Moab Minerals Ltd (ASX:MOM) is set to expand its Manyoni Uranium Project in Tanzania, having picked up four prospecting licences from AuKing Mining Ltd (ASX:AKN).
The acquisition adds 488 square kilometres of highly prospective land adjacent to Moab’s existing holdings, consolidating the entire Manyoni Uranium deposits for the first time in over a decade.
Closer to infrastructure
The new tenements, previously part of the historical Manyoni Uranium Project held by Uranex Ltd, have the strategic advantage of bringing Moab’s project closer to infrastructure, including modern rail, highways and accessible power and water resources.
Moab's acquisition is a strategic move, coinciding with ongoing Stage One drilling at Manyoni, which includes a 105-hole core drilling program.
A second phase of 100 exploration core holes will follow, aimed at further expanding the resource potential.
The company plans to release a maiden JORC (2012) mineral resource estimate (MRE) in 2025, with a scoping or preliminary feasibility study to follow later in the year.
The acquired tenements are situated in the central Tanzanian Archaean Shield, a region known for uranium deposits hosted in lake sediments and saprolite formations.
Historical data from Uranex identified six resource areas, including E, F, and G, which are part of the new acquisition.
These areas were subject to a 2010 MRE under the JORC Code 2004.
The transaction, valued at A$175,000, is subject to several conditions, including ministerial and regulatory approvals in Tanzania.
With these new assets, Moab aims to strengthen its exploration efforts in one of Africa’s emerging uranium regions.
Significant upside potential
Moab managing director Malcolm Day said: “I visited the Manyoni Uranium Project last week to see the start of the drilling program.
“The program is expected to run over the next few months with most of the assay results available in November/December.
“The acquisition of these additional surrounding tenements, which contain three uranium Mineral Resources1 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.
“We’ll now look at expanding the current drill program to evaluate the resource potential of these new tenements.”