HIGHLIGHTS
The Company raised $4M at $0.03 per share from a consortium of private investors led by Mr Ian Stalker, with funds to be used toward the Company’s exploration and drilling program at the Mkuju Uranium Project in Tanzania.
Preparations for drilling at the Mkuju Project in southern Tanzania commenced, with drilling expected to commence in May to test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits.
Samples from shallow reconnaissance pits at Minjingu Project in northern Tanzania returned results of 202ppm and 269ppm U3O8.
URANIUM PROJECTS – TANZANIA
MKUJU URANIUM PROJECT
The Prospecting Licenses (PLs) of the Mkuju Project cover 725 km2 as shown in Figure 2 and include two existing uranium deposits and several exploration prospects. The area is 20-30 km south of the Nyota deposit. Nyota hosts a Measured and Indicated Mineral Resource Estimate of 187 Mt at 306 ppm U3O8 containing 124.6 Mlbs U3O8. Nyota is being developed by global uranium company Uranium One. The Nyota deposit and the deposits and prospects on the Mkuju Project are underlain by continental sediments of Triassic aged sediments of the Karoo Supergroup which are considered highly prospective for uranium.
During the quarter no fieldwork was carried out as access to the area is extremely difficult during Tanzania’s wet season which typically lasts from November/December until early May. During the quarter significant progress was made in preparation for an initial 2000m drilling program planned to commence during May, to test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits, summarised below with further details found in the Company’s recent ASX announcements.
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