GoviEx Reports Positive Gold Drilling Results at Falea Project, Mali

- June 9th, 2021

GoviEx Uranium Inc. is pleased to announce positive gold assay results following the completion of its air-core drilling program on the Madini exploration license which is part of the Company’s Falea Uranium Project. International Drilling Company from Senegal, conducted a 142-hole air-core drilling program to test the gold potential associated predominantly with soil anomalies, on Madini. The holes were sited, …

GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) (“GoviEx or the “Company”) is pleased to announce positive gold assay results following the completion of its air-core drilling program on the Madini exploration license (“Madini”), which is part of the Company’s Falea Uranium Project.

International Drilling Company (“IDC“), from Senegal, conducted a 142-hole (6,354 metres) air-core drilling program to test the gold potential associated predominantly with soil anomalies, on Madini. The holes were sited, based on the previously reported soils and termite gold anomalies, and have been drilled to a maximum depth of 60 metres.

The assay results highlight some very remarkable intercepts, which warrant follow-up exploration. The best intercept reported was 3.98 g/t Au over 2 metres, and there were a number of interesting continuous lengths of lower grades that intercept from section to section. These intercepts appear to define a NNW-SSE trend, within the regionally defined Siribaya-Bambadinka trend. The results from all assays from the drilling programme have been received and validated.

“The results of this initial early-stage exploration gold program have come back with some compelling and positive assay results, which are exciting as they correlate well to the gold-in-soil and VTEM geophysical anomalies. These preliminary results are very encouraging and certainly warrant further exploration, particularly given the evidence that this ties into a larger regional system that hosts a tier one gold trend,” noted Govind Friedland, Executive Chairman.

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Figure 1: Drillhole location map over SRTM elevation and gridded soils geochemistry results

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Closer analysis of VTEM data collected in 2011, but recently inverted by Intrepid Geophysics, shows that the anomalous gold grades from the drilling are closely associated with a conductive structure (See Figure 2). This seems to indicate an apparent structure associated with potential wrench faulting. These are known to host tensional gashes that often host gold mineralisation.

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Figure 2: VTEM channels 12 and 17 (near surface) showing conductive body associated with anomalous gold

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Hole ID From To Width_m Grade Au_ppm
MAC21003 46 48 2 0.54
MAC21005 54 60 6 1.09
MAC21006 32 34 2 1.22
MAC21025 20 32 12 0.51
38 40 2 0.67
MAC21026 12 22 10 0.57
MAC21050 18 20 2 0.9
MAC21052 50 52 2 0.5
MAC21056 46 48 2 1.99
MAC21070 32 34 2 1.02
MAC21071 8 10 2 0.86
MAC21074 52 54 2 0.58
MAC21101 16 18 2 1.05
FAC21004 8 10 2 3.98

 Table 1: Summary of gold intercept above 0.5ppm cut off

Qualified Person Statement

The technical content of this press release has been reviewed and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of GoviEx, a Qualified Person as defined in NI 43-101.

Technical Notes

Usual sample collection was carried out at the drill rig. A sample was collected at every two metres drilled and was split down to 2.5kg sample. These were assigned unique sample numbers and sent as batch to ALS process laboratory in Bamako, which will then be then sent to Ouagadougou, for assay.

For QAQC purposes Standard Samples – 2 different ones, Blanks and Duplicates were inserted every 20 samples. Any anomalous results were queried with the lab.

The samples were assayed using ALS method AU-AA26 using gold by Fire Assay and AAS finish. The laboratory ran blanks and standard samples to validate the results.

