Moab Minerals, an Australian Securities Exchange (ASX)-listed company, has closed its acquisition of stake in Linx Resources, which holds the Manyoni and Octavo Uranium Projects in Tanzania.
This move has resulted in Moab owning 89.6% of Linx Resources following the purchase of 81.85% of shares and the conversion of loans.
The Manyoni and Octavo Uranium Projects in the central Tanzanian Archaean Shield are prospecting licences with initial four-year terms, extendable for additional periods.
The uranium mineralisation in Manyoni is found within granitic saprolite beneath lake sediments, with the average depth to the top of mineralisation at 10m.
Octavo’s geological model indicates uranium presence in Triassic sandstone above granite basement rocks.
Moab is planning an extensive drilling programme, with 60 drill holes at an average depth of 25m to improve the reliability of historical assays.
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The company will also perform bench-scale metallurgical testing on bulk samples from the drilling campaign. These activities are scheduled for completion in 2024 and 2025.
Furthermore, Moab intends to conduct an exploration drilling programme at Manyoni to discover extensions of the known mineralisation. The programme will involve grid drilling patterns of 400m x 400m and 200m x 200m.
Moab is currently in the tender process, seeking experienced drilling companies to execute a minimum of 1,500m of PQTT core drilling, with an option to extend by an additional 1,500m.
Moab managing director Malcolm Day said: “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 2000s to 2013 assists the company greatly.
“There is a large volume of historic exploration data, including drilling data, that the company has access to that will effectively save the company a lot of time and money.”
