Moab shifts into exploration gear at REX uranium project

Drilling is now underway on an initial three diamond holes at Moab’s REX uranium-vanadium project in Colorado to test a potential eastwards extension of known mineralised zones.

This zone is located around historical workings at the Faery Queen and 45-90 mine with carnotite mineralisation expected at shallow depths in sandstone lenses in the Salt Wash Sandstone member, the base of which has never been drill tested.

Moab Minerals (ASX:MOM) expects the three holes, which will be drilled to an average depth of 120m, to be the first test of the prospective sandstone unit’s full thickness.

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

“We are pleased to have commenced a drill program in the highly prospective northeastern part of the property looking for the eastward continuation of the uranium-vanadium mineralisation that was historically mined at Faery Queen and 45-90 mines,” managing director Malcolm Day said.

The company adds that it has yet to receive approval for the remaining holes in its planned 21-hole program as they are still subject to approval of the Waste Water Management Plan that is currently under review.

It has also completed extensive baseline environmental studies which are a necessary input to the drill permit application and ongoing exploration.

Drill program and REX uranium-vanadium project

The initial three-hole program targets sites 7, 8 and 11 using NQ coring, which allows concise sampling of mineralised zones for assay.

All holes will also be logged by the eU308 down-hole gamma method on one-foot intervals which will give rapid turnaround of eU308% results.

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

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

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.