Hole ID East North RL_m Azimuth Dip Depth_m
MAC21-001 257699 1363420 245 270 -50 50
MAC21-002 257667 1363429 247 270 -50 60
MAC21-003 257630 1363426 246 270 -50 60
MAC21-004 257587 1363425 246 270 -50 42
MAC21-005 257557 1363425 249 270 -50 60
MAC21-006 257521 1363425 248 270 -50 50
MAC21-007 257493 1363426 252 270 -50 50
MAC21-008 257461 1363429 252 270 -50 50
MAC21-009 257421 1363426 250 270 -50 50
MAC21-010 257390 1363425 255 270 -50 50
MAC21-011 257359 1363427 255 270 -58 60
MAC21-012 257330 1363426 249 270 -60 50
MAC21-013 257308 1363426 247 270 -52 50
MAC21-014 257277 1363426 243 270 -50 50
MAC21-015 257245 1363427 240 270 -50 50
MAC21-016 257850 1363999 227 270 -50 60
MAC21-017 257806 1363995 227 270 -50 50
MAC21-018 257777 1363997 230 270 -50 60
MAC21-019 257738 1364000 232 270 -50 54
MAC21-020 257701 1363999 234 270 -50 50
MAC21-021 257671 1364001 230 270 -50 54
MAC21-022 257638 1363998 232 270 -50 50
MAC21-023 257604 1364000 233 270 -50 54
MAC21-024 257574 1363995 230 270 -50 60
MAC21-025 258375 1364099 216 270 -50 42
MAC21-026 258339 1364100 217 270 -50 50
MAC21-027 258309 1364101 215 270 -50 39
MAC21-028 258287 1364100 213 270 -50 48
MAC21-029 258256 1364101 215 270 -50 42
MAC21-030 258233 1364098 214 270 -50 48
MAC21-031 258200 1364103 218 270 -50 60
MAC21-032 258163 1364095 217 270 -50 60
MAC21-033 258125 1364098 215 270 -50 59
MAC21-034 258949 1362603 237 270 -50 42
MAC21-035 258917 1362602 235 270 -50 26
MAC21-036 258899 1362605 232 270 -50 54
MAC21-037 258865 1362603 228 270 -50 54
MAC21-038 258830 1362603 227 270 -50 54
MAC21-039 258801 1362602 228 270 -50 47
MAC21-040 258767 1362601 230 270 -50 48
MAC21-041 258736 1362602 230 270 -50 36
MAC21-042 258708 1362591 228 270 -50 54
MAC21-043 258676 1362600 228 270 -50 48
MAC21-044 258657 1362603 229 270 -50 48
MAC21-045 258615 1362599 227 270 -50 36
MAC21-046 258593 1362602 226 270 -50 48
MAC21-047 258564 1362600 229 270 -50 54
MAC21-048 258528 1362597 231 270 -50 22
MAC21-049 258503 1362603 231 270 -50 56
MAC21-050 258469 1362602 231 270 -50 40
MAC21-051 258441 1362604 233 270 -50 18
MAC21-052 258428 1362603 233 270 -50 54
MAC21-053 258393 1362601 231 270 -50 54
MAC21-054 258356 1362596 231 270 -50 42
MAC21-055 258323 1362603 228 270 -50 48
MAC21-056 258293 1362599 230 270 -50 59
MAC21-057 258542 1362151 241 270 -50 60
MAC21-058 258504 1362151 242 270 -50 55
MAC21-059 258466 1362155 245 270 -50 34
MAC21-060 258448 1362147 244 270 -50 38
MAC21-061 258421 1362155 245 270 -50 34
MAC21-062 258395 1362151 245 270 -50 26
MAC21-063 258373 1362150 243 270 -50 22
MAC21-064 258361 1362152 242 270 -50 24
MAC21-065 258343 1362147 242 270 -50 25
MAC21-066 258332 1362151 243 270 -50 20
MAC21-067 258316 1362148 244 270 -50 23
MAC21-068 258299 1362150 243 270 -50 18
MAC21-069 258275 1362148 242 270 -50 23
MAC21-070 258260 1362149 241 270 -50 36
MAC21-071 258238 1362154 242 270 -50 42
MAC21-072 259186 1362150 234 270 -50 48
MAC21-073 259150 1362147 226 270 -50 60
MAC21-074 259114 1362152 226 270 -50 54
MAC21-075 259077 1362156 231 270 -50 54
MAC21-076 259039 1362152 231 270 -50 60
MAC21-077 259004 1362153 229 270 -50 42
MAC21-078 259798 1361749 214 270 -50 48
MAC21-079 259767 1361755 214 270 -50 54
MAC21-080 259733 1361754 215 270 -50 48
MAC21-081 259701 1361751 218 270 -50 54
MAC21-082 259601 1361751 226 270 -50 54
MAC21-083 259567 1361750 231 270 -50 60
MAC21-084 259526 1361752 229 270 -50 54
MAC21-085 259488 1361756 231 270 -50 60
MAC21-086 259448 1361750 232 270 -50 54
MAC21-087 259412 1361755 231 270 -50 60
MAC21-088 259377 1361757 236 270 -50 48
MAC21-089 259340 1361740 236 270 -50 60
MAC21-090 259305 1361752 236 270 -50 48
MAC21-091 259272 1361751 235 270 -50 60
MAC21-092 259522 1360200 228 270 -50 40
MAC21-093 259498 1360195 232 270 -50 30
MAC21-094 259465 1360196 233 270 -50 30
MAC21-095 259440 1360213 233 270 -50 30
MAC21-096 259428 1360200 234 270 -50 30
MAC21-097 259409 1360201 234 270 -50 30
MAC21-098 259383 1360204 236 270 -50 30
MAC21-099 259365 1360204 234 270 -50 36
MAC21-100 259325 1360203 235 270 -50 36
MAC21-101 259302 1360202 233 270 -50 32
MAC21-102 259272 1360201 233 270 -50 32
MAC21-103 259248 1360203 235 270 -50 34
MAC21-104 259229 1360202 238 270 -50 36
MAC21-105 259195 1360202 239 270 -50 35
MAC21-106 259174 1360206 238 270 -50 42
MAC21-107 259145 1360204 240 270 -50 32
MAC21-108 259119 1360202 242 270 -50 60
MAC21-109 259084 1360193 246 270 -50 54
MAC21-110 259043 1360200 248 270 -50 60
MAC21-111 259007 1360202 247 270 -50 60
MAC21-112 258968 1360206 247 270 -50 60
MAC21-113 258925 1360198 252 270 -50 60
MAC21-114 258887 1360209 249 270 -50 57
MAC21-115 258848 1360202 254 270 -50 60
MAC21-116 258806 1360201 255 270 -50 60
MAC21-117 258772 1360199 256 270 -50 60
MAC21-118 258731 1360202 254 270 -50 60
MAC21-119 258693 1360206 253 270 -50 60
MAC21-120 258255 1362602 232 270 -50 48
MAC21-121 258369 1364096 214 90 -50 55
MAC21-122 258367 1364103 216 270 -50 60
MAC21-123 258331 1364103 215 270 -50 54
MAC21-124 257744 1362607 232 270 -50 14
MAC21-125 257726 1362597 230 270 -50 18
MAC21-126 257694 1362605 234 270 -50 26
MAC21-127 257675 1362597 234 270 -50 16
MAC21-128 257646 1362603 234 270 -50 54
MAC21-129 257607 1362603 236 270 -50 54
MAC21-130 257568 1362602 237 270 -50 48
MAC21-131 257540 1362607 240 270 -50 54
FAC21-001 256504 1359002 298 270 -50 60
FAC21-002 256458 1359001 305 270 -50 18
FAC21-003 256136 1359438 312 270 -50 15
FAC21-004 256110 1359438 313 270 -50 14
FAC21-005 256839 1362904 244 270 -50 41
FAC21-006 256814 1362900 243 270 -50 40
FAC21-007 256789 1362901 244 270 -50 37
FAC21-008 256762 1362901 243 270 -50 16
FAC21-009 256734 1362902 245 270 -50 14
FAC21-010 249172 1363900 237 270 -50 11
FAC21-011 249134 1363901 240 270 -50 17

