Moab Minerals Advances Uranium Resource Estimates and Strategic Tenement Acquisitions
Moab Minerals is progressing its Manyoni uranium project with a planned JORC-compliant resource estimate and is nearing completion of a key tenement acquisition, while securing fresh funding to support ongoing exploration.
- JORC 2012 Mineral Resource Estimate planned for Manyoni uranium project
- Near completion of AuKing tenement acquisition adjacent to Manyoni
- REX Uranium-Vanadium project drilling pending environmental permits
- Raised $141,000 via placement and secured $500,000 loan facility
- Quarterly exploration expenditure continues amid tight cash reserves
Progress at Manyoni Uranium Project
Moab Minerals Limited (ASX, MOM) has reported steady advancement at its Manyoni uranium project in Tanzania, following an extensive 2024 drilling campaign comprising 110 core holes. The company is now positioned to update the historical Mineral Resource Estimate (MRE) to comply with the JORC 2012 standard, with Snowdens-Optiro engaged to deliver the report within the September quarter. This step is critical for validating the project's resource potential and attracting further investment.
Strategic Tenement Acquisition Nears Completion
Moab is also on the verge of completing the acquisition of the AuKing tenements, which lie immediately adjacent to its existing Manyoni tenure and contain known uranium mineralisation. The acquisition, subject to certain conditions and shareholder approval for the issuance of 62.5 million shares, will significantly expand Moab's footprint in this promising uranium district. Plans are underway for a validation drilling program to verify historical data across the AuKing tenements, potentially involving up to 90 drill holes.
Exploration in Colorado and Nevada
In the United States, Moab holds a 60% interest in the REX Uranium-Vanadium Project located in Colorado's historic Uravan Mineral Belt. The company has designed an 18-hole aircore drilling program to follow up on encouraging 2023 results but awaits a Construction Stormwater Permit from the Colorado Department of Public Health before proceeding. Meanwhile, exploration at the Highline Copper-Cobalt Project in Nevada was paused during the quarter.
Financial Position and Funding
Moab's quarterly cash flow reflected ongoing exploration and corporate expenditures totaling approximately $400,000, with cash reserves dwindling to $94,000 at quarter-end. To bolster its financial position, the company completed a placement raising $141,000 and secured a $500,000 unsecured loan facility from European Lithium Ltd, accruing 10% interest and repayable in July 2026. The board acknowledges the need for additional funding and continues to explore options to sustain operations and advance its projects.
Outlook
Looking ahead, Moab plans to finalize the Manyoni MRE in the September quarter, followed by scoping and pre-feasibility studies. The company is also evaluating other resource opportunities and awaiting regulatory approvals to resume drilling at REX. These developments will be pivotal in defining Moab’s growth trajectory in the uranium sector.
Bottom Line?
Moab Minerals stands at a critical juncture, with resource upgrades and tenement expansions poised to unlock value, but funding constraints and permitting delays remain key challenges.
Questions in the middle?
- Will the September quarter Mineral Resource Estimate confirm economically viable uranium grades at Manyoni?
- What is the timeline and likelihood of completing the AuKing tenement acquisition and subsequent drilling?
- How soon can Moab secure environmental permits to advance drilling at the REX project in Colorado?
