- GoviEx (GXU) has provided updates to the Mutanga Drilling Program and Madaouela’s feasibility study
- The down-hole percussion drilling conducted at the end of June 2022 is approximately 40 per cent complete
- Thicknesses of up to 25 m, and extending deeper and more laterally than prior drilling to a depth of 200 m were also noted
- Part of the diamond drilling program is targeted toward reviewing this factor as there may be potential to improve this number
- GoviEx is currently working on final optimization and trade-off options and expects to complete its feasibility study in Q3 of this year
- GoviEx Uranium (GXU) is up0 over 6.30 per cent, trading at C$0.25 at 1:08 pm EST
GoviEx Uranium (GXU) has provided updates on its drilling program at Mutanga, a uranium project in Zambia and a feasibility study for Madaouela, its uranium project in Niger.
The Mutanga infill drilling campaign has experienced some positive changes, starting in May this year.
It is focused on upgrading the inferred mineral resources associated with the Dibwe East deposit to indicate mineral resources for inclusion in a planned feasibility study.
The down-hole percussion drilling conducted at the end of June 2022 is approximately 40 per cent complete, with 6,220 m drilled out of a planned 15,500 m, and the diamond drilling is just over 10 per cent complete with 936 m drilled out of a planned 9,000 m.
The mineralization has remained consistent from hole to hole, with additional mineralization on the sections drilled this year.
Thicknesses of up to 25 m, and extending deeper and more laterally than prior drilling to a depth of 200 m were also noted.
Average grades are comparable to previously drilled holes, and some holes achieved peak grades of up to 1.2 per cent eU3O8, including the current 0.67x disequilibrium factor.
Part of the diamond drilling program is targeted towards reviewing this factor as there may be potential to improve this number.
The Dibwe East deposit currently contains 43.1 Mt of uranium mineralization at an average grade of 304 ppm U3O8 for 28.9 Mlb U3O8.
These numbers represent roughly 45 per cent of the total resource tonnage at Mutanga.
GoviEx is currently working on final optimization and trade-off options and expects to complete its feasibility study in Q3 this year.
In addition, the Niger government is reviewing a new mining code, and while no significant changes have happened yet, it is being anticipated.
Daniel Major, CEO of GoviEx, commented, “Our ambitious drilling programme is aimed at upgrading the inferred mineral resources associated with the Dibwe East deposit, and we have had very positive initial results so far.”
“Despite the increase in inflation and pricing volatility, I am satisfied with the work completed. We are currently examining several final optimization options to improve the results to date,” added Major.
Govind Friedland, Executive Chairman of GoviEx, added, “GoviEx is well-positioned to benefit from the expected strong market environment.”
GoviEx is a mineral resource company focused on exploring and developing uranium properties in Africa.
GoviEx Uranium (GXU) is up0 over 6.30 per cent, trading at C$0.25 at 1:08 pm EST.