Moab Minerals Unveils Strong Uranium Drilling Results and Strategic Expansion Plans

Robust Uranium Intersections at Manyoni

Moab Minerals Limited (ASX:MOM) has delivered a compelling update on its Manyoni Uranium Project in Tanzania, revealing consistent uranium mineralisation across 110 PQ core drill holes. The drilling program, covering the C1 and A project areas, demonstrated a flat-lying uranium system with minimal overburden, enhancing the project's potential for low-cost, open-cut mining.

Notably, all 51 drill holes at Area C1 intersected uranium mineralisation exceeding 100ppm U3O8 over at least 1.0m thickness, with 18 holes surpassing 400ppm U3O8. Significant intercepts include 3.0m at 1126ppm U3O8 from surface and 4.5m at 740ppm U3O8, underscoring the project's grade and continuity.

Expanding Resource Base and Strategic Tenement Acquisition

Area A, located 16 kilometres north of C1, also yielded encouraging results with 40 drill holes exceeding the cut-off grade, confirming the extension of the same palaeochannel uranium system. Typical intersections here include 4.5m at 214ppm U3O8 from surface.

These assay results will underpin Moab’s maiden JORC (2012) Mineral Resource Estimate, anticipated later in 2025, marking a critical milestone in advancing the Manyoni Project towards development.

Complementing these exploration successes, Moab expects to finalize the acquisition of the neighbouring AuKing tenements shortly. These tenements contain known uranium mineralisation contiguous with Moab’s existing tenure, potentially consolidating the company’s footprint in the region and enhancing resource scale.

Progress at REX Uranium-Vanadium Project, Colorado

In the United States, Moab is preparing for an 18-hole aircore drill program at its REX Uranium-Vanadium Project, situated in the historic Uravan Mineral Belt of Colorado. This program aims to follow up on promising uranium mineralisation identified in a 2023 three-hole drill campaign, particularly targeting the eastward extension of mineralisation near the Faery Queen mine.

The company holds a 60% interest in REX and has secured the necessary Bureau of Land Management exploration permit. It is currently awaiting a Construction Stormwater Permit from the Colorado Department of Public Health, expected in the June quarter of 2025, which will enable the commencement of drilling activities.

Financial Position and Corporate Developments

Moab Minerals strengthened its financial position during the quarter through a $500,000 placement with European Lithium Ltd (ASX:EUR), issuing shares at $0.003 each with attached options. The company also realised $431,000 from the sale of listed investments, supporting ongoing exploration and evaluation expenditures totaling $500,000.

Operating costs remained disciplined, with administration and corporate expenses at $160,000 and staff costs at $140,000, including director payments. The company continues to manage its cash flow carefully, ending the quarter with $445,000 in cash and equivalents.

Looking Ahead

Moab’s forward program includes evaluating the Manyoni drill results, commencing metallurgical testwork, and progressing towards scoping and pre-feasibility studies. The company also plans validation drilling on the AuKing tenements and airborne geophysical surveys at the Octavo project to refine uranium targets.

Meanwhile, the Highline Copper-Cobalt Project in Nevada remains under review, with no activity reported this quarter.