GoviEx Uranium Inc (CVE:GXU) (OTCQB:GVXXF) said it has started drilling at its Madaouela uranium project in Niger ahead of a planned feasibility study.
The junior resource company told investors that work is “well underway” on a 13,000 metre program led by contractors ESAFOR and FORACO.
“The five-month program is designed to also cover infrastructure, tailings, geotechnical studies, and reconfirmation of water supply from the recently published updated pre-feasibility study on the project,” GoviEx CEO Daniel Major said in a statement.
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“We have already shipped a one tonne metallurgical sample that is currently on route to South Africa for further confirmatory feasibility study-level metallurgical test work. With the continually improving uranium price, and two already Mine Permitted projects at Madaouela in Niger and Mutanga in Zambia, it is a very exciting time to be moving our projects forward as we work to create value for all stakeholders," Major added.
Vancouver-based GoviEx plans to drill to a 50-metre grid spacing within the planned open pit shape to confirm an indicated resource for molybdenum mineralization, with final corroboration of the geotechnical slope design for the Miriam deposit on the property.
The firm is also hoping to verify whether dewatering Miriam will support process water requirements rather than developing a standalone field, which would potentially reduce operating costs and environmental impacts.
Madaouela currently hosts 79.4 million pounds of indicated contained uranium and 31.4 million pounds in the measured category. A preliminary economic assessment pegged the initial mine life at 21 years, while pre-production capital was US$359 million, with total life-of-mine-costs pegged at US$36.4 per pound of uranium.
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