GoviEx Increases Mineral Resource of Madaouela Project by 13 Percent

GoviEx Uranium Inc. (TSXV:GXU) announced that it has updated the NI 43-101 mineral resource for the Marianne and Marilyn (M&M) deposits, which are part of the Madaouela project in Niger. The updated calculation increased the total mineral resource by approximately 13 percent to now contain a measured and indicated mineral resources of 110.76 million pounds U3O8 and additional Inferred Resources of 27.66 million pounds U3O8, using a 0.4 kg/t eU cut-off.

As quoted in the press release:

M&M is the largest and highest grade deposit within the Madaouela Project and now accounts for approximately 50 percent of its current Mineral Resource.

The increase in Mineral Resource at M&M is a result of 576 additional drill holes, totalling 44,246 meters, which have now been factored into the resource model. The most recent drilling program focused on expanding the geological information on the north-west flank of the M&M deposit, as well as infill drilling from a 50×50-meter grid to a tighter, 30×30-meter grid where underground mining operations are anticipated to begin.

The Mineral Resource for M&M has increased to a Measured and Indicated Resource of 16.86 million tonnes (Mtonnes) containing 54.75 Mlb U3O8 at a grade of 1.47 kg/t eU3O8 from previously reported 12.09 Mtonnes containing 42.21 Mlb U3O8 at grade of 1.58 kg/t eU3O8. This now includes a Measured Resource of 8.45 Mlb U3O8 at a grade of 1.79 kg/t eU3O8. Inferred Resources have increased to 13.02 Mlb from 9.45 Mlb.

Govind Friedland, founder and executive chairman of GoviEx Uranium, commented:

The expansion of the M&M Mineral Resource continues to highlight the exploration potential of the Madaouela Project. The more meters we’ve drilled, the more uranium we’ve found.

Click here to read the full GoviEx Uranium Inc. (TSXV:GXU) press release.