Moab close to starting key uranium-vanadium drilling at REX

Moab is gearing up to start drilling at its REX uranium-vanadium project in Colorado with the company having lodged the security deposit requested by the Bureau of Land Management and DRMS.

Tenders have been called from contractors with experience in drilling for uranium in the Uravan belt and discussions are underway with preferred contractors.

Moab Minerals (ASX:MOM) managing director Malcolm Day said that with drill permitting for REX now well advanced, the company looked forward to an exciting 2023.

REX stratigraphy is flat lying to very gently dipping, mineralisation that was exposed on the sides of the valleys and was mined historically should continue below the Brushy Basin shale contact into undrilled areas east of the historic mines.

As such, the company plans to drill 21 holes totalling 3,150m to test for an eastward extension to the uranium-vanadium mineralisation.

Moab owns 60% of the REX project, which is located within the famed Uravan Mineral Belt of Colorado.

It hosts many historical uranium mines, including Blackfoot/Rattlesnake, Wedge, Merry Widow, Sunbeam and Vanadium King that have not been subject to exploration since the 1970’s, other than initial sampling by the company.

Separately, Moab is evaluating potential drill targets at its Speedway gold project in Utah where soil sampling has better defined gold anomalies that were initially established by rock chip sampling.

It will make a decision to implement a drill program following completion of the evaluation.

Western Australian projects

In Western Australia, the company is looking to carry out follow-up sampling to soil sampling which identified a strong gold anomaly with anomalous values of 687 parts per billion and 834ppb gold.

This will be carried out on a more detailed sample spacing to determine the dimensions of the anomaly.

Day noted that the work will proceed at the end of the northern wet season, and the company will also assess and follow-up on other anomalies as justified.

The company is also awaiting receipt of a Heritage Agreement before carrying out a soil sampling program for gold and base metals at the Woodlands project in the western end of the Jillawarra Belt.

This article was developed in collaboration with Moab Minerals, 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.