GoviEx Uranium Strengthens Foothold in Zambia
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) has secured an option to acquire a 51% interest in the Lundazi exploration license in Zambia, covering 817.9km2 of Karoo Supergroup formations. This strategic move aligns with GoviEx's expansion plans in Zambia, complementing its Muntanga Project where a Feasibility Study is due in H2 2024. The company can earn its stake by investing up to $1.5 million over three years, with an initial commitment of $300,000 in the first year.
CEO Daniel Major highlighted the geological similarities between Lundazi and Muntanga, emphasizing Zambia's mining-friendly environment. Chief Geologist Jerome Randabel noted promising geological features, including faults and radiometric anomalies, indicating potential uranium deposits. GoviEx plans to commence exploration with geological mapping and radiometric surveys, followed by a drilling campaign in 2025.
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ha acquisito un'opzione per ottenere una partecipazione del 51% nella licenza di esplorazione di Lundazi in Zambia, che copre 817,9 km2 di formazioni del Supergruppo Karoo. Questa mossa strategica si allinea ai piani di espansione di GoviEx in Zambia, completando il suo Progetto Muntanga, per il quale è previsto uno Studio di Fattibilità nel secondo semestre del 2024. L'azienda può acquisire la sua partecipazione investendo fino a $1,5 milioni in tre anni, con un impegno iniziale di $300.000 nel primo anno.
Il CEO Daniel Major ha evidenziato le somiglianze geologiche tra Lundazi e Muntanga, sottolineando l'ambiente favorevole all'estrazione mineraria in Zambia. Il geologo capo Jerome Randabel ha annotato caratteristiche geologiche promettenti, tra cui faglie e anomalie radiometriche, che indicano potenziali depositi di uranio. GoviEx prevede di avviare l'esplorazione con mappature geologiche e sondaggi radiometrici, seguiti da una campagna di perforazione nel 2025.
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ha asegurado una opción para adquirir una participación del 51% en la licencia de exploración de Lundazi en Zambia, que cubre 817,9 km2 de formaciones del Supergrupo Karoo. Este movimiento estratégico se alinea con los planes de expansión de GoviEx en Zambia, complementando su Proyecto Muntanga, para el cual se espera un Estudio de Viabilidad en la segunda mitad de 2024. La compañía puede obtener su participación invirtiendo hasta $1.5 millones en tres años, con un compromiso inicial de $300,000 en el primer año.
El CEO Daniel Major destacó las similitudes geológicas entre Lundazi y Muntanga, enfatizando el ambiente favorable para la minería en Zambia. El geólogo jefe Jerome Randabel señaló características geológicas prometedoras, incluyendo fallas y anomalías radiométricas, que indican depósitos potenciales de uranio. GoviEx planea comenzar la exploración con mapeo geológico y encuestas radiométricas, seguidas de una campaña de perforación en 2025.
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF)는 잠비아의 Lundazi 탐사 라이센스에서 51%의 지분을 인수할 수 있는 옵션을 확보했습니다. 이 라이센스는 817.9 km2의 카루 수퍼그룹 형성을 포함합니다. 이 전략적 결정은 잠비아에서 GoviEx의 확장 계획과 일치하며, 문탄가 프로젝트와 함께 진행되어 2024년 하반기에 타당성 연구가 예정되어 있습니다. 회사는 3년 동안 최대 $1.5 백만을 투자함으로써 지분을 얻을 수 있으며, 첫 해에 $300,000의 초기 투자를 약속합니다.
CEO 다니엘 메이저는 Lundazi와 Muntanga 간의 지질학적 유사성을 강조하며, 잠비아의 광업 친화적인 환경을 언급했습니다. 수석 지질학자 제롬 랜다벨은 단층 및 방사선 이상을 포함한 유망한 지질적 특징을 언급하며 잠재적 우라늄 매장지의 가능성을 시사했습니다. GoviEx는 지질 지도 작성 및 방사선 조사로 탐사를 시작할 계획이며, 2025년에 시추 캠페인을 진행할 것입니다.
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) a sécurisé une option pour acquérir une participation de 51% dans la licence d'exploration de Lundazi en Zambie, couvrant 817,9 km2 de formations du Supergroupe Karoo. Ce mouvement stratégique s'aligne avec les plans d'expansion de GoviEx en Zambie, complétant son Projets Muntanga pour lequel une Étude de Faisabilité est prévue au second semestre 2024. La société peut gagner sa participation en investissant jusqu'à 1,5 million de dollars sur trois ans, avec un engagement initial de 300 000 dollars la première année.
