Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") invites you to attend its 2024 Q2 webcastteleconference on Tuesday, August 27, 2024
Ur-Energy management will provide a review of our 2024 Q2 operations and results.
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio focused on uranium, copper and critical minerals in Western Australia, Tanzania and British Columbia, Canada. AuKing Mining aims to become a mid-tier producer with assets including the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju.
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
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With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
The Company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8Mkuju project location
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
Uranium has thrived in recent years, gaining traction in 2020 and 2021 while most of the world was at a standstill due to COVID-19. Prices for the energy fuel have continued to climb since then, sparking optimism for the future.
In 2022, the uranium price began spiking early in the year, reaching US$64.50 per pound in mid-April. This positive trend continued through 2023, when prices rose 87 percent to reach US$90.27 by the end of the year.
Uranium reached its highest level in nearly two decades when values surpassed the US$100 level in February 2024. Since then, prices have contracted, but remain historically high. As of mid-August, values were holding in the US$80.50 range.
Looking at tight supply and strong demand, experts say the future of uranium is bright. With hopes high for the commodity, those looking to capitalise on uranium stocks have a lot of upside to bolster their investment case.
To help interested investors, the Investing News Network has compiled a list of the biggest ASX uranium stocks by market cap. Data was gathered on August 21, 2024, using TradingView's stock screener. All data was current at that time.
Market cap: AU$3.06 billion; share price: AU$10.10
Based out of Western Australia, Paladin Energy's goal is to be a reliable supplier of clean energy for the future. Its main focus is uranium mining, and it currently has one active mine: Langer Heinrich in Namibia, of which it owns 75 percent. The company also has an exploration portfolio that spans both Canada and Australia.
Paladin's operations were paused in 2018 due to continued low uranium prices. However, in 2022, the company began the process of restarting operations at Langer Heinrich and saw a more-than-successful share purchase plan completed in May of that year.
Langer Heinrich ultimately restarted commercial uranium production on March 30, 2024, meeting both the company's scheduled timeline and its capital cost estimate of US$125 million. With production now underway, Paladin is working to ramp up output and build inventory for upcoming customer shipments.
On June 24, Paladin announced plans to acquire Fission Uranium (TSX:FCU,OTCQX:FCUUF).
Market cap: AU$1.19 billion; share price: AU$2.95
Boss Energy is ramping up production at both its Honeymoon and Alta Mesa uranium assets.
Located in South Australia, the Honeymoon mine is licenced and permitted for the production, storage and export of uranium. With a strategically designed processing plant, the property has a small footprint and upholds the Heritage and Native Title mining agreements on the land. Since it acquired Honeymoon in December 2015, Boss Energy has developed the project's JORC resource from 16.6 million pounds to 71.6 million pounds.
In April of this year, Boss Energy achieved a significant milestone at Honeymoon, announcing production of the mine's first drum of uranium as part of the commissioning process. The operations are using Boss' lixiviant chemistry and ion exchange technology.
Then, in early June, the companystarted production at the Alta Mesa central processing uranium plant and wellfields in South Texas. Boss Energy holds a 30 percent stake in the Alta Mesa project, with the remaining 70 percent owned by enCore Energy (TSXV:EU,NASDAQ:EU).
In late July the company released drill results from work at Gould’s Dam, which is a satellite deposit located 80 kilometers from the Honeymoon mine. The strong drilling results support its plan to use the deposit to boost Honeymoon’s production from 2.45 million to 3.3 million pounds annually and/or extend the mine’s life, according to the company.
Boss’ most recent quarterly activities report noted production of 57,364 pounds of uranium in the June quarter and said it is on track to meet production goals of 850,000 pounds of U3O8 in its fiscal year 2025.
Market cap: AU$1.01 billion; share price: AU$1.05
Deep Yellow is committed to developing a high-output, cost-effective, tier-one uranium company. Its portfolio consists of six assets over two countries, Namibia and Australia. Its Namibian projects are the Tumas and Omahola projects, as well as the Nova and Yellow Dune joint ventures. In Australia, the company has its Mulga Rock and Alligator River projects.
Tumas and Mulga Rock are Deep Yellow's most advanced assets, and it plans to make a final investment decision for Tumas late in Q3 of this year. A February placement of AU$220 million is helping to progress this work.
