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4th Quarter Activities and Appendix 5B
Gladiator Resources Ltd (ASX: GLA) (Gladiator or the Company) is pleased to provide shareholders with the Company’s Activities and Appendix 5B Cashflow Report for the quarter ending 30 June 2024.
HIGHLIGHTS
- Tanzanian Mining Commission approved BR Drilling Limited, the Company’s preferred contractor, for the drilling at the 100% Owned Mkuju Uranium Project
- Drilling commenced at the Mkuju Project in southern Tanzania with drilling to test the Southwest Corner (SWC) target and potential extensions to the Mtonya and Likuyu North deposits. All drilling will be by diamond core to maximise geological observation and data quality.
- At the SWC target highly mineralized intervals are observed in the core close to surface in 2 holes of the 4 completed.
- At the Likuyu North deposit, a 370 line-km ground magnetic survey is nearing completion.
Figure 1. Map showing Gladiator's Uranium Projects in Tanzania
MKUJU URANIUM PROJECT
The Prospecting Licenses (PLs) of the Mkuju Project cover 725 km2 as shown in Figure 2 and include two existing uranium deposits and several exploration prospects. The area is 20-30 km south of the Nyota deposit. Nyota hosts a Measured and Indicated Mineral Resource Estimate of 187 Mt at 306 ppm U3O8 containing 124.6 Mlbs U3O8. Nyota is being developed by global uranium company Uranium One. The Nyota deposit and the deposits and prospects on the Mkuju Project are underlain by continental sediments of Triassic aged sediments of the Karoo Supergroup which are considered highly prospective for uranium. Drilling commenced during June 2024. 4 holes have been completed at the SWC target.
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This article includes content from Gladiator Resources Limited, 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.
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Gladiator Resources
Overview
Gladiator Resources (ASX:GLA) is an Australian explorer focused on uranium projects. The company’s portfolio of uranium assets covers 1,811 square kilometres located in Tanzania. The company’s key projects include – Mkuju, Minjingu, Liwale, Foxy and Eland. Mkuju is the company’s flagship project, having the potential to host world-class uranium deposits given its proximity to the Nyota deposit, which contains 124.6 million pounds (Mlbs) U3O8. Nyota is regarded as one of the largest uranium deposits in the world.
The company is planning a 2024 drill program at Mkuju focusing on the South West Corner (SWC), Mtonya and Likuyu North targets. The 2024 drilling program will commence with initial core drilling at the SWC target, where 2023 trenching revealed up to 7,139 parts per million (ppm) U3O8. Additionally, drilling at Mtonya and Likuyu North will aim to explore potential extensions and new zones of the existing uranium deposits.
The Minjingu project is the other key focus area for Gladiator. This project compliments the company’s flagship Mkuju uranium project in southern Tanzania. Surface pit samples at the Minjingu project have returned high-grade uranium mineralization up to 269 ppm U3O8. Follow-up auger drilling is planned to understand the thickness of the mineralized layer and potential extension.
Tanzania is an ideal location for uranium mining due to its favourable geology. It is rich in uranium-bearing deposits, notably the Mkuju River project, among the world's largest undeveloped uranium reserves. The Tanzanian government’s mining-friendly policies, including taxation and quick permitting process, are encouraging for uranium miners. The presence of well-developed infrastructure, including several ports, makes it easy to transport uranium ore. Further, the country has a large and skilled workforce with graduates in various fields, such as geology and mining. These factors make Tanzania a favourable jurisdiction for uranium exploration and development.
Company Highlights
- Gladiator Resources is an ASX-listed exploration and mining company focused on uranium. The company operates eight exploration projects, mainly in Tanzania, covering a total area of 1,811 sq kms.
- The company’s key projects include – Mkuju, Minjingu, Liwale, Foxy and Eland.
- Gladiator’s primary short term focus is on advancing the Mkuju project, located only 20 kms south of Uranium One’s Nyota deposit, regarded as one of the largest uranium deposits in the world.
- The 2024 drill program at Mkuju will focus on the South West Corner (SWC) initially, where trench assay results received Dec/Jan 2023/24 confirmed high-grade uranium in sandstone, 1000’s ppm U3O8 in places.
- Further work is also planned at Mtonya and Likuyu North – also located within the promising Mkuju area.
- Tanzania is endowed with many uranium-bearing deposits and is known for its mining-friendly policies. The government offers attractive tax policies and quick permitting processes to encourage investment in the sector.
