Moab Minerals Acquires Advanced Uranium Projects In Tanzania

Moab Minerals Ltd (ASX:MOM) has acquired 89.6% of the shares of Linx Resources Pty Ltd, which boasts a diverse portfolio of advanced, large-scale uranium projects in Tanzania.

The asset portfolio includes the Manyoni and Octavo Uranium projects (80% owned by Linx), covering 216 square kilometres.

Geology

The tenements are located in the central part of the Tanzanian Archaean Shield, which is a stable platform of granite-gneiss terrane with marginal greenstone belts.

Radiometrically “hot” granites have been subject to erosion over geological time and have contributed uranium and other metals into the pluvial streams and lakes which drain the shield.

The Manyoni Uranium Project was previously explored and extensively drilled by Uranex Ltd from the early 2000s until 2013.

Large volume of historical data

Moab Managing Director Malcolm Day said: “The completion of the acquisition of such high potential uranium projects is transformational for the company.

“The fact that Uranex Ltd previously explored, and extensively drilled, the Manyoni Uranium Project from the early 2000’s to 2013 assists the Company greatly.

“There is a large volume of historic exploration data, including drilling data, that the company has access to that will effectively save the company a lot of time and money.”

Drilling plan

Moab plans to start drilling at the Manyoni project in August/September.

The drilling work will include:

  • Twinning of a statistically valid number of drill holes using sonic drilling which provides the highest core recovery and sample quality. An estimated 60 drill holes to an average depth of 25m are planned. This program is designed to address the historical assay reliability.
  • Bench scale metallurgical test work on a representative suite of bulk samples from the above drill program.
  • QA/QC control on mineralised domains.
  • Additional bulk density measurements to check historical records.

It is estimated that the above work will be completed in 2024-2025.

Extensional drilling

In addition to the above drilling, Moab is planning to undertake a drilling program to locate extensions to the known mineralisation at Manyoni.

Moab has called for tenders from drilling companies and is in the process of finalising a contract for a minimum of 1500m of diamond core drilling.

With ~A$1.9 million in cash and equivalents, Moab is well-equipped to fund exploration and development initiatives.

Right place at the right time

Day added: “The Fukushima disaster in 2011 had a dramatic impact on the uranium price, and thus most pre-production uranium projects worldwide were shelved.

“Given the current uranium price of circa US$85/lb, Moab is in the right place at the right time to re-evaluate the Manyoni Uranium Project and to commence exploration on the Octavo Uranium Project.”

 

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