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Moab Minerals Limited (ASX: MOM) (Moab or the Company) is pleased to announce that it has entered into a binding share sale agreement for the acquisition of 81.85% of the shares in Australian proprietary company Linx Resources Pty Ltd (Linx), 80% owner of certain mineral licenses comprising the Manyoni Uranium Project and the Octavo Uranium Project, both located in Tanzania.
HIGHLIGHTS:
- Moab is set to acquire 81.85% ownership of Linx Resources Pty Ltd, which boasts a diverse portfolio of advanced, large-scale uranium projects in Tanzania.
- The Asset portfolio includes the Manyoni and Octavo Uranium Projects, covering a total of 216 km2.
- Strategically located just 5km north of Manyoni town, the Manyoni Uranium Project enjoys convenient access to modern railway and sealed highway infrastructure as well as readily available power and water resources.
- The Octavo uranium project is adjacent to Rosatom’s world class Nyota Uranium Deposit (formerly ASX listed Mantra Resources Ltd; A$1.02bn takeover in 2011).
- Moab is committed to expediting exploration and development efforts across the Manyoni and Octavo projects.
- With approximately $3.2 million in cash and equivalents, Moab is well equipped to fund exploration and development initiatives.
Moab Managing Director, Malcolm Day commented “we are very pleased to announce the acquisition of such high potential uranium projects. The fact that Uranex Ltd previously explored the Manyoni Uranium Project and announced a JORC 2004 Mineral Resource Estimate of 20.5 m/lbs at 147pmm in 20101 is a great start for the Company. Post completion of the transaction our priority will be to convert the historic resource to a JORC 2012 compliant Mineral Resource Estimate. With the current spot price of uranium at a 17 year high of circa US$92/lb, it’s an exciting commodity to be exploring for”.
The Manyoni and Octavo Uranium Projects
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 2 and the location of the Octavo uranium project is shown in Figure 3.
Figure 1. Location of Manyoni and Octavo Uranium Projects
Figure 2. Location of Manyoni Tenements
Figure 3. Location of Octavo Tenement
Tenement Information
The Manyoni and Octavo tenements are Prospecting Licences that are granted for an initial period of 4 years, renewable for further periods of 3 years and then 2 years.
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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 an emerging jurisdiction for large-scale uranium mining, with significant uranium deposits identified in recent years. 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 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 an emerging jurisdiction for large-scale uranium mining, with significant resource identified in recent years.
- 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 again in July/August 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.
A validation drilling program has been completed at the Manyoni project with the first batch of the assay results expected in February/March 2025. The acquisition of additional surrounding tenements from AuKing which comprise three uranium projects known as E, F and G, boosts the upside potential of the project. A new drilling program is planned to start in July/August 2025 to validate historical exploration by Uranex and to evaluate the resource potential of the new tenements.
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
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.
Management Team
Malcolm Day - Managing Director
Malcolm Day has been managing director of Moab Minerals since 1999. He’s a civil engineer and licensed 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.
Advancing a portfolio of advanced uranium assets in Tanzania.
Dark Star Initiates Exploration Program and Announces Filing of Technical Report on Ghost Lake Property Located in the Central Mineral Belt of Newfoundland and Labrador
DARK STAR MINERALS INC. (CSE: BATT) (FSE: P0W) (the "Company" or "Dark Star") is pleased to announce that it has initiated its first exploration program on the Ghost Lake claims located in the Province of Newfoundland and Labrador ("Ghost Lake" or "Property"), which the Company holds an option (the "Option") to acquire a 100% right, title, and interest in.
This exploration program, with a total budget of approximately $150,000, designed to advance the Company's understanding of the mineral potential of the Property, and further the prospect of drill targets. The program will include systematic rock sampling of available outcrops, lake water sampling utilizing aqua regia ICP-MS analysis, and an airborne survey conducted via a Helicopter Astar SD2 to identify geophysical anomalies and additional exploration targets.
"We are excited to start exploring the potential at Ghost Lake," said Marc Branson, President, Chief Executive Officer and a director of Dark Star. "Engaging Hardline Exploration has given us the ability to quickly advance the property, and we look forward to positive results"
Ghost Lake Property and Adjacent Projects
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Dark Star also announces that it has filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") technical report titled "43-101 Technical Report on the Ghost Lake Property, Central Mineral Belt, Newfoundland and Labrador" with an effective date of December 4, 2024 for the Property (the "Technical Report"). The Technical Report is available on the Company's profile on SEDAR+ and on the Company's website at www.darkstarminerals.com.
