Sydney, Australia – Moab Minerals Limited (ASX: MOM), ASX listed exploration and project development company, is thrilled to announce a significant milestone in its growth strategy with the acquisition of an 81.85% stake in Linx Resources Pty Ltd. This acquisition positions Moab at the forefront of uranium exploration by adding the Manyoni and Octavo Uranium Projects in Tanzania to its portfolio.
The Manyoni Uranium Project, situated merely 5km north of Manyoni town, benefits from exceptional access to essential infrastructure, including modern railway and highway networks, as well as power and water resources, covering an expansive area of 216 km^2. Adjacent to the globally recognized Nyota Uranium Deposit, the Octavo Uranium Project further solidifies Moab's presence in a region known for its rich uranium deposits.
Moab's strategic acquisition is underpinned by a robust financial position, with approximately $3.2 million in cash and equivalents, ensuring the company is well-prepared to advance exploration and development activities across these projects.
Malcolm Day, Moab's Managing Director, expressed his enthusiasm for the acquisition, stating, "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 2010 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.”
This acquisition marks a pivotal moment for Moab Minerals Limited as it embarks on an ambitious journey to explore and develop these promising uranium projects. The company is committed to leveraging its strategic position and resources to expedite the exploration and development efforts, aiming to contribute significantly to the global uranium market.
About us:
Moab Minerals Limited (ASX:MOM) is an exploration and project development company. The Company is currently focused on the exploration and development of the REX Uranium-Vanadium Project located in the famed Uravan Mineral Belt of Colorado. The project is 60% owned by Moab and contains many historic uranium mines including, Blackfoot/Rattlesnake, Wedge, Merry Widow, Sunbeam, and Vanadium King that have not been subject to exploration since the 1970’s, other than initial sampling by MOM. The Company aims to further explore REX through a targeted exploration program.
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Jane Morgan
