GoviEx Uranium Corp., a mineral resource company, has announced an increase in open-pit mineral resources at its Muntanga uranium mine in Siavonga, Southern Province..
The updated Mineral Resource Estimate (MRE) shows constrained total pit resources to measure 36.5 million pounds (Mlb) of uranium, with the quality of the resource considerably higher than previous estimates.
Of the total 36.5 Mlb of uranium equivalent, measured and indicated resources are shown to be 34 million tons at 374 parts per million (ppm) for 28.4Mlb while inferred resources measure 11 million tons at 348 ppm for 8.1 Mlb.
The updated MRE was a direct result of drilling campaigns in 2021 and 2022, with “progress characterized by a notable growth regarding in-pit resources, a substantial conversion of inferred resources into the indicated category, and an overall rise in uranium grades.”
The MRE was updated following a thorough reassessment of previous studies and a refined correlation between down-hole radiometric probe data and chemical arrays.
Extensive infill drilling was also conducted, with a major focus on the Dibbwi East Deposit. A total of 8,010 meters were drilled in 2021, followed by an additional 19,990 meters in 2022. The drilling was aimed at further delineating the deposit and converting inferred resources into indicated resources.
GoviEx CEO Daniel Major noted that there is potential for even further upgrading of resources. He said, “The updated MRE is a significant milestone for the Muntanga project and demonstrates the potential of this asset. We are confident that there is further upside to the resource, and we look forward to continuing our exploration program.”
The updated MRE is a positive development for GoviEx Uranium and the Muntanga project. The increased resource size and improved grade are likely to attract additional interest from investors and potential partners. GoviEx Uranium is well-positioned to continue to explore and develop the Muntanga project, and the company is confident that there is further upside to the resource.