Join our daily newsletter At The Bell to receive exclusive market insights
Moab Minerals Ltd (ASX:MOM) has expanded its Manyoni uranium project in Tanzania by 488 square kilometres through the acquisition of four adjacent prospecting licences.
Crucially, the tenements include parts of a historical uranium also named Manyoni which was owned by Uranex before 2013 – thus, the acquisition represents the consolidation of all deposits associated with the name Manyoni for the first time in 10 years.
Moab is rolling out a Stage One program of core drilling involving 105 holes, and this will be followed up by Stage Two exploration core drilling, comprising 100 holes – all of this to enable publication of a mineral resource estimate (MRE) and scoping or prefeasibility study in 2025.
Moab managing director Malcom Day said he expected drill results in November and December, and hoped to capitalise on acquisition of the new tenements.
“The acquisition of these additional surrounding tenements, which contain three uranium Mineral Resources known as E, F and G, estimated by Uranex resources in 2010 as part of Uranex’s Manyoni Uranium Project, adds significant upside potential to Manyoni,” he said.
“We’ll now look at expanding the current drill program to evaluate the resource potential of these new tenements.”
Moab saw its share price fall on the news, and by 14:22 AEDT, they were trading at 0.3 cents – a fall of 12.5% since the market opened.
Join the discussion: See what HotCopper users are saying about Moab and be part of the conversations that move the markets.
-1200x645-380x200.jpg)
