, Erongo is massive at 45kms in diameter with a metamorphic belt extending outward an additional 15 to 20 kms (see image below). As I stated earlier Erongo are currently applying the Spitzkoppe EPL5 on the map which already contains a small deposit. This would be huge if they could be granted this EPL because it gives the company an already existent deposit.
Area No. 5, which (still) is “contested”, covers the attractive small Spitzkoppe DEPOSIT, which is mentioned on the official homepage of the mine Ministry http://www.mme.gov.na/gsn/uranium.htm with the following values:
“… The arid coastal belt OF western Namibia has numerous calcrete hosted uranium DEPOSITs, which could investigated and developed. Examples OF some known occurrences include: Small Spitzkoppe uranium (5 Mt ore grading 287 ppm U3O8),…”
An image of Spitzkoppe is below.
Back onto the first two licenses that were granted. We can see some comparisons from the Radiometrics obtained. From the images provided in earlier announcements you can see that the first 2 EPL's are extremely promising. I know this has previously been posted but I'm adding it to my summary. Plus im bored and have nothing else better to do.
Good luck if your on board with this stock. Just remember this is a spec stock and can be volatile. I believe they are a great play though and will give excellent returns in 2007.
Thanks for the info. I just have got a bit at open to complete my coverage for Namibia.
mmmmining said:
No worries. Im confident this will move up eventually. ATM it is the most undervalued namibian uranium play mainly because it is in earlier stages. I tried to find out who is contesting the spitskoppe epl and I think it is reefton mining. If it is them then we have a good chance of getting it. Klaus Eckhof has many ties in Namibia and I believe he will be able to secure the license for ERN.
chris1983 said:
I told you were a bit more sensible than that. You pulled off GDN which already had a commercial well and into something which is so speculative. They have nothing. Well I have done the same mistakes, it will cost you money. One advice if you want to take it to make quick bucks go into something that is sure for example HAZ. The guys are drilling for nickel the same deposit was drilled in the 1980 and the results were excellent what is the risk that they wont get the same results? They did it for the tungsten deposit and the results were even better than 1980. The nickel will be the same. With nickel price predicted to double and the ore being sulfide ore very easy to treat you looking at double for this share in 2 months..
We learn until we breathe so dont worry the market has another 2 - 3 years for us to make money!
I dont mind GDN. I decided to put a lot of money into this one though. Take a risk at the early stages. Its holding well. Compare it to other namibian explorers. You'll be able to work out where the sp can go. I think the sp rising 4 fold is a high possibility.
Research report out
http://www.rmcapital.com.au/pdfs/RMR_ERN_21_12_2006_FINAL.pdf
A good read. Enjoy
http://www.rmcapital.com.au/pdfs/RMR_ERN_21_12_2006_FINAL.pdf
A good read. Enjoy
his chris
this report looks good. additional anomalies are there on their spitzkoppe tenements. i look forward to a good 2007. if it can do even 1/10 of banner man's run i'd be happy (as first of all i'd get my money back ). Mkt cap is $14 million for 4 uranium tenements in namibia, thats $3.5m a tenement
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this report looks good. additional anomalies are there on their spitzkoppe tenements. i look forward to a good 2007. if it can do even 1/10 of banner man's run i'd be happy (as first of all i'd get my money back ). Mkt cap is $14 million for 4 uranium tenements in namibia, thats $3.5m a tenement
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chris1983 said:
Thank you Chris for the report.
Keep an eye out for that message with the fifth tenement being granted. The "short term" share price of this stock is relying on that tenement being granted IMO. It will be a huge boost as that tenement allready contains a historical resource with limited exploration in the area. Lets hope they get that tenement. If they dont they still have some great grounds allready. Definately further behind the other namibian uranium plays but we have seen what has happened with those other companies.
Best part about Erongo is they can fund their exploration to a certain extent.
"The Company has retained its Louisiana petroleum assets and production from the field in the near term is expected to be at approximately 600 barrels of oil and 2 million cubic feet of gas per month generating a modest operating cash surplus;"
Lets sit and wait now guys.
Best part about Erongo is they can fund their exploration to a certain extent.
"The Company has retained its Louisiana petroleum assets and production from the field in the near term is expected to be at approximately 600 barrels of oil and 2 million cubic feet of gas per month generating a modest operating cash surplus;"
Lets sit and wait now guys.
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Halba said:his chris
this report looks good. additional anomalies are there on their spitzkoppe tenements. i look forward to a good 2007. if it can do even 1/10 of banner man's run i'd be happy (as first of all i'd get my money back ). Mkt cap is $14 million for 4 uranium tenements in namibia, thats $3.5m a tenement
The Mkt cap is actually $28m at a SP of 40c. While it has 35mil shares, you need to also add in the 37mil 20c opies that are in the money.
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chris1983 said:
Chris
I agree the stock looks good and have added it to my watchlist.
As to the Mkt cap & opies, although the opies dont expire for ages they can potentially be exercised tomorrow and with the SP at double the exercise price, I think you need to include them for a realistic Mkt cap. Just my thoughts.
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Keep good faith on this, Chris. I am with you. Good things hardly happen overnight. Remember nobody want 3 cents PDN a few years ago.chris1983 said:
But I do worry about your accumulating it unless you have a very good feel about the risk/reward. I guess you are since you have done very deep research. Good luck.