Le PDG Daniel Major a souligné les similarités géologiques entre Lundazi et Muntanga, en mettant l'accent sur l'environnement propice à l'exploitation minière en Zambie. Le géologue en chef Jerome Randabel a noté des caractéristiques géologiques prometteuses, y compris des failles et des anomalies radiométriques, indiquant un potentiel dépôt d'uranium. GoviEx prévoit de commencer l'exploration par dessins géologiques et relevés radiométriques, suivis d'une campagne de forages en 2025.
GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) hat eine Option zum Erwerb eines 51% Anteils an der Erkundungslizenz Lundazi in Sambia gesichert, die 817,9 km2 von Karoo-Supergruppenformationen abdeckt. Dieser strategische Schritt stimmt mit den Expansionsplänen von GoviEx in Sambia überein und ergänzt das Muntanga-Projekt, für das im zweiten Halbjahr 2024 eine Machbarkeitsstudie ansteht. Das Unternehmen kann seinen Anteil erwerben, indem es bis zu 1,5 Millionen Dollar über drei Jahre investiert, mit einem anfänglichen Engagement von 300.000 Dollar im ersten Jahr.
CEO Daniel Major hob die geologischen Ähnlichkeiten zwischen Lundazi und Muntanga hervor und betonte das bergbaufreundliche Umfeld Sambias. Der Chefgeologe Jerome Randabel bemerkte vielversprechende geologische Merkmale, einschließlich Störungen und radiometrischen Anomalien, die auf potenzielle Uranlagerstätten hinweisen. GoviEx plant, mit geologischer Kartierung und radiometrischen Erhebungen zu beginnen, gefolgt von einer Bohrkampagne im Jahr 2025.
- Option to acquire 51% interest in Lundazi exploration license, expanding footprint in Zambia
- Geological similarities between Lundazi and Muntanga Project, leveraging existing expertise
- Feasibility Study for Muntanga Project on track for publication in H2 2024
- Potential for production at Muntanga Project two years after construction commencement
- Zambia's stable political environment and government support for mining operations
- Initial investment of $1.5 million required over three years to earn 51% interest
- Exploration results and economic viability of Lundazi license not yet proven
- GoviEx secures option to acquire
51% of the Lundazi exploration license - Acquisition is part of the strategy to increase exploration footprint within Zambia, targeting Karoo hosted Uranium
- GoviEx already possesses substantial exploration data for the area
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or "Company") is pleased to announce that, as part of its strategy to expand its foothold in the Republic of Zambia ("Zambia"), it has secured an option to acquire a
The area offers geology similar to GoviEx's existing Muntanga Project in Zambia, where the Company has been advancing exploration with promising results and is scheduled to publish the results of a Feasibility Study ("FS") on this project in the second half of this year. Following the publication of the FS, GoviEx anticipates advancing project financing efforts with a view to be in a position to make a production decision, that could see the Muntanga Project potentially commencing production two years after construction commences.
Zambia is well known for its thriving mining industry, supported by a stable political environment and strong government backing. The country's commitment to fostering a conducive environment for mining operations, including regulatory support and infrastructure development, makes it an ideal location for GoviEx to expand its exploration activities.
Commenting on the transaction, GoviEx's CEO, Daniel Major, said.
"The Lundazi License represents a strategic advancement for GoviEx, complementing our ongoing work in Zambia. The geological similarities between Lundazi and Muntanga are particularly encouraging, allowing the Company to leverage its existing knowledge and expertise in the region. Progress at Muntanga, where the Feasibility Study is on track for publication later this year, has reinforced our belief in the potential of these underexplored, yet highly prospective areas in the country. Additionally, Zambia's solid reputation as a mining-friendly country, with strong government support, underpins our confidence in the success of these projects."