- The presence in relatively attractive uranium mining jurisdictions such as Tanzania positions the company to capitalize on opportunities in the uranium sector and deliver superior returns to its shareholders.
Key Projects
Mkuju Project
The project spans over 725 sq kms and is located 20 kms south of Uranium One’s Nyota deposit, regarded as one of the largest uranium deposits in the world. Nyota hosts a measured and indicated mineral resource estimate of 187 metric tons (MT) at 306 ppm U3O8, containing 124.6 Mlbs U3O8. The deposit is being developed by global uranium company Uranium One. The Nyota deposit and the Mkuju project are underlain by sediments of the lower Karoo, which are considered highly prospective for uranium.
The 2024 drilling program, expected to commence in June 2024, will test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits at the Mkuju project.
- At Southwest Corner, the 2024 drilling will test the potential for down-dip extension of the recently trenched high-grade surface uranium. The surface samples here returned high-grade uranium mineralization, including 2.55 metres @ 2017 ppm U3O8, 0.75 metres @ 7,139 ppm U3O8, 2.35 metres @ 1,636 ppm U3O8, and 1.4 metres @ 3,945 ppm U3O8.
- At Mtonya, the drilling program will follow up on high-grade uranium intersections discovered in the previous drilling program carried out in 2011/2012. The 2011/12 drill holes URAMT105 and 106 contain excellent mineralization that may extend to the northwest and will be tested in the 2024 drilling program.
- At Likuyu North, the 2024 drilling program will focus on testing for potential new zones that could add to the existing JORC resource of 4.6 Mlb U3O8 JORC.
Minjingu Project
The Minjingu project covers an area of 296.9 sq kms It is situated in northern Tanzania, 106 kilometers southwest of Arusha, the region's main administrative city, and 520 kilometers northwest of Dar es Salaam. The project boasts excellent infrastructure, such as quality tarmac roads, power lines and airport services via both Arusha and Kilimanjaro.
Surface pit samples at the Minjingu project have returned uranium mineralization up to 269 ppm U3O8. This project compliments the company’s flagship Mkuju Uranium project in southern Tanzania, where high-grade trench results have recently been reported. Follow-up work is being planned to understand the thickness of the mineralized layer and potential extension.
South West Corner Project
The South West Corner license holds high-grade uranium deposits at shallow depths. It features a relatively concentrated 3.5 x 1.8 km radiometric anomaly and has a history of multiple instances of excellent grading. Previously owned by Mantra Resources, SWC underwent a successful takeover in 2011 by Uranium One for approximately AU$1 billion
Liwale Project
The Liwale project spans an area of 195 sq kms and is situated beyond the boundaries of the Nyerere National Park. It was formerly owned by both Mantra Resources and Uranium One.
Foxy Project
The Foxy Project spans an area of 299.7 sq kms and was formerly under the ownership of Western Metals. It is recognized for hosting uranium mineralization akin to that found in the Mkuju region. Positioned approximately 25 kms away from the Mkuju tenements at its nearest point, the company is in the process of acquiring historical data.
Eland Project
The Eland project encompasses 294.7 sq kms and was previously held by Western Metals. It is known for hosting uranium mineralization. The company is in the process of arranging to obtain historical data.
Management Team
Gregory Johnson – Non-executive Chairman
Gregory Johnson has over two decades of experience in capital markets, including fund management and capital raising. He has held senior capital raising and client relationship roles at Macquarie, Perpetual and Dimensional, and has led client services teams at Deutsche Bank, Credit Suisse and Macquarie Funds Management. At Gladiator, Johnson provides vast financial services experience, building relationships with existing and new investors.
Matthew Boysen – Non-executive Director
Matthew Boysen possesses significant expertise in marketing and communication. Over the past two decades, Boysen has made successful investments in numerous exploration, energy and mining companies, demonstrating a deep understanding of the agility necessary in the dynamic environment in which ASX mining companies operate.
Peter Tsegas – Non-executive Director
Peter Tsegas boasts over two decades of experience across Africa, collaborating with private enterprises and government entities on mining projects spanning various commodities, including uranium. He played a pivotal role in the acquisition of Gladiator's uranium projects. He has consulted with several Tanzanian government ministries and mining firms, including Rio Tinto. As the founder and former managing director of Tancoal Energy, he effectively steered the company from its exploration phase to establishing a joint venture with the Tanzanian Government, eventually leading to production. Presently, he serves as a non-executive director at Magnis.
