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Moab Minerals
Investor Insight
With its high-quality uranium assets in Tanzania, as well as a highly experienced corporate and in-country management team, Moab Minerals presents a compelling case for investors evaluating opportunities in the rapidly growing uranium market.
Overview
Moab Minerals (ASX:MOM) is an exploration company with the primary goal of developing its uranium assets in Tanzania. On the 8th July 2024 the company announced the acquisition of a majority stake in Katika Resources, a Tanzanian company, that holds the Manyoni and Octavo uranium projects. The Manyoni project was previously explored by Uranex Ltd from the early 2000’s until 2013. The Octavo uranium project is adjacent to Rosatom’s world class Nyota uranium deposit (Mkuju River project), which was formerly held by ASX listed Mantra Resources before the AU$1.02 billion takeover in 2011.
Tanzania is a global leader in identified uranium resources, which coupled with a supportive government, puts the country in a good position to establish itself as a significant player in the global nuclear energy sector. Significant Tanzanian deposits include Namtumbo (Mkuju), Bahi, Galapo, Minjingu, Mbulu, Simanjiro, Lake Natron, Manyoni, Songea, Tunduru, Madaba and Nachingwea. Of these projects, Mkuju River is the largest, boasting a mineral resource of 8,500 tons U3O8 and, once operational, will be the country’s first operating uranium mine.
With a high-calibre team of highly experienced mining and business leaders with successful track records, and a Tanzanian based team of technical experts, Moab is well positioned and well-funded to deliver on its commitment to expedite the exploration and development of its uranium projects in Tanzania.
Company Highlights
- Moab Minerals is a uranium exploration company developing its primary uranium assets in Tanzania - Manyoni and Octavo.
- Tanzania is a global leader in identified uranium resources and companies operating in the country benefit from a supportive pro-mining government.
- Positive outlook for uranium, with demand expected to increase by 28 percent in 2030, and 51 percent by 2040.
- The Company is looking to start drilling 1,500 metres in August/September to validate historical drill results from Uranex (early 2000’s-2013) and to test extensions of the known mineralization at Manyoni.
- Additional upside exists from Moab’s uranium-vanadium asset (REX project) located in Colorado and within trucking distance of the White Mesa Mill.
Key Projects
Manyoni Uranium Project
The Manyoni Uranium Project is strategically located just outside of the town of Manyoni in the Republic of Tanzania, and benefits from established infrastructure such as a modern railway and highway system, as well as available power and water resources.
Manyoni is located in the central part of the Tanzanian Archaean Shield, a stable platform of granite-gneiss terrane with marginal greenstone belts. The uranium is deposited in a shallow playa lake system as schröckingerite (in the lake sediments) and carnotite in the granitic saprolite below the lake sediments. The mineralization varies from flat-lying to shallowly dipping as it follows the direction of the palaeo-drainage to the south-east. The average depth of the mineralized interval is 10 metres.
The Manyoni uranium project was extensively explored and drilled by its previous owner, Uranex (ASX:UNL), now Magnis Energy Technologies (ASX:MNS).
Moab has executed a binding agreement with AuKing (ASX:AKN) to acquire four highly prospective prospecting licences immediately adjacent to the Manyoni uranium project, representing the consolidation of all of the Manyoni uranium deposits for the first time in over 10 years. Stage one 105-hole core drilling program is underway and will be followed by the stage two program of 100 exploration core holes. Moab intends to release its maiden JORC (2012) mineral resource estimate in 2025 following the completion of preliminary drilling activities. A scoping or preliminary feasibility study is planned to be completed in the same year.
Octavo Uranium Project
The Octavo uranium project is strategically located adjacent to Rosatom’s world-class Nyota uranium deposit (Mkuju River project), formerly owned by ASX-listed Mantra Resources before a AU$1.02 billion takeover deal in 2011.
Uranium mineralization at Octavo consists of Triassic sandstone overlying granite basement rocks.
Exploration Plans
Exploration at the company’s Mayoni project will include: 1) twinning historic drill holes, which involves drilling 60 holes to an average depth of 25 metres, and 2) a bench scale metallurgical test work program. In addition to the 2024 drill program, Moab is planning to undertake an exploration drilling program designed to target extensions to the known mineralization at Manyoni.
At the Octavo uranium project in southern Tanzania, work is focused on the acquisition of high-quality airborne radiometric and magnetic survey data which are expected to deliver uranium targets for ground follow-up.
REX Project
The project is located in Colorado, USA, (60 percent owned by Moab Minerals) within the vicinity of many historic uranium mines, including Blackfoot/Rattlesnake, Wedge, Merry Widow, Sunbeam and Vanadium King. The project boasts 256 contiguous BLM mining claims (~5,000 acres which is 20 sq km) and is located ~130 km east of the town of Moab. The project is within trucking distance of the White Mesa Mill, the only operating conventional uranium-vanadium mill in the US. Recent exploration results from Rex include strongly anomalous uranium and vanadium up to 0.53 percent U3O8and 3.32 percent V2O5.Management Team
Malcolm Day - Managing Director
Malcolm Day has been managing director of Moab Minerals since 1999. He’s a civil engineer and licenced surveyor with eight years of experience in the civil construction industry. Day also spent three years working as a mining and resource exploration surveyor in remote parts of Western Australia. Day has been managing director of Moab Minerals (ASM:MOM) since 1999 and a non-executive director of European Lithium Limited (ASX:EUR) since 2012.
Bryan Hughes - Non-executive Chairman
Bryan Hughes is the past chairman and founding partner of Pitcher Partners, accountants, auditors and advisors, and now a director of 101 Advisory. Hughes has over 30 years of experience in the resource sector, and has developed and overseen commercial, operational and financial strategies which have led to the development and success of numerous companies in many jurisdictions around the world. Hughes sits on several private and public company boards.
David Wheeler - Non-executive Director
David Wheeler has more than 30 years of senior executive management, directorships, and corporate advisory experience. He is a foundation director and partner of Pathways Corporate, a boutique corporate advisory firm that undertakes assignments on behalf of family offices, private clients, and ASX listed companies. He has engaged in business projects in the USA, UK, Europe, NZ, China, Malaysia, Singapore and the Middle East. Wheeler is a fellow of the Australian Institute of Company Directors and has experience on public and private company boards, currently holding a number of directorships and advisory positions in Australian companies.
Tanzania Management
Godluck Sekwao - Exploration Manager
Experienced geologist with 16 years of experience across all aspects of geological projects, with a particular focus on exploration. Sekwao most recently worked with Shanta Gold across its East African projects.
Charles Sayi Mihayo - Senior Geologist
Charles Sayi Mihayo is an experienced geologist with over 18 years of experience across Africa in project discovery, development, and mining production across a range of commodities.
Ryoba Chacha - Consulting Geologist
Ryoba Chacha has over 15 years of experience working on geological projects, particularly in East Africa. He has also previously worked on the Manyoni project as a project geologist with Uranex.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
Click here for the full ASX Release
This article includes content from Rox 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
Click here for the full ASX Release
This article includes content from Alice Queen 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 Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects