Dar es Salaam. Moab Minerals Limited, an exploration and project development company has received a $500,000 (app. Sh1.4 billion) capital commitment from Australian firm European Lithium Ltd for the development of Uranium project in Manyoni.
The good news for the local project comes as the company announced positive assay results from its initial drilling programme at the Manyoni Uranium Project.
On its February announcement Moab Minerals said its analysis results showcased significant uranium mineralisation across 51 drill holes, suggesting potential for low-cost, open cut mining due to the shallow depth of mineralisation.
Moab Minerals managing director, Mr Malcolm Day, said these results have exceeded expectations and confirm the widespread and consistent distribution of uranium mineralisation across the tenements.
“The mineralisation is remarkably consistent and at shallow depth suitable for open cut mining. The next step is to compare these results with historical assays as part of the verification exercise. This works intended to facilitate a JORC 2012 compliant MRE in 2025,” he said.
The new capital investment by the Australian firm is committed via a placement of 166,666,667 ordinary shares at an issue price of $0.003 per share.
In addition, European Lithium will also receive free attaching options, each exercisable at $0.008 and expiring December 5, 2027.
Strategically located just five kilometres 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 Tanzanian mining sector has seen increased momentum, with another significant milestone last week when the Mining Commission of Tanzania granted a Mining License to Helium One Global, the primary helium explorer in Tanzania, for its Southern Rukwa Helium Project.
The southern Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country.
These assets lie near surface seeps with helium concentrations ranging up to 10.4 percent helium by volume.
