GoviEx updated resources at Muntanga in Zambia shows increase in Measured and Indicated | News Direct

GoviEx updated resources at Muntanga in Zambia shows increase in Measured and Indicated

News release by GoviEx Uranium Inc

facebook icon linkedin icon twitter icon pinterest icon email icon Vancouver | July 17, 2023 04:52 PM Eastern Daylight Time


GoviEx Uranium Inc CEO Daniel Major joined Proactive's Steve Darling to share significant news news regarding the updated Mineral Resource Estimate for the Muntanga uranium project in Zambia. Muntanga comprises three mining permits and encompasses five deposits: Dibbwi, Dibbwi East, Muntanga, Gwabi, and Njame.

Major informed Proactive that the updated Measured and Indicated resources have nearly tripled, now representing 74% compared to the previous 29% of the total resources. Additionally, the total in-pit constrained resources have increased by 18%.

The company stated that based on a uranium price of USD50/lb U3O8, which was used to define the mining schedule in the 2017 Preliminary Economic Assessment, the constrained total pit resources amount to 36.5 million pounds of equivalent U3O8. This includes 34 million tonnes at 374 parts per million eU3O8 for 28.4 million pounds in the Measured and Indicated category, and 11 million tonnes at 348 ppm eU3O8 for 8.1 million pounds in the Inferred category. These results highlight the robustness of the mineral resources at the Muntanga project.

Major emphasized that the updated Mineral Resource Estimate was the result of extensive work, including infill drilling. In 2021, a total of 8,010 meters were drilled, followed by an additional 19,990 meters of drilling in 2022. The company's dedication to advancing its understanding of the project's mineral resources has been instrumental in the significant resource increase.

The updated Mineral Resource Estimate reinforces the potential of Muntanga and underscores GoviEx Uranium's commitment to developing a robust and economically viable uranium operation. As the company continues to advance its exploration and development activities, it aims to unlock the full potential of the Muntanga project and contribute to the global supply of uranium.


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