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GoviEx Uranium Inc. has completed transaction to acquire African Energy Resources’ Chirundu and Kiraba uranium mineral interests.
“The combination of African Energy’s Chirundu and Kiraba Valley tenements with GoviEx’s Mutanga Project finally unites these neighbouring properties, and significantly expands and improves the potential economies of scale,” said Govind Friedland, Executive Chairman of GoviEx.
He said GoviEx will now focus on completing a preliminary economic assessment based on the consolidated land holding.
According to GoviEx the Chirundu and Kariba Valley properties acquired as part of the transaction include a mining licence, a prospecting licence, and a pending exploration licence.
The Chirundu mining licence covers two uranium deposits – Gwabe and Njame – containing Joint Ore Reserves Committee (JORC) mineral resources of 7.4 Mlb U3O8 in the Measured and Indicated categories, plus 3.8 Mlb U3O8 in the Inferred category (see tables below for detailed breakdown).
GoviEx’s believes the Chirundu and Kariba Valley properties, combined with the Mutanga Project, represents a regional consolidation and will result in contiguous tenements of approximately 140 km in strike length, including three mining licences, containing combined mineral resources of 15.2 Mlb U3O8 in the measured and indicated categories and 45.2 Mlb U3O8 the inferred category.
In addition, GoviEx has one of the largest combined uranium Mineral Resource bases amongst its peer group, with combined Measured and Indicated Resources of 131.7 Mlb U3O8 and Inferred Resources of 76.9 Mlb U3O8 estimated in accordance with NI 43-101.
Under the terms of the transaction, GoviEx acquired African Energy’s wholly-owned Zambian subsidiaries, Muchinga Energy Resources Limited, which holds the Kariba Valley tenement, and Chirundu Joint Ventures Zambia Ltd., which holds the Chirundu tenements.
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa.
