Mamba adds uranium projects to its Athabasca portfolio

Mamba (ASX:M24) signs binding term sheet to acquire four uranium exploration projects
The acquisitions include the Black Lake South Project, which contains several targets for high grade unconformity style deposits at shallow depth
A cost-effective exploration plan is underway

Special Report: Mamba Exploration has added four projects to its uranium portfolio in Canada’s Athabasca Basin.

Mamba Exploration (ASX:M24) is harnessing the potential of the uranium sector’s promising fundamentals with the acquisition of four uranium projects in Canada’s high-grade Athabasca Basin.

Yellowcake spot prices were sitting around US$50/lb at the start of 2023 but have since jumped 80% to around the US$90/lb mark, incentivising new uranium projects to come online and spurring the revival of left-for-dead uranium mines after a long, dark period for the industry.

The move comes only five months after M24 snapped up 75% of the Canary project, 11km from IsoEnergy’s (TSX-V:ISO) super high-grade Hurricane deposit, home to 48.61Mlb at 34.5% U3O8.

Four new uranium projects

M24 says all four projects are strongly supported by significant radiometric uranium anomalies and the association with graphitic conductors via historical electromagnetic (EM) surveys by previous explorers.

Among the acquisitions is the Blake Lake South Project, known for its classic unconformity-style deposit potential, situated on the northeastern edge of the Athabasca Basin.

Black Lake South contains several targets for high-grade unconformity style deposits at shallow depth in a very similar setting to Cameco’s Key Lake deposit.

The other three projects – Karames, Hydichuck and Roe Lake – sit outside the Athabasca Basin, offering substantial exploration upside with the presence of uranium minerals such as uranite and previous reports of radioactivity.

Exploration excellence in world-class district

“We are excited about adding additional acreage to our Athabasca Basin portfolio,” M24 executive director Simon Andrew says.

“With a relatively small budget we are hopeful to be able to identify additional drilling targets over the next 6 months with the Blake Lake South Project looking especially prospective.

“This acquisition not only expands our portfolio but provides the opportunity of additional news flow, reaffirming our commitment to growth and exploration excellence in this world class uranium district.”

Upcoming work program

The projects’ Phase 1 Budget Proposal outlines a highly cost-effective exploration strategy with several objectives.

Firstly, an airborne electromagnetic (EM) program is proposed to cover the most promising historical anomalies at Black Lake South, aiming to identify potential drill targets for unconformity-style uranium deposits while also generating news flow.

Additionally, helicopter and/or boat-supported reconnaissance rock and boulder sampling programs are planned for early summer to pinpoint uranium mineralisation, generate news flow and identify drill targets for basement-hosted uranium deposits.

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.