Rod Chittendan – Non-executive Director
Rod Chittendan has over 40 years of experience in the minerals industry, spanning Africa, Australia and South America. He has held executive management positions and metallurgical project development roles covering the entire spectrum from exploration to production. He has played a key role in the advancement of Mantra Resources' Mkuju River uranium project and the development of Paladin Energy's (ASX:PDN) Langer Heinrich and Kayelekera uranium projects. Previously, he held positions with large mining companies such as Newcrest (ASX:NCM) and Barrick Gold (NYSE:GOLD).
Andrew Pedley – Non-executive Director
Andrew Pedley has over 25 years of experience as a geologist in Africa, progressing from roles as exploration manager to VP of exploration. His extensive uranium expertise is particularly pertinent to Gladiator. Pedley possesses specialized skills in uranium exploration and the delineation of uranium mineral resource estimates, adhering to JORC and ASX listing regulations. He has served as a competent person on numerous uranium projects. He holds a masters in geology from the Camborne School of Mines in England.
Andrew Metcalfe – Company Secretary
Andrew Metcalfe has served as a company secretary and governance advisor to ASX-listed companies for more than 25 years. He currently oversees the company secretary services within Gladiator Resources.
Quarterly Report for the Quarter ending 30 September 2024
AuKing Mining is an exploration company focused on critical minerals, uranium, copper and niobium/REE projects in Canada, Australia and Tanzania
Highlights
- Completed the purchase of Myoff Creek niobium/REE project in British Columbia, Canada.
- Entered agreement to acquire Grand Codroy uranium exploration project (later completed in October).
- Continued preparation for the proposed drilling program at Mkuju, Tanzania.
- Entered agreement for the sale of Manyoni licences (October)
- Successful completion of two share placements during the Quarter.
- Issued prospectus to existing shareholders for rights issue entitlement offer (later closed in October with significant shortfall).
- Extended short-term $750k loan facility during the Quarter.
Canada Projects
Myoff Creek
Ownership – 100% | British Columbia, Canada
Niobium and REE exploration project
Summary
On 29 July 2024, AuKing announced that it had completed the acquisition of a 100% interest in the Myoff Creek project which comprises eight mineral claims in south-eastern British Columbia. Highlights of the project include the following:
- Carbonatite Mineralisation: Near-surface carbonatite mineralisation spans an extensive area of 1.4 km by 0.4 km, based on historical exploration.
- High Grade Intercepts: Notable high-grade intercepts include 0.93% niobium (Nb) and 2.06% total rare earth oxides (TREO).
- Significant Exploration Potential: The mineralisation remains open (subject to verification) at depth and along strike, indicating significant potential for further mineral discovery and expansion. Maximum detection limits of Nb and Ce were detected in rock chips ~2km away from the historically drilled zone.
- Strategic Location: The claims are strategically situated in the South-Central mining region of British Columbia, known for its rich mineral deposits.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Upcoming Exploration: Drill targets have been identified, setting the stage for an extensive upcoming work program aimed at further exploration and development.
Myoff Creek Acquisition Terms
AuKing has acquired all the shares in Australian-registered company North American Exploration Pty Ltd (NAE). NAE owns 100% of eight (8) contiguous claims that comprise the Myoff Creek Project. A summary of the acquisition terms is as follows:
- A non-refundable fee of A$50k was paid by AKN on signing the agreement;
- AuKing has now issued 57M new shares at an issue price of 1.5c per share and 28.5M free-attaching options exercisable at 3c on or before 30 April 2027 to the existing NAE shareholders and their nominees.
Empire Capital Partners Pty Ltd was paid an introduction fee comprising 10M options exercisable at 3c on or before 30 April 2027 as a result of the NAE option agreement being completed.
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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 hereQuarterly Activities Report - For Period Ended 30 September 2024
C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to provide an overview of activities for the period ending 30 September 2024 (the “Quarter”, the “Reporting Period”) to accompany the Appendix 5b.
