Mamba Exploration Unveils Uranium Drilling Strategy in Athabasca Basin

Mamba Exploration Ltd (ASX: M24) is advancing exploration quickly at the Canary Uranium Project, where the company recently signed a binding agreement to acquire a 75% stake from Standard Uranium Ltd (TSX.V: STND).

Canary is strategically located in the Athabasca Basin, Saskatchewan, Canada, in a known uranium province.

Program

The company has engaged drill and helicopter contractors for the inaugural 2024 program expected to begin early May.

Plans comprise helicopter-supported diamond drilling focused on high-priority unconformity-related uranium targets refined by geophysical work completed in 2022.

The project is located 11 kilometres directly north of the IsoEnergy Ltd (TSX.V: ISO) Hurricane deposit hosting 48.6 million pounds of uranium based on 63,800 tonnes grading 34.5% uranium.

Added to this, just 6.5 kilometres northwest of the mineralised Richardson Trend.

Mamba recently completed a share placement to raise A$2.75 million.

Simon Andrew, executive director for Mamba, commented:

“The Mamba team is looking forward to the inaugural 2024 drill program on the Canary Project.

“Having access to the technical and operational expertise of the team at Standard only increases the likelihood of success at Canary.”

Canary prospectivity

Standard Uranium completed a high-resolution ground DC/IP survey on the project in 2022.

This provides valuable structural and lithological information in the area to identify conductive bodies and potential fault systems.

Significant resistivity-low anomalies are present along the northern conductor on the project, potentially representing substantial hydrothermal alteration zones in the sandstone and proximal to basement conductors.

Historical drilling on the project identified anomalous uranium, and together with recently defined geophysical anomalies, suggests the project is highly prospective for both unconformity-style and basement-hosted uranium mineralisation.

Consideration details

  • Stage 1 to obtain an initial 50% interest, Mamba must over two years from commencement:
  • Pay an aggregate of C$400,000;
  • Undertake expenditures of no less than C$3,000,000, with no less than C$1,000,000 to be expended by Mamba within the first 12 months; and
  • Arrange for the payment of an operator fee of 10% and a First Nations fee of 3% of the total amount expended during this stage.
  • Stage 2 for another 25% bringing the total to 75%: pay to the Vendor (or its nominees) an aggregate of C$200,000;
  • Undertake expenditures of no less than C$3,000,000; and
  • Arrange for the payment of an operator fee of 10% and a first nations fee of 3% of the total amount expended during this stage.

 

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