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Moab picks up uranium assets in Tanzania

12th March 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Exploration and development company Moab Minerals on Tuesday announced the “transformational” acquisition of a portfolio of advanced uranium assets in Tanzania.

The company entered into a binding share sale agreement for the acquisition of 81.85% of the shares in Australian proprietary company Linx Resources, 80% owner of licences comprising the Manyoni and Octavo uranium projects.

“With the current spot price of uranium at a 17-year high of circa $92/lb, it is an exciting commodity to be exploring for,” said MD Malcolm Day on Tuesday.

Manyoni was previously explored by ASX-listed Uranex (now Magnis Energy), which declared a mineral resource estimate of 20.5-million pounds at 147 ppm in 2010.

Moab noted that a third party intended to pursue a Ministerial appeal in respect of two prospecting licences at Manyoni. These two licences were replaced by two prospecting licences that were currently owned by Katika Resources. A Tanzanian law firm has been appointed to conduct a legal due diligence on the two licences.

Moab currently owns a uranium and vanadium project in the famed Uravan mineral belt of Colorado, US.

Edited by Creamer Media Reporter

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