September 2024 Quarter Activities
- Licence Application lodged and granted for southern tenement (213km2) contiguous to the Ulytau Uranium Project
- Licence Application lodged and granted for the northern tenement (39km2), which sits immediately north of the historic Bota Burum Uranium mine
- The new tenements are interpreted to contain the same mineralised uranium trend to that of the existing Ulytau Project area
- Received Category four (4) exploration works approval to enable the immediate commencement of geophysical and soil sampling programs, further reinforcing the positive operating environment and Government support in Kazakhstan
- Progressed Category two (2) drilling approval and commenced site based activities in preparation for drilling commencement
Commenting on the Quarter, C29 Metals Managing Director, Shannon Green, stated: “"We are excited with the rapid progress made during the Quarter in both advancing our drilling permit and expanding our highly prospective Ulytau Uranium Project, with both the northern and southern tenement applications successfully granted thereby expanding the Project area to 276km2. This achievement underscores the efficiency and support of the local Government, allowing us to advance our
exploration efforts swiftly. The Ulytau region continues to demonstrate significant potential, and with strong local support and community engagement, we are excited to further explore this mineralised trend and enhance our growth strategy in Kazakhstan."
Exploration Program – Ulytau Uranium Project
The Company commenced initial exploration activities on its Ulytau Uranium Project in August 2024 after receiving Category four (4) exploration approval. The initial geological program consisted of tenement wide mapping and some initial soil sampling to assist with finalising drill hole locations.
The geology team utilised a handheld X-ray fluorescence (“XRF”) unit to provide real time geological information to the team and valuable geological data that will assist with the initial drill hole targeting and methodology.
Post Quarter end on 16 October 2024, the Company announced that it had received official notification from the Natural Resources and Environmental Management Department the company has met all regulatory requirements for the issue of the drill permit, enabling the commencement of mobilisation for the initial drilling at its Ulytau Uranium project.
License Applications for Project Expansion
The Company expanded its footprint at the Ulytau Uranium Project with the lodgement of two new applications for tenements in July 2024, the tenements, located to the North and to the South and South-East have a combined size of ~252km2 (Figure 1). Both applications were reviewed and granted by the Ministry during the Quarter, increasing the total footprint of the Ulytau Uranium Project to ~276km2.
Figure 1 – The interpreted mineralised uranium trend with new licence applications
The two granted areas have been interpreted as having a similar mineralised trend to that of the existing Ulytau Uranium Project area. Please refer to ASX Announcement “License Applications Lodged around Ulytau Uranium Project” dated 24 July 2024 and the further clarification on 25 July 2024.
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This article includes content from C29 Metals Limited, 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.
Joint Ventures, M&A Ramp Up in Critical Minerals Space
With strategic partnerships such as joint ventures (JVs) and mergers and acquisitions (M&A) on the rise in the mining industry, companies involved in the critical minerals space are getting busy both in the field and the boardroom.
Taking underground deposits from discovery to production takes many years and serious investment. Amid the critical minerals race, partnerships enable a faster path to market, as they allow companies to share resources and expertise in their quest to help firm up supply chains to meet rising global demand.
Understanding these partnerships and how they de-risk early stage project development can help investors interested in this space make the best choices.
Critical minerals shortage
Across the globe, nations are pivoting away from fossil fuels and towards green energy, mainly through electrification, with huge investments underway to transition the transportation, heating and cooling, and manufacturing sectors. Most modes of generating and storing green electricity require a long list of minerals the economy did not previously need in meaningful quantities.
Most nations lack stable supply chains for these minerals and other elements, posing potential risks to their economic future, and the future of their defense sector. For example, an article published by the Carnegie Endowment for International Peace suggests the US and the North Atlantic Treaty Organization could be at risk in a crisis because of limited access to the minerals they need for a conflict. As well, attempts to control the supply chain can turn to a geopolitical wrangling between nations.
Trade in energy-related critical minerals has risen from US$53 billion to US$378 billion over the last 20 years, according to data from the World Trade Organization. Minerals and rare earth elements could see demand quadruple by 2050.
Problem solved
Demand and prices for many critical minerals have seen a dramatic turnaround in recent years due to the soaring green economy. However, mining development and production don’t pivot that quickly. We’re living in that challenging lag right now.
To help speed up the process of getting early stage deposit discoveries into production, or expand or revitalize existing mining properties, more junior mining companies and others in the space are working together.
Joint ventures allow two organizations to combine capital, expertise, access, historical data and other resources, such as extraction or processing facilities, and that results in a percentage profit sharing later on.
Such partnerships allow companies to diversify. While critical minerals are in hot demand, prices still fluctuate and shortages can shift, as can access to perks such as government funding.
Ventures are common between junior miners and more established mining businesses. The former may have access to a deposit, experience with early stage development and flexibility. Larger mining companies tend to have access to capital and possess different types of managerial and technical expertise. Many of these established firms also seek access to critical mineral opportunities, and are willing to invest to gain them.
