QX Resources’ Tanzanian uranium project could be a look-a-like of world-class neighbour

• Historical drilling shows QX Resources could be on the trