Mamba Exploration (ASX:M24) has completed an acquisition of four uranium projects, comprising an acreage, in the Athabasca Basin, Canada.
The projects cover 200km2 and include the Black Lake South, Karames, Hydichuck, and Roe Lake projects.
The Black Lake South Project contains several targets for classic high-grade unconformity style deposits at shallow depth in a very similar setting to the Key Lake and McLean Lake deposits.
Mamba Exploration says the prospectivity of all four projects is supported by radiometric uranium anomalies and associated with graphitic conductors uncovered from historical electromagnetic, alongside uranium minerals and radioactivity reported by previous explorers.
As part of the acquisition, Mamba issued 4 million shares and 5 million performance shares to the vendor.
Executive Director Simon Andrew says the company is focusing on uncovering drilling targets over the next six months, particularly at the Black Lake South Project.
“This acquisition expands our portfolio and positions us for significant news flow,” Andrew says.
“We welcome the vendor group as shareholders and look forward to their partnership in our growth and exploration efforts.”
The projects’ phase one budget proposal outlines a cost effective exploration strategy with several objectives. The first objective includes an airborne electromagnetic program to cover the most promising historical anomalies at Black Lake South, aimed to identify potential drill targets.
Mamba Exploration says the second objective includes helicopter or boat-supported reconnaissance rock and boulder sampling programs planned for early summer to pinpoint uranium mineralisation and uncover potential drill targets for basement-hosted uranium deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Mamba Exploration