For more information on the Option and the Property, see the Company's November 14, 2024 and March 24, 2025 news releases as well as the Technical Report filed under its profile on SEDAR+.
About Dark Star Minerals Inc.
Dark Star Minerals Inc. is a mineral exploration company focused on the acquisition and development of critical mineral resources, specifically the rare earth complex.
For further information please contact:
Marc Branson – President, Chief Executive Officer and Director
E‐mail: investors@darkstarminerals.com
Telephone: 604‐816‐2555
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Saga Metals
Investor Insight
A diversified critical minerals exploration company backed by a significant partnership with Rio Tinto (NYSE:RIO) paving the way for strategic exploration of both uranium and lithium, Saga Metals offers a compelling investment opportunity in the global green energy transition.
Overview
Saga Metals (TSXV:SAGA,OTCQB:SAGMF,FSE:20H) is a mineral exploration company focused on the acquisition and exploration of mineral assets in Canada. It explores for uranium, lithium, titanium-vanadium and high purity iron ore deposits. The company has five fully owned exploration assets in top-tier mining jurisdictions in Canada. Its primary projects, Double Mer and Legacy are prospective for uranium and lithium, respectively. Its secondary assets are Radar (titanium-vanadium) and North Wind (iron ore).
The Legacy lithium project in James Bay, Quebec, is the subject of a C$44 million joint venture option agreement with Rio Tinto Exploration Canada, signed in June 2024. Under the agreement, Rio Tinto will act as a project manager for the exploration of Legacy, with the option to acquire an initial 51 percent interest in Legacy for four years.
This JV allows Saga Metals to focus on its other primary asset, the Double Mer Uranium project, a 25,600-hectare property located 90km Northeast of Goose Bay in Labrador. In Q1 2025, Saga Metals completed the final preparations for the winterized camp at the Double Mer Uranium and commenced its maiden drill program at the Radar Ti-V projects in Labrador, Canada
Company Highlights
- Saga Metals is an exploration company with a diversified portfolio of critical minerals assets in top-tier mining jurisdictions in North America consisting of uranium, lithium, titanium-vanadium and iron ore projects.
- Saga Metals' flagship asset is the Double Mer Uranium Property with an 18km trend verified with high-resolution magnetic survey, uranium count radiometrics, consistent counts-per-second (cps) readings and rock sample assay results of up to 4,280ppm U3O8. With numerous targets validated in the 2024 summer exploration program the company is planning for its maiden drill program this winter.
- The company entered a C$44 million joint venture with Rio Tinto to advance the exploration of the Legacy Lithium project in James Bay, Quebec.
- The Legacy Lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region.
Key Projects
Double Mer Uranium Project
The Double Mer uranium project is a 1,024 claim spanning 25,600 hectares in eastern central Labrador, 90 km north east of Happy Valley, Goose Bay. The property lies between Lake Melville and Double Mer, both inlets off the Labrador Sea. The project has seen millions of dollars worth of exploration from 1970 to 2008, and features a 10-person winterized camp. A detailed geophysical and radiometric survey, which was supported by field work, demonstrates the Double Mer property extends beyond 14 km of strike, with elevated uranium samples and CPS readings. Longer term plans include developing the project for the potential takeover by a major, similar to the recent acquisition of Fission Uranium by Paladin Energy for $1.2 billion.
Legacy Lithium
The Legacy lithium property is dedicated to expanding North America’s newest lithium district in the prolific James Bay region of Quebec. The property is subject to the Rio Tinto partnership and the Amirault lithium property acquisition. The projects span over 65,849 hectares and hosts the same geological setting along strike from Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium in the La Grande sub-province. James Bay is within Quebec’s Plan Du Nord, which earmarks millions of dollars for development of Quebec’s northern infrastructure.Legacy is the subject of a joint option agreement between Saga Metals and Rio Tinto, under which Rio Tinto will act as project manager during the first and second option periods. The optioned property contains 663 claims spanning 34,243 hectares hosting 100 km of striking paragneiss.
Saga Metals CEO Mike Stier cited the agreement as a “significant milestone in the company’s development,” providing the necessary capital for the exploration of the Legacy lithium project.