 Table 2: Drillhole collars

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

About GoviEx Uranium

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.

Information Contacts

Govind Friedland, Executive Chairman
Daniel Major, Chief Executive Officer
Tel: +1-604-681-5529
Email: info@goviex.com
Web: www.goviex.com

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should,” and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

Forward-looking statements include those related to any plans for the further exploration of Madini; intercepts appearing to define a NNW-SSE trend; and indications of structure associated with potential wrench faulting.

Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that the Company will be successful in its exploration and development plans for the Falea Uranium Project; (ii) that projected low capital expenditures for the Falea Uranium Project will remain unchanged or improve; (iii) that the Company will be able to follow up on the positive results of the gold drill program with additional exploration; (iv) that the Company will be able to complete its planned CSR work as planned and (v) that the price of uranium will remain sufficiently high and the costs of advancing the Company’s projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner.

Factors that could cause actual results to differ materially from expectations include (i) the inability of the Company to complete follow-up exploration work on Madini; (ii) potential delays due to COVID-19 restrictions; (iii) the failure of the Company’s projects, for technical, logistical, labour-relations, or other reasons; (iv) a decrease in the price of uranium below what is necessary to sustain the Company’s operations; (v) an increase in the Company’s operating costs above what is necessary to sustain its operations; (vi) accidents, labour disputes, or the materialization of similar risks; (vii) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; and (viii) generally, the Company’s inability to develop and implement a successful business plan for any reason.

In addition, the factors described or referred to in the section entitled “Risks Factors” in the MD&A for the year ended December 31, 2020, of GoviEx, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release.

Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward- looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.

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