Saga Metals (TSV:SAGA), for example, struck a joint venture deal with Rio Tinto Exploration Canada, a subsidiary of mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), for its Legacy lithium project in James Bay, Quebec.
The total Legacy property spans over 65,849 hectares with 34,243 hectares optioned to Rio Tinto, hosting the same geological setting along strike from Rio Tinto’s other lithium project, Winsome Resources (ASX:WR1,OTCQB:WRSLF), Azimut Exploration (TSXV:AZM,OTCQX:AZMTF) and Loyal Lithium (ASX:LLI) in the La Grande sub-province.
Saga Metals' Amirault lithium project.
“It lends credibility to management’s ability to execute these types of agreements with a company as big as Rio, but it also validated the ground we staked/acquired, and management’s ability to find quality projects,” said Mike Stier, CEO and director of Saga Metals.
Such relationships are being struck in a range of mineral sectors.
“It drives shareholder value. Companies may realize what their limits are and a bigger company can come in after you’ve taken it from A to B and they can go from B to G,” said Stier.
M&A activity, meanwhile, offers similar benefits. Mining outfits in acquisition mode may purchase smaller, junior miners, or their interest in certain properties, to help expand their portfolios. Growing mining companies often seek projects at all stages of development to ensure diversification inside the organization.
Overall, the amount of mining M&A has been growing over the past few years, sitting flat between 2022 and 2023. However, the value of the deals has been on a more dramatic rise.
Collaborations of note
Saga Metals and Rio Tinto Exploration’s C$44 million two stage earn-in option agreement has led to the commencement of initial exploration in August 2024 at the Legacy lithium project.
This project is undergoing fieldwork with a focus on pegmatite mapping and geophysical surveys. Saga has 1,274 claims covering 65,849 hectares in the region, in what has become the newest lithium district in and around James Bay.
“We’ll also be keeping our eyes and ears open to the macro landscape with respect to the critical minerals in our portfolio,” said Stier of next steps for Saga Metals. “We’ll push our projects forward and continue them through their stages of development, de-risking them as we go.”
In uranium mining, Paladin Energy (ASX:PDN,OTCQX:PALAF) has agreed to acquire Fission Uranium (TSX:FCU,OTCQX:FCUUF). The deal will enable Paladin to list on the TSX, leading to increased trading liquidity and an enhanced capital markets presence. Paladin will become a multi-asset uranium company with benefits to the Patterson Lake South project. Paladin’s CEO has made it clear that the company has future acquisitions in mind as well.
Recently, Lundin Mining (TSX:LUN,OTC Pink:LUNMF) and BHP (ASX:BHP,NYSE:BHP,LSE:BHP) agreed to jointly acquire Filo (TSX:FIL,OTCQX:FLMMF), in a deal worth an estimated C$4.1 billion. The 50/50 joint venture has the aim of developing an emerging copper district in Argentina, focusing on the Filo del Sol project and the Josemaria project.
Investor takeaway
Partnerships and collaborations between mining companies have become an emerging standard of practice as the critical minerals race pushes on and both business and government try to secure supply lines. With myriad benefits, expect more future alliances in the critical minerals mining industry.
This INNSpired article is sponsored by Saga Metals (TSXV:SAGA). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Saga Metalsin order to help investors learn more about the company. Saga Metals is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Saga Metals and seek advice from a qualified investment advisor.
1st Quarter Activities and Appendix 5B
HIGHLIGHTS
- Completion of drilling at the Mkuju Project - 20 diamond core holes for 2800 m of drilling, testing the SWC and Mtonya targets, and testing potential extensions to the Likuyu North deposit.
- At SWC, high-grade uranium from surface including:
- 3.8m @ 2,458ppm eU3O8 from surface,
- 2.4m @ 3,528ppm eU3O8 from surface,
- 1.8m @ 3,089ppm eU3O8 from surface and 1.2m @ 988ppm eU3O8 from 5.9m depth
- At Mtonya, best interval of 2.3m @ 372ppm eU3O8 from 6.16m depth.
- At Likuyu North, possible moderate extension to the deposit indicated by visual mineralisation in LNDD015, now awaiting assays; and
- LNDD020 drilled central to the Likuyu North deposit to provide information for an initial assessment of In-Situ Recovery (ISR); intersected 6 mineralised intervals including:
- 2.5 metres with an average grade of 438 ppm eU3O8 from 17.1m depth.
- 7.1 metres with an average grade of 1,963 ppm eU3O8 from 63.1m depth.