Rio Tinto Exploration Canada (RTEC), a subsidiary of the Rio Tinto Group (LSE:RIO,ASX:RIO,NYSE:RIO), is advancing exploration on the optioned Legacy lithium project. In 2024, RTEC conducted geological mapping, a satellite imagery survey, and an airborne magnetics survey to assess the project’s potential. Building on these results, the company plans to expand its exploration efforts in 2025, focusing on mapping, sampling, prospecting and remainder of the airborne magnetics to refine targets.
Radar
Regional geology of the southeastern Grenville Province and the Radar property
Saga Metals owns 100 percent of this 21,750-hectare land package with road access and close proximity to a deep-water port, only 10km away from the coastal city of Cartwright, Labrador. The Radar project is prospective for titanium and vanadium, both critical minerals. In March 2025, Saga Metals announced it has successfully executed a maiden drill program at the Radar project. The program confirmed a large mineralized layered mafic intrusion, underscoring the immense untapped potential of the region for hosting critical metals, including vanadium and titanium, essential to the global green energy transition.
North Wind
Located in west central Labrador, 16 km southwest of Schefferville, Quebec within the Labrador Trough, the North Wind iron project consists of 255 claim blocks under a single license. The mineral license comprises 6,375 hectares and contains eight historical drill holes which formed part of New Millennium Iron’s resource estimate 43-101 in 2013. The average grade of the drill holes, which now sit within the North Wind Iron property, was 21 percent iron over the complete eight drill holes that totaled 590 meters. Saga Metals is conducting a small boots-on-the-ground program, which it plans to progress into a drill program after confirmation of structural measurements of a prospective deposit.
Management Team
Michael Stier – Chief Executive Officer and Director
Educated in business management and finance, Michael Stier has spent the past 15 years focused on and building expertise in capital markets. Experienced in corporate structure, finance, business development, IPOs, M&A and wealth management, Stier served as a CIBC IIROC licensed senior financial advisor, senior analyst for a private equity company and more recently holds executive and directorship roles with private companies and publicly listed issuers. He has consulted in industries including mining, oil & gas, fintech, VR, eSports, health, life sciences and biotech. In addition to Saga, Stier has acted for several public entities and currently sits on the board of Rektron Group, LaFleur Minerals, and GoldHaven Resources.
Terence Lee – Chief Financial Officer
Terence Lee is a CPA with over nine years of finance experience in reporting under International Financial Reporting Standards. Lee has worked in financial planning, analysis and reporting for companies across various industries including mining, technology, real estate, life sciences, education and private healthcare. Lee graduated with a BA from Simon Fraser University, a Diploma of Accounting from UBC’s Sauder School of Business and articled with BDO LLP. Lee is CFO of various private and publicly listed companies.
Michael Garagan – Chief Geological Officer
With a Bachelor of Science in Geology, Michael Garagan has 15 years of experience in the exploration industry with projects across the world including Africa, Asia, North and South America. He encountered a diverse experience of deposit styles from gold to base metals in porphyry, orogenic, epithermal and VMS deposits to uranium and lithium pegmatites. Notable projects include B2 Gold’s Otjikoto project in Namibia, Night Hawk’s Colomac project in NWT, Unigold’s Neita project in the Dominican Republic, as well as Hudbay’s Lalor Mine in Snowlake, Manitoba.
Michael Waldkirch – Independent Director
Michael Waldkirch is a CPA and CGA with over 25 years of professional experience. Since 1998, he has led the accounting firm of Michael Waldkirch & Company, specializing in accounting, tax and business consultancy services to a wide variety of public and private companies. He has represented a wide variety of public corporations including mining, oil and gas and technology companies listed on the TSX, TSXV, NYSE-American, NASDAQ and OTC-BB. He has served as CFO of numerous Canadian and US publicly listed companies, including Gold Standard Ventures and Barksdale Resources and is currently an independent board member of US Gold Corp. (NASDAQ:USAU).
Harrison Pokrandt - Independent Director
With 7 years of experience in mineral exploration, Harrison Pokrandt has worked on multiple styles of geology including porphyry, VMS, orogenic, Epithermal, and Carlin-style deposits throughout countries such as Canada, Nevada, Uzbekistan, Finland, Japan, and Mali. Primarily working in gold in multiple districts, Pokrandt has experience in exploration projects and mines within all stages of project development from grassroots to development projects as well as active mines. Some flagship projects he has experience with include B2Gold’s Fekola, Skeena Resources’s Eskay Creek, as well as B2Gold’s Back River Project. Pokrandt studied earth science at Carleton University and is currently employed at Scorpio Gold Corporation as VP of Exploration.
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