Under the terms of the Transaction, GoviEx has the opportunity to earn its
Commenting on the acquisition, Jerome Randabel, GoviEx's Chief Geologist said:
"The local geology of the Lundazi area closely resembles that of GoviEx's Muntanga project, which makes this opportunity particularly exciting for us. Initial surveys conducted by previous explorers in the area and supported by data from Stalwart, indicate numerous geological faults within the license area. These faults are often channels for mineralized fluids and serve as natural traps for mineral deposits, providing promising signs for potential uranium. The presence of noted radiometric anomalies further supports this outlook and I am looking forward to exploring these opportunities and uncovering the full potential that this region holds."
Similar deposits have showcased considerable economic viability in the area, notably Lotus' Kayelekera in Malawi, which shares several geological features with the current area of interest.
GoviEx has significantly enhanced its geological database for the Lundazi area by integrating a comprehensive collection of digitized radiometric data from government maps dating back to the 1960s, along with more recent advanced aerial and ground surveys. The dataset includes approximately 750 data points across the Luano and Luangwa Valleys detailing key geological parameters which, supplemented by scans of 92 original government magnetic/radiometric maps, serve as vital tools for identifying geological anomalies and conducting preliminary explorations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The Transaction is subject to the receipt of required consents and regulatory approvals, as well as the satisfaction of other conditions customary for a transaction of this nature.
Qualified Person Statement
The scientific and technical information in this release has been reviewed, verified, and approved by Mr. Jerome Randabel, MAIG, Chief Geologist of the Company, a Qualified Person as defined in Canadian National Instrument 43-101 "Standards of Disclosure for Mineral Projects.
About GoviEx Uranium Inc.
GoviEx (TSXV: GXU) (OTCQB: GVXXF), is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its mine-permitted Muntanga Project in Zambia.
Contact Information
Isabel Vilela, Head of Corporate Communications
Daniel Major, Chief Executive Officer
Tel: +1-604-681-5529 Email: info@goviex.com Web: www.goviex.com
Cautionary Statement Regarding Forward-Looking Information:
This news release may contain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include those in relation to, (i)Karoo Supergroup, being a potentially significant area for uranium exploration activities ; (ii) the timing for completion or the publication of a feasibility study for the Muntanga uranium project; (iii) the timing or Company's ability, if any, to make a production decision on the Muntanga uranium project for commencement of production in 2027/2028, or at all; (iv) Zambia as an ideal location for GoviEx to expand its exploration activities; (v) the timing and amount of any expenditures pursuant to the Transaction. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that the Company will be able to or willing to complete the Transaction as planned; (ii) that the current uranium upcycle will continue and expand; (iii) that the integration of nuclear power into power grids world-wide will continue as a clean energy alternative; and (iv) that the price of uranium will remain sufficiently high and the costs of advancing the Company's mining projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner. Factors that could cause actual results to differ materially from expectations include (i) the Company deciding to terminate the Transaction for any reason; (ii) a regression in the uranium market price; (iii) inability or unwillingness of include or increase nuclear power generation by major markets; (iv) potential delays due to potential new health restrictions; (v) the failure of the Company's projects, for technical, logistical, labour-relations, political or other reasons; (vi) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (vii) an increase in the Company's operating costs above what is necessary to sustain its operations; (viii) accidents, labour disputes, or the materialization of similar risks; (ix) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; (x) political instability in the jurisdictions where the Company operates; (xi) the Company not being able to secure acceptable financing for the Muntanga Project; and (xii) generally, the Company's inability to develop and implement a successful business plan for any reason. In addition, the factors described or referred to in the section entitled "Risk Factors" in the MD&A for the year ended December 31, 2023, as well as the Annual Information Form for the year ended December 31, 2023, of GoviEx, which are available on the SEDAR+ website at www.sedarplus.ca, should be reviewed in conjunction with the information found in this news release. Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward- looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Cautionary Note to United States Persons:
The disclosure contained herein does not constitute an offer to sell or the solicitation of an offer to buy securities of GoviEx.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those referenced above collectively as "forward-looking statements" under the "Cautionary Statement Regarding Forward-Looking Information" involve known and unknown risks, uncertainties and other factors which may cause the actual results, the performance or achievements of GoviEx to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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FAQ
What is the size of the Lundazi exploration license acquired by GoviEx Uranium (GVXXF)?
How much does GoviEx Uranium (GVXXF) need to invest to acquire 51% of the Lundazi license?
When is the Feasibility Study for GoviEx's Muntanga Project expected to be published?
What initial exploration activities does GoviEx Uranium (GVXXF) plan for the Lundazi license?