MKUJU URANIUM PROJECT - TANZANIA
Table 1 summarises the work completed during the quarter at the Mkuju Project.
Table 1. Summary of the work at each target
Figure 1: The Mkuju Project area over airborne radiometric data with important deposits and targets labelled.
SWC TARGET EXPLORATION
During May 2024 a camp was constructed and a drilling and exploration crew was mobilized. The holes drilled at SWC are shown on Figure 2. Table 2 provides the results of the SWC and Mtonya drilling. The drilling at SWC was to follow-up on the high-grade intervals achieved from the trenches reported in the Company announcement dated 9th January 2024.
Figure 2. Map of the SWC and Mtonya targets showing historic and Gladiators drilling
All holes were vertical, drilling was by diamond core and the deepest was 188.7 metres. The results were reported in announcements dated 24th June and 16th August 2024. Selected results are provided below:
- SWDD001: 3.8m @ 2,458ppm eU3O8 from surface.
- SWDD002: 2.4m @ 3,528ppm eU3O8 from surface.
- SWDD005: 1.8m @ 3,089ppm eU3O8 from surface and 1.2m @ 988ppm eU3O8 from 5.9m depth
- SWDD006: 5.3m @ 143ppm eU3O8 from 3.0m depth
The trench and high-grade drilling intersections are interpreted to be the remains of a layer that is preserved on topographic highs within a relatively downthrown block, as illustrated in Figure 3, which represents a cross-sectional interpretation through SWC. Where the layer is at or very near surface as in SWDD001 and SWDD002, enrichment by supergene processes may have occurred whereas where deeper and unaffected by the surficial enrichment, as in SWDD006, grades are lower. No significant mineralisaton was intersected deeper in the holes drilled at SWC.
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This article includes content from Gladiator Resources Limited, 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.
Moab Minerals Limited (ASX: MOM) – Trading Halt
Description
The securities of Moab Minerals Limited (‘MOM’) will be placed in trading halt at the request of MOM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 31 October 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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This article includes content from MOAB Minerals, 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.
Quarterly Activities Report for the Period Ended 30 September 2024
Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to provide an overview of activities for the period ending 30 June 2024 (“Quarter” or “Reporting Period”).
Highlights:
- Moab announced the completion of the acquisition of the Manyoni and Octavo uranium projects in Tanzania on 9 July.
- Validation Drilling commenced at Manyoni in August and is expected to be completed in the December Quarter.
- Objective is to verify Uranex’s historical drill results at Manyoni, obtain additional geologic and bulk density information, and carry out comprehensive metallurgical testwork to ascertain the optimum processing pathway for the project. This work will feed into a JORC 2012 compliant Mineral Resource Estimate to be followed by Scoping level or Pre-feasibility level mining studies in 2025.
- Subsequent to the end of the Quarter (ASX:MOM 16 October 2024) Moab announced the acquisition of an additional four uranium tenements covering 488km2 which will be consolidated into the Manyoni uranium project.
- At the REX uranium project in Colorado the Company is in the process of permitting an 18- hole drill program to follow-up the results of the 2023 drill program. The Company intends to seek a joint venture (JV) partner to drill the project.
- Moab continues to monitor its 11.02% interest in CAA Mining Limited (CAA Mining), an exploration and development company focused on lithium and gold exploration in Ghana, Africa.
- On 20 September Moab announced a $750,000 Director loan facility had been put in place to provide ongoing working capital.
Moab Managing Director, Mr Malcolm Day commented: “During the Quarter, we completed the acquisition of Linx Resources Pty Ltd that owns the Manyoni and Octavo uranium projects in Tanzania. This move is in line with the Company’s strategy to shift focus to uranium exploration in Africa. The task at hand is to verify the historical drill results and to test for extensions to known mineralisation through a step-out drill program. Moab announced the completion of the acquisition on 9 July. Validation Drilling commenced in August, which attests to the efficient approvals process in Tanzania. The Octavo tenement is more grassroots but is located in a highly prospective area adjacent to Rosatom’s world-class uranium deposit at Nyota.
In June 2023, Moab acquired an initial 14.64% (now diluted to 11.02%) interest in CAA Mining, an exploration and development company focused on lithium and gold exploration in Ghana, Africa. The board continues to monitor the exploration results from CAA Mining’s Ghanaian lithium projects.I would like to thank shareholders for their support to date and we look forward to providing further exploration updates.”
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This article includes content from MOAB Minerals, 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.
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