Also in February, Deep Yellow released an updated resource estimate for Mulga Rock's Ambassador and Princess deposits, together known as the Mulga Rock East deposits. The company reported a 26 percent increase in total contained uranium, raising the amount from 56.7 million pounds of U3O8 to 71.2 million pounds of U3O8 at a cut-off grade of 100 parts per million. Eighty-six percent of the Mulga Rock East uranium resource is now classified as measured and indicated using the same cut-off grade.
In the most recent quarterly results for the June quarter, Deep Yellow noted that Ausenco Services has been selected as the EPCM contractor for its Tumas project, which is set for commissioning in Q3 2026. Additionally, Deep Yellow completed resource upgrade drilling at Tumas 3 during the quarter and plans to release an updated mineral resource estimate. The company also commenced hydrological drilling at its Mulga Rock project, and raised AU$250 million, boosting its cash reserves to AU$257.5 million.
Market cap: AU$430.46 million; share price: AU$0.23
Lotus Resources' flagship asset is the Kayelekera uranium mine in Malawi, which it acquired from Paladin Energy in 2020. Lotus currently has 85 percent ownership of the project, and the remaining 15 percent is owned by the Malawi government. The mine has been on care and maintenance since 2014 due to a prolonged lull in uranium prices.
Now that prices for uranium have recovered, the company is interested in restarting production at Kayelekera. In August 2022, Lotus completed a restart definitive feasibility study to test the mine's potential — encouragingly, the study showed Kayelekera is a low-cost operation with the potential to begin production in 2024 or 2025. It is estimated to have a 10 year mine life, with 19.3 million pounds of uranium expected to be mined over that period.
Last July, the company announced a merger plan with A-Cap Energy, an Australian resource company focused on the development of its Letlhakane uranium project in Botswana. The deal closed at the end of November.
This past May, Lotus Resources released a revised resource estimate for its Letlhakane uranium project in Botswana. It identifies indicated and inferred resources of 155.3 million tonnes at 345 parts per million U3O8 for 118.2 million pounds of U3O8 at a cut-off grade of 200 parts per million; that includes 34.4 million pounds in the indicated category. The estimate will be used to support upcoming mining studies, with a scoping study expected in Q4.
In late July, Lotus signed a Mine Development Agreement with the Government of Malawi for its Kayelekera uranium mine that guarantees a 10 year stability period. According to the company, the agreement ensures the mine will operate under a stable fiscal regime.
Market cap: AU$423.29 million; share price: AU$2.37
Bannerman Energy is a uranium development company headquartered in Perth. Its primary focus is its Etango uranium project in Namibia, for which it has developed a base-case development plan using an 8 million tonne per year throughput rate; the company has dubbed this Etango-8.
Etango is located on one of the world’s largest untapped uranium resources within Namibia’s established uranium-mining district, and the Etango-8 mine life would be 15 years. Earlier in the year, in mid-March, the company released a scoping study that looks at higher throughput and operating life options for Etango. However, it currently remains committed to the Etango-8 scenario.
In mid-June, Bannerman announced the completion of front-end engineering design and control budget estimate processes for Etango-8. It is now undertaking early works construction activities for the asset, as well as working on offtake marketing and strategic financing workstreams. Detailed design works are also taking place.
The company also raised AU$85 million in new equity to fund early works and long-lead items. Bannerman expects to make a final investment decision for the project during the second half of 2024.
There are currently two uranium-focused exchange-traded funds (ETFs) listed on the ASX.
The Global X Uranium ETF (ASX:ATOM) offers investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those involved in the extraction, refining, exploration and manufacturing of equipment for the uranium and nuclear industries.
Meanwhile, the Betashares Global Uranium ETF (ASX:URNM) aims to track the performance of an index (before fees and expenses) that provides exposure to a portfolio of leading companies in the global uranium industry.
Article by Georgia Willians; FAQs by Melissa Pistilli.
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Securities Disclosure: Georgia Williams and Melissa Pistilli hold no direct investment interest in any company mentioned in this article.
AuKing Mining Limited (ASX: AKN) is pleased to provide details of its exploration plans for the balance of the year for its now 100% owned Myoff Creek Niobium/REE project in British Colombia, Canada.
HIGHLIGHTS
AuKing’s Managing Director, Mr Paul Williams, said that with the strong levels of market interest in the exploration and development of niobium/rare earth elements (REE) the Company was keen to get some exploration activities underway at the recently-acquired Myoff Creek project. The Company’s Exploration Manager (Mr Chris Bittar) has just recently returned from a visit to site with the local consultants and an initial exploration program has been established.
