9 October 2025 – Sydney, Australia | Moab Minerals Limited (ASX:MOM) has announced that it has executed a binding share sale agreement to acquire 100% of Imbas Mining Pty Ltd, who holds rights to earn up to an 80% interest in the highly prospective Sasare Gold and Copper Project in Zambia.
Located within the prolific Mwembeshi Shear Zone approximately 407 kilometres east of Lusaka, the Sasare Project covers a 51 km² exploration licence (36652-HQ-LEL) and hosts significant historic gold and copper workings with compelling new exploration targets.
The Sasare Gold Mine, located in the southern section of the licence area, was one of Zambia’s earliest gold producers, and yielded approximately 12,500 troy ounces of gold in the period between 1906 and 1942. The historic workings lie along a quartz vein complex with an estimated strike length of at least 1.6 km and offer strong potential for the development of a bulk open pit operation.
Moab has declared an Exploration Target for the Sasare gold prospect, with conceptual tonnage ranging from 31 Mt to 41 Mt, grading between 0.8 g/t and 1.7 g/t Au, equating to a potential 0.8–2.3 million ounces of contained gold.
The Company notes this target is based on historical mining data, geological mapping, and vein structure modelling, with further drilling required to define a Mineral Resource in accordance with JORC 2012.
Moab Managing Director, Malcolm Day commented: “the Company is very pleased to announce the acquisition of an interest in the Sasare Gold and Copper Project. Whilst the Sasare gold mine produced ~12,500 oz of gold, it was abandoned in 1942 due to WW2. Moab believes there is considerable scope to discover an economic gold resource in the immediate area. Separately, approximately 5km to the north in the same exploration licence, historic drilling for copper produced exciting copper intercepts that the Company intends to follow up”.
In the northern portion of the licence, historic drilling by African Eagle Resources PLC at the Mweze and Eagle Eye prospects has returned multiple wide copper intercepts, including:
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Mweze Prospect:
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52m @ 2.72% Cu from surface (hole SMD2)
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65m @ 0.70% Cu from 24m including 7m @ 2.39% Cu (hole MZR8)
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9m @ 2.50% Cu from 138m (hole MZR11)
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Eagle Eye Prospect:
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8m @ 1.51% Cu from 54m including 6m @ 1.83% Cu (hole EER12)
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3m @ 3.00% Cu from 21m (hole EER3)
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The copper mineralisation is hosted in a geological environment consistent with the IOCG (iron oxide copper-gold) model, supported by geophysical and geochemical data, trenching results, and field observations. Moab has declared an Exploration Target at Mweze ranging from 14 Mt @ 1.6% Cu to 106 Mt @ 0.7% Cu, for a potential contained copper range of 0.2–0.7 Mt.
Through the acquisition of Imbas Mining Pty Ltd, Moab will secure immediate 10% indirect ownership in the Sasare Project, with the potential to earn up to 80% under a two-stage earn-in structure:
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Stage 1: Increase interest to 51% via payment of $700,000 (cash or shares) by 28 February 2025
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Stage 2: Earn 80% interest upon defining a JORC-compliant Inferred Resource of at least 1.4 Mt @ 1.2% Cu and a further $1,000,000 payment
The remaining 20% will be held by Alinafe WB Investment Limited on a free-carried basis through to the completion of a Definitive Feasibility Study, after which Alinafe may contribute or convert its interest into a 1.5% net smelter royalty.
Under the terms of the agreement, Moab will issue:
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700 million fully paid ordinary shares at completion;
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300 million deferred shares upon reaching 51% interest in Taguwa;
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Deferred shares to the value of $500,000 upon Moab achieving a $20 million market capitalisation within 12 months of completion.
A shareholder meeting is scheduled for November 2025 to seek approval for the required securities issuance and a proposed 25-for-1 share consolidation.
About us:
ABOUT MOAB MINERALS
Moab Minerals Limited (ASX:MOM) is an exploration and project development company. The Company iscurrently focused on the exploration and development of the Manyoni Uranium Project located in Tanzania, Africa. The project is 80% owned by Moab with Tanzanian company Galo Capital Ltd holding the other 20%. The Company aims to further explore Manyoni through a targeted exploration program.
Moab also holds a 9.30% interest in CAA Mining, an exploration and development company focused on lithium and gold exploration in Ghana, Africa, providing Moab shareholders with an interest in three lithium projects that are complementary to its existing assets, expanding its business as a junior exploration company
The Company also owns the Highline Copper-Cobalt Project in Southern Nevada.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]
