The Conversation (0)
GoviEx (TSXV:GXU) announced that RadonEx has been contracted to carry out an inaugural radon gas survey over its Madaouela uranium project in Niger. Daniel Major, CEO of GoviEx, said: We are undertaking this survey as part of our on-going and measured efforts to advance all of our uranium projects and in particular, seek to improve …
GoviEx (TSXV:GXU) announced that RadonEx has been contracted to carry out an inaugural radon gas survey over its Madaouela uranium project in Niger.
Daniel Major, CEO of GoviEx, said:
We are undertaking this survey as part of our on-going and measured efforts to advance all of our uranium projects and in particular, seek to improve the economics of our Madaouela Project from that reported in the project’s pre-feasibility study technical report(1). Even though GoviEx currently has substantial uranium reserves and resources ‒ in fact, one of the largest resource of any publicly traded uranium explorer or producer ‒ finding more resources that are amenable to lower-cost, open-pit mining is important in the current uranium price environment. Obtaining favourable results from these tests should positively impact our recently announced initiative to seek debt financing for our planned mine at the Madaouela Project.
As quoted in the press release:
Govind Friedland, GoviEx’s Executive Chairman stated “GoviEx continues to move forward in its quest to become a significant, low-cost uranium miner. This is just a part of our strategic efforts to further develop our four projects in Africa.”
GoviEx has four different uranium projects in Africa containing combined resources of approximately 124 million lbs U3O8 (measured and indicated) and 73 million lbs U3O8 (inferred) estimated in accordance with National Instrument 43-101. Among the four projects, GoviEx’s Madaouela Project has approximately 61 million lbs U3O8 of Probable Mineral Reserves.
The radon survey is planned for the Company’s flagship Madaouela Project in Niger, and is being undertaken to identify drill targets adjacent to its Miriam deposit, with a goal of expanding the deposit’s resources. Miriam is one of six deposits at the Madaouela Project, and is estimated to contain over 22 million lbs U3O8. Miriam also is expected to be developed first and to provide the mill feed for the initial eight years of the project’s mine life.