“Myoff Creek is situated in south-eastern British Colombia and has been the subject of exploration activities for 40 years. Previous exploration activities (including drilling programs) have identified a 1.4km by 0.4km area of near-surface Nb-REE bearing carbonatite hosted mineralization. This work was focused on the northern area of the tenure package. We intend to use that historical exploration background to carry out a combination of airborne radiometric surveys and rock chip/soil sampling across the entire tenure area over the next few months,” Mr Williams said.
Background
Niobium is a vital element used to create nanocrystalline materials, which are a new generation of advanced soft magnetic alloys that are used to control and convert electricity. By adding niobium to the alloys, the materials can have a crystal size of <10 nanometers. That means high permeability and a high heat tolerance – perfect for making miniature and lightweight materials that advanced technology is increasingly seeking.
Most of the world’s niobium (Nb) production (around 82%) derives from the largely Chinese- owned CBMM mine in Brazil. Just 8% of production comes from outside South America at IAMGOLD Corp’s Niobec mine in Quebec, Canada.
The West Arunta region of eastern Western Australian has also become the focus of a substantial amount of activity largely off the back of WA1’s major 200Mt Luni discovery which has seen that company achieve a share market capitalization of more than $1Bn.
Myoff Creek Location
The Myoff Creek Nb-REE project is located in the northern Monashee Mountains of south- eastern BC, Canada.
Figure 1 – Myoff Creek Project location
The nearest township is Seymour Arm which is accessed by 41km of private logging roads from Anglemont which is serviced by 53km of paved road connecting with the Trans Canada Highway, 10km east of the town Chase. Kamloops (pop. 108,000) is the major commercial centre in the region, approximately 200km away from the Myoff Creek project.
The Myoff Creek property is mountainous and locally rugged with elevations ranging from 1,250 to 1,700m above sea level. Vegetation is mostly second-growth pine forest and sub- alpine shrubbery. The climate is typical of southern BC interior mountain ranges with cold moist winters and warm dry summers. Snow falls from October to April but mostly between November and February. The community of Seymour has accommodation and logistical support and the nearest hospital is at Salmon Arm. Both Salmon Arm and Kamloops have numerous resources such as equipment and professional services for mining and exploration activities.
Click here for the full ASX Release
This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") invites you to attend its 2024 Q2 webcastteleconference on Tuesday, August 27, 2024
Ur-Energy management will provide a review of our 2024 Q2 operations and results.
A Q&A session will follow the presentation. Please submit a question prior to the webcast here as we will be responding to questions from the online webcast conference facility.
The webcast and teleconference will be held Tuesday, August 27, 2024 at 9:00 a.m. MT / 11:00 a.m. ET. Please join us by phone or online as follows:
Toll Free Number: 888-506-0062
International Number: 973-528-0011
Provide event code 594865 or ask to join the Ur-Energy call.
The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser: https://www.webcaster4.com/Webcast/Page/2307/51194.
Following the webcast, a replay will be available at the same link.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.7 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman and CEO
1-720‐981‐4588 (ext 303)
John.Cash@Ur-Energy.com
SOURCE: Ur-Energy Inc.
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In a move to boost its nuclear energy capacity, China’s State Council has approved the construction of 11 new nuclear reactors across five provinces, with a total estimated investment of US$31 billion.
Bloomberg reported on Monday (August 19) that the reactors are set to be completed in five years, and will be built across sites in Jiangsu, Shandong, Guangdong, Zhejiang and Guangxi. China National Nuclear (CNNC) and China General Nuclear Power Group (CGN), both state-owned entities, will oversee the majority of these projects.
The reactors are part of China’s broader strategy to double its nuclear energy production by 2035.
Two of CNNC's reactors will be Hualong One models, as will six belonging to CGN. These reactors rely almost entirely on domestically produced components, reflecting China's ongoing emphasis on technological self-sufficiency.
CNNC will also construct a high-temperature gas-cooled reactor, a fourth-generation design that enhances safety features while generating both heat and electricity. In total, CNNC has been approved for three reactors, while CGN has been approved for six. A third company, State Power Investment, has been approved for two reactors.
The approval of these projects aligns with the Asian powerhouse’s broader commitment to diversifying its energy mix. Currently nuclear power accounts for 5 percent of the country’s electricity generation. China has a long-term plan to increase this to 10 percent by 2035, alongside a massive expansion in renewable energy projects such as wind and solar.
