Nova Joint Venture

The Nova Joint Venture (Nova JV) include EPLs 3669 and 3670 totalling 599km2.  The Nova JV is exploring the tenements for alaskitic and surficial calcrete-type uranium deposits.  The incorporated joint venture is held in  Nova Energy (Namibia) (Pty.) Ltd.   JOGMEC (Japan Oil, Gas & Metals National Corporation, the minerals exploration arm of the Japanese Government) is earning in  and, on expenditure of AUD$4.5M within 4 years of commencement, JOGMEC will have the right via an option to convert its interest into a 39.5% shareholding in the NJV.  The resulting equity distribution after JOGMEC earn-in will be: Reptile Mineral Resources & Exploration (Pty) Ltd (RMR) (39.5% and Manager), JOGMEC (39.5%), Nova Energy (Africa) Pty. Ltd. (15%) and Sixzone Investments Pty. Ltd. (6%).  RMR currently holds a 65% interest prior to JOGMEC earn-in.

Initial geological mapping in 2017 confirmed the presence of two prominent zones prospective for alaskite-type uranium mineralisation, which are currently being further explored with IP surveys and limited radiometric, gravity, ground magnetic and EM ground-surveys.  In addition the work identified several previously unknown palaeochannel systems prospective for calcrete-type uranium mineralisation, which need to be tested.  Drilling is planned late 2017 to follow-up on targets defined by the initial work.