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GoviEx Uranium (TSXV: GXU) has updated the mineral resource estimate for its wholly-owned and mine-permitted Muntanga uranium project in Zambia. The Muntanga project consists of three mining permits that cover some 720 km2 and contains five deposits.
Measured and indicated resources have nearly tripled, now representing 74% of total resources. Total in-pit constrained resources have increased by 18%, with grade improvements in all mineral categories. The company says these results fully support the continued feasibility study and bode well for the future of Muntanga.
Daniel Major, CEO of GoviEx, said the updated resource estimates are characterized by a “notable growth in in-pit resources, a substantial conversion of inferred resources into the indicated category, and an overall rise in uranium grades.” Major added that there is potential for further upgrading of inferred resources.
The 2023 updated mineral resource estimate is the result of extensive infill drilling, including 8,010 metres drilled in 2021 and a further 19,990 metres drilling in 2022, predominantly on the Dibbwi East deposit. The mineral resource update included a comprehensive reassessment of previous work and a revised correlation between down-hole radiometric probe data and chemical assays.
