GoviEx Uranium Inc (TSX-V:GXU, OTCQX:GVXXF) announced that it has completed an extensive drill program in support of its ongoing feasibility study at its 100%-owned Muntanga uranium project located in Zambia.
The company said it completed 15,835 metres of infill drilling designed to upgrade the mineral resource category in areas previously categorized as inferred into indicated.
The 160 drill holes largely targeted the Dibbwi East and Muntanga deposits.
It said that the results of the drill program indicate the potential for this conversion from inferred into indicated and an updated mineral resource estimate will be reported as part of the forthcoming feasibility study.
"We are very pleased with the results of recent infill drilling campaign which indicates strong potential for conversion of more mineral resources from the inferred into the indicated categories, which would mean these upgraded mineral resources can be included in the upcoming feasibility study, increasing the size and quality of the project,” GoviEx CEO Daniel Major said in a statement.
“With uranium prices strengthening, we are continuing to progress with the development of the Muntanga project and looking forward to delivering a feasibility study next year with a goal to start producing within two years of securing financing."
GoviEx Uranium is a mineral resource company focused on the exploration and development of uranium properties in Africa.