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Uranium microcap Mamba Exploration (ASX:M24) has kicked off drilling on-site its ‘Canary’ Canadian uranium project, the company announced Thursday.
Officially, rigs first hit the earth overnight as a 1,000m-1,500m drill campaign kicked off for 3-4 holes. Geotechs are hoping to find shallow-lying uranium mineralisation.
“Helicopter-supported diamond drilling” will be undertaken, prioritising key target areas of interest spotted in geophys work conducted back in 2022. Basement target zones are some 200-350m below surface.
One target of particular interest will get a drillhole to itself, located at the northern end of a known electromagnetic corridor, very much on the radar at Mamba HQ.
Notably, Executive Director Simon Andrew is currently en-route to site.
Canary is the subject of a three year earn-in and option agreement with Standard Uranium Limited – these agreements typically oblige smaller farm-in parties to conduct a set amount of work in a set amount of time.
“The spring/summer program will be the first drill campaign completed by Standard Uranium in conjunction with Mamba on the Project, following successful identification of high-priority targets in 2022-2023 by operators Standard Uranium,” the company wrote on Thursday.
“The Project is situated in the Mudjatik geological domain where several recent discoveries have been made, including IsoEnergy’s Hurricane Deposit located 11 km directly to the south.”
M24 last traded at 2.3cps.