According to a report from think tank Global Energy Monitor, China is responsible for nearly two-thirds of the global wind and solar projects currently under construction. The country is also adding 339 gigawatts of new utility-scale wind and solar capacity, which is more than eight times the project pipeline in the US, the second largest market for renewables.
This rapid growth in renewable energy has already begun to shift China's energy landscape. In May, 44 percent of its electricity generation came from non-fossil fuel sources, including solar, wind, nuclear and hydropower. Coal’s share of electricity generation fell to 53 percent, a record low, down from 60 percent in the same period the previous year.
The rise in renewable energy has also led to a decline in China’s CO2 emissions. Data from the China Electricity Council and analysis by the Asia Society Policy Institute suggests its emissions from the power sector may have peaked in 2023.
Reuters reported last month that the country’s solar power generation rose 78 percent year-on-year in May, while wind power saw a more modest 5 percent increase. Overall, the increase in renewable energy capacity has contributed to a 3.6 percent decline in emissions from the power sector, even with higher total electricity demand.
As further developments in China's renewable energy infrastructure continue, the nation's trend toward falling emissions is expected to increase as projects reach completion.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
AuKing Mining Limited (ASX: AKN) is pleased to confirm that final arrangements are being made prior to the commencement of its proposed Stage 2 exploration drilling program at the Mkuju Uranium Project in southern Tanzania.
AuKing Managing Director, Paul Williams said AuKing is looking forward to proceeding with its Stage 2 drilling program at Mkuju, after the initial Stage 1 activities in late 2023 identified potential significant areas of uranium mineralization.
“The planned maximum 75 drill hole (11,000m) air core/RC drilling program at Mkuju is expected to commence within the next few weeks, now that road and drill pad access has been completed. The work we carried out last year in the Stage 1 program identified several key target areas for the proposed drilling and we are keen to start generating some results from this very prospective uranium project,” Mr Williams said.
2023 Mkuju Results
On the 31st January 2024, the Company reported some excellent results from its initial Stage 1 exploration program conducted at the Mkuju uranium project including the following:
Auger drilling
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples
MKGS056 2,250ppm
MKGS057 800ppm U3O8
(See AuKing release to ASX on 31 January 2024 for full details).
The results from the Stage 1 program (together with the historical radiometric survey previously undertaken by Mantra Resources) enabled Auking to develop the key target areas for proposed Stage 2 drilling program as illustrated in Figure 1 below:
Figure 1 - Proposed Stage 2 Mkuju drilling locations.
Mkuju Stage 2 Program Aims and Activities
There are some key aims associated with the proposed Stage 2 drilling program at Mkuju as follows:
Click here for the full ASX Release
This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Uranium-focused Ilala Metals is looking to raise AU$5 million via an initial public offering (IPO).
The company said on August 12 that it has opened its IPO, and will be able to take up to AU$3 million in over-subscriptions, potentially allowing it to raise as much as AU$8 million. Its proposed ASX code is IL1.
Proceeds will mainly go toward exploration and initial drilling at Ilala's Botswana-based Serule uranium project.
“We’ve been preparing for this particular time very carefully," Managing Director Richard Henning said. He added that Ilala is looking to raise the funds by the end of August, and said a prospectus is available online.
The company has completed 1,062 metres of drilling at Serule, with grade-confirming analysis planned after the IPO.
Serule is located next to Lotus Resources' (ASX:LOT,OTCQX:LTSRF) Letlhakane project, one of Africa's largest undeveloped uranium properties. Lotus is currently working on an updated resource estimate for Letlhakane.
“We’ve already drilled eight holes on the fence line between ourselves and Letlhakane," said Henning. "We don’t have the assay results yet, but the downhole drilling results tell us that we have mineralised zones in seven of those holes.”
In addition to Serule, Ilala has the Central copper project in Botswana's prolific Kalahari Copper Belt.
According to Ilala, the asset is located less than 10 kilometres from the Zone 9 discovery at the Khoemacau copper mine. Khoemacau was recently acquired by MMG (OTC Pink:MMLTF,HKEX:1208) for US$1.88 billion.
“We are exactly on the same trend line, exactly the same formation contact point where all the previous copper contacts have been copper deposits," Henning explained. “If you’re not on that formation line, you’re not going to find copper"
If Ilala's plans proceed as expected, the company will be listed on the ASX in September.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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