North River Resources said that it is acquiring a 50% stake in a company which holds two uranium licences in Namibia.

Brandberg Energy was created by Extract Resources and holds exclusive prospecting licences 3327 and 3328, located near the old tin mining town of Uis in the northwest of the country.

NRR will receive its half share in Brandberg in return for pumping USD 800,000 into the company.

Separately, a horizontal loop electromagnetic survey over 3327 and 3328 has identified of two uranium target areas.

Priority target Orawab is interpreted as a palaeochannel at least 14 kilometres long, between 100-1000 metres wide and up to 50 metres deep.

A secondary target, Ringo, appears to include a less prominent but still significant palaeochannel to the southwest of the Orawab target, which is up to 7 kilometres long, 50-500 metres wide and 30 metres deep.

The Ringo target is considered a possible downstream extension of the Brandberg uranium occurrence identified in historical literature, North River said.

Mr David Steinepreis MD said that "We believe that the results of the horizontal loop electromagnetic survey are encouraging, indicating at least two palaeochannels of significant length, width and depth. Both EPLs are located in a globally significant and highly prospective uranium district, and we look forward to the commencement of our 1,100 metre RC drilling programme, through which we hope to gain further insight into the resource potential of these nuclear fuel properties."

It said that North River has a broad spectrum of assets in its portfolio and by entering into joint venture agreements such as this it can retain upside in continued exploration without detracting from its other areas of focus.

The primary target for North River is the Namib mine which Ocean expects to yield further encouraging exploration results in the near term.

(Sourced from www.proactiveinvestors.co.uk)