Moab Minerals wrap up a busy quarter as it continues building towards becoming a major player in US uranium.
It marks the third quarter since the Company hit the boards again in September, with eyes on tapping into the growing nuclear energy movement as a number of governments turn to uranium to provide energy security amid the transition to renewable energy.
Hearing the Rex’s uranium roar
Of the quarter, the Company’s biggest news is that it is now ramping up to drill its flagship Rex Uranium-Vanadium Project in Colorado, with the Company submitting a drill permit application for a 21-hole drilling campaign targeting westward extension mineralised zones from the historical workings at Faery queen and the 45-90 mine.
The application process has been proceeding smoothly, with Moab now in the process of lodging a security deposit for the campaign, alongside kicking off an environmental baseline monitoring program in line with permitting requirements.
Having returned grades of up to 5280 parts per million triuranium octoxide in rock chip sampling, Rex has been a top priority for Moab since the Company relisted in September, with Managing Director Malcolm Day stating “with nuclear energy continuing to gain significant momentum as the global shift towards carbon-free power accelerates, Moab is strongly positioned with the REX Project.”
Figure 1: Planned drill holes across Rex
Moab aims to drill over 3000 metres to a depth of 150 metres to adequately test the full stratigraphic extent of mineralisation at Rex, with the drilling campaign designed to allow time for analytical results to be returned and further drilling to be planned.
Moving on to Mt Amy’s gold
Alongside moving towards putting the drill to Rex, Moab also dedicated a lot of time this quarter to uncovering the golden potential of its Mt Amy Project in Western Australia, with the Company recently returning soil anomalies up to 687 ppb gold and 834 ppb silver.
This sampling program followed up on historical geochemical and rock chip surveys at the Project which identified gold in soil anomaly up to 1 kilometre long and 400 metres wide, with the Project also located on the same fault that hosts the 700-ounce Paulsens Gold deposit.
The Company has already earmarked these anomalies for follow-up with a further soil sampling campaign planned for the end of the northern wet season.
The Company said it is now in advancing discussions with preferred contractors with uranium drilling experience in the Uravan belt for the upcoming campaign.
“With permitting work now well advanced for the REX Uranium and Vanadium Project and lodgement of the security deposit requested by the BLM (Bureau of Land Management) and DRMS (Colorado Department of Reclamation) we look forward to an exciting 2023, as we prepare for drilling at this project,” Managing Director Malcolm Day said.
“Following the granting of the Mt Amy tenement a gold and base metal geochemical soil sampling program was completed over two target areas, with a strong gold anomaly generated at one target area that requires follow-up sampling. This work will proceed at the end of the northern wet season.”
MOM’s Australian Stock Exchange-listed share price has risen 9.99 per cent today, currently selling at 1.1c (10:47 am UTC+ 8 hours).