Moab Minerals Advances Uranium Projects with Strategic Acquisitions and Drilling Plans
Moab Minerals reports significant progress in its uranium exploration portfolio, including pending drill results at Manyoni, acquisition of strategic tenements in Tanzania, and permitting for a follow-up drill program at the REX project in Colorado.
- Pending results from Manyoni uranium project validation drilling
- Acquisition of AuKing tenements adjacent to Manyoni adds upside potential
- Permitting underway for 18-hole drill program at REX uranium project in Colorado
- Completed $2 million capital raising with share and option issues
- Maintains 11.02% interest in CAA Mining focused on lithium and gold in Ghana
Validation Drilling at Manyoni Poised to Unlock Resource Potential
Moab Minerals Limited (ASX:MOM) is nearing a pivotal moment with the imminent release of results from its recent validation drilling program at the Manyoni uranium project in Tanzania. This program, designed to verify historical data and align with JORC Code 2012 standards, involved up to 60 drill holes employing PQ Triple Tube coring to ensure high-quality samples and reliable assay data. The outcome is expected to underpin a Mineral Resource Estimate and guide subsequent exploration phases.
Strategic Expansion Through AuKing Tenement Acquisition
In October 2024, Moab announced the acquisition of AuKing’s prospecting licences covering 488 km² adjacent to Manyoni. These tenements encompass three historic uranium mineral resources (E, F, and G deposits) previously delineated by Uranex, offering significant upside to Manyoni’s resource base. Subject to due diligence and regulatory approval, Moab plans to initiate a substantial validation drill program on these tenements, potentially involving up to 90 holes starting in the September 2025 quarter, aiming to confirm and expand the known uranium mineralisation.
REX Uranium Project: Permitting and JV Search in Colorado’s Historic Uravan Belt
Across the globe in Colorado, Moab is advancing its 60%-owned REX Uranium-Vanadium project situated in the historic Uravan Mineral Belt. Following a successful initial three-hole drill program in 2023 that identified uranium mineralisation, the company is now in the process of securing permits for an 18-hole aircore drilling campaign targeting extensions of the mineralised zones near the Faery Queen mine. Concurrently, Moab is actively seeking a joint venture partner to share the development risk and capitalise on the project’s potential.
Capital Raising and Financial Position
Moab successfully completed a two-tranche placement in late 2024, raising $2 million before costs through the issuance of over 666 million shares and accompanying options. This capital injection supports ongoing exploration activities and corporate costs. The company also converted $250,000 of related-party debt into equity, further strengthening its balance sheet. Despite a modest cash balance of $355,000 at quarter-end, Moab anticipates reduced exploration expenditure in the coming quarter following the completion of the initial Manyoni drilling program.
Broader Portfolio and Strategic Interests
Beyond uranium, Moab maintains an 11.02% stake in CAA Mining Limited, an exploration company focused on lithium and gold projects in Ghana, providing exposure to complementary battery metals markets. The company’s Highline copper-cobalt project in Nevada remains under review, while the Woodlands base metal and gold project in Western Australia was relinquished during the quarter.
Outlook and Next Steps
Looking ahead, Moab is poised to release the Manyoni drill results imminently, which will be a critical catalyst for the company’s valuation and strategic direction. The planned expansion of drilling on the newly acquired AuKing tenements and the advancement of the REX project drilling permit process will be key milestones to watch. Moab’s ability to secure a joint venture partner for REX could significantly accelerate development timelines and unlock shareholder value.
Bottom Line?
Moab Minerals stands at a crossroads with upcoming drill results and strategic expansions that could redefine its uranium exploration trajectory.
Questions in the middle?
- What will the validation drilling results at Manyoni reveal about the project's resource potential?
- How will regulatory approval and due diligence impact the timing and scope of the AuKing tenement acquisition?
- Can Moab secure a joint venture partner for the REX project to advance exploration and development?
