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Moab Minerals complete acquisition of advanced uranium assets in Tanzania

9 July 2024 12:00
ASX: MOM

Moab Minerals Limited (ASX:MOM) has successfully acquired a substantial stake in Linx Resources Pty Ltd, expanding its portfolio with advanced, large-scale uranium projects in Tanzania.

Acquisition details

Moab completed the acquisition of 81.85% of Linx Resources. Following the conversion of a $521,000 loan to equity, Moab now holds an 89.6% stake in Linx.

Linx Resources control 80% of the Manyoni and Octavo Uranium Projects in Tanzania, which span 216 km² in total.

Geological setting

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Figure 1: Location of Manyoni and Octavo Uranium Projects.

The Manyoni and Octavo projects are situated within the Tanzanian Archaean Shield, a stable geological formation rich in uranium and other metals.

The Manyoni Uranium Project is located in central Tanzania, approximately 100km northwest of the capital city Dodoma. The project is conveniently situated 5km north of Manyoni town, providing easy access to railway and highway infrastructure, as well as power and water resources.

The uranium mineralisation in Manyoni is found in a shallow playa lake system. The area was extensively explored by Uranex Ltd from the early 2000s until 2013, providing a wealth of historical data for Moab’s use. Exploration at Manyoni is set to begin by September 2024.

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Figure 2: Location of Manyoni Tenements.

Also located in central Tanzania, the Octavo project adds further potential to Moab’s uranium asset base. The geological model in the area is for uranium in Triassic sandstone overlying granite basement rocks.

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Figure 3: Location of Octavo Tenement.

Exploration plans

The drilling work that Moab will undertake at Manyoni includes a sonic drilling plan for 60 drill holes to an average depth of 25m, aiming to verify historical assay data.

They will also conduct bench-scale metallurgical test work on bulk samples from the drilling program. Quality assurance and control will ensure the reliability of mineralised domain assays, while bulk density measurements will validate historical records.

Additionally, Moab plans an exploration drilling program to identify extensions of the known mineralisation at Manyoni, with drilling patterns of 400m x 400m and 200m x 200m around known deposits.

The Manyoni uranium deposit is shallow, with mineralisation starting at depths of 3m to 15m and lying flat. Moab is currently seeking bids from experienced drilling companies and is finalising a contract for at least 1,500m of PQTT core drilling, with an option to extend the drilling by another 1,500m.

Management comments

Moab’s Managing Director, Malcolm Day, expressed his enthusiasm for the deal. “The completion of the acquisition of such high potential uranium projects is transformational for the Company. The fact that Uranex Ltd previously explored, and extensively drilled, the Manyoni Uranium Project from the early 2000’s to 2013 assists greatly.

“There is a large volume of historic exploration data, including drilling data, that the Company has access to that will effectively save a lot of time and money. Given the current uranium price of circa US$85/lb, Moab is in the right place at the right time to re-evaluate the Manyoni Uranium Project and to commence exploration on the Octavo Uranium Project.”

Moab is well-capitalised with approximately $1.9 million in cash and equivalents, supporting its exploration and development initiatives.

MOM’s Australian Security Exchange-listed share price is currently trading at $0.004 (12:00 pm UTC+ 8 hours)

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