Moab Minerals Limited (“Moab” or “the Company”) is pleased to announce the acquisition of four highly prospective prospecting licences, covering 488 km² adjacent to its flagship Manyoni Uranium Project in Tanzania. The acquisition significantly consolidates Moab’s landholding in the region, including parts of the historic Manyoni Uranium Project, previously held by Uranex Limited, and further strengthens the Company’s position in the Tanzanian uranium mining sector.
Location of the Manyoni Uranium Project. Image Credit: Moab Minerals Limited
Highlights:
- Accretive Acquisition: Moab has executed a binding agreement with AuKing Mining Limited to acquire four prospecting licences that are adjacent to the Manyoni Uranium Project. This means that the Manyoni Uranium deposits are now consolidated for the first time in over 10 years.
- Historical Mineral Resources: The newly-acquired tenements contain three uranium Mineral Resource areas, known as E, F, and G, originally estimated by Uranex in 2010, with a total resource of 8.3 million pounds of U₃O₈ at a 100 ppm cut-off grade.
- Strategic Location: The Manyoni Uranium Project is well-positioned geographically, with access to modern infrastructure like railway, highways, power, and water resources.
- Ongoing Exploration Program: Moab’s Stage One 105-hole core drilling program is currently underway at Manyoni and will be followed by Stage Two’s 100-hole exploration program. The Company intends to release its Maiden JORC (2012) Mineral Resource Estimate in 2025.
Malcolm Day, Managing Director of Moab Minerals, commented: “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.”
Acquisition Details:
Under the Asset Sale and Purchase Agreement with AuKing Mining, Moab will acquire the four licences covering 488 km², subject to due diligence and government approvals. The consideration for the acquisition is A$175,000 in cash, payable upon satisfaction of the conditions precedent.
Next Steps:
- Updated Drilling Campaign: Moab will expand its current drilling program to include the newly-acquired tenements, with the aim of upgrading the historical Mineral Resource Estimate to JORC (2012) standards.
- Exploration and Resource Expansion: The Company plans to conduct additional exploration work, targeting extensions of known mineralisation.