• Mamba Exploration will drill up to 1,500m with one hole focusing on the highest priority target area along the northern electromagnetic corridor
  • That hole will investigate a significant resistivity anomaly coincident with modelled VTEM conductors for the first time
  • Diamond drill crews will mobilise to site on 3 May


Special report: Drill plans for a 1,500m program at Mamba Exploration’s Canary project in Canada’s Athabasca are well underway with field crews set to mobilise on site in early May.

Mamba Exploration’s (ASX:M24) foray into Canada’s Athabasca Basin, regarded as the world’s leading source of high-grade uranium, is timely given prices are sitting around the $US88/lb mark, almost 2X since January last year.

In January, the company inked a deal to snap up 75% of the Canary uranium project, just 11km from IsoEnergy’s (TSX-V:ISO) super high-grade Hurricane deposit which contains 48.61Mlb @ an astonishing 34.5% U3O8.

In an interview with Stockhead, M24 executive director Simon Andrew says the company chose the Canary project partly due to its location in a well-infrastructured jurisdiction that supports uranium exploration and development.

The project boasts significant grassroots exploration carried out by the vendors, Standard Uranium, who own 11 projects in the Athabasca area.

“We’ve found an asset that we’re ready to drill and given ourselves the best chance of proving up a deposit that can get into production,” Andrew says.


First ever drilling amid robust fundamentals

Canary covers more than 16km of conductive corridors across three prospective exploration trends which locally host anomalous historical uranium occurrences.

The upcoming spring/summer season will be the first drill campaign completed by Mamba on the project, following successful identification of high-priority targets in 2022-2023 by operators Standard Uranium.

M24 says significant resistivity-low anomalies are present along the northern conductor on the project, potentially representing substantial hydrothermal alteration zones in the sandstone and coincident with basement conductors.

One diamond drill hole will focus on the highest-priority target area along the northern electromagnetic (EM) corridor, investigating the resistivity anomaly coincident with modelled VTEM conductors for the first time.

The diamond drilling team is set to arrive at the project on 3 May to begin drill pad preparation with the Standard Uranium team earmarked to mobilise on 8 May.


Riding the upswing

“It is an exciting time for our shareholders to be involved in a high impact drilling program at the Canary project,” Andrew says.

“The fundamentals of the uranium sector remain robust and drilling Canary gives us a great chance of participating in the upside.”




This article was developed in collaboration with Mamba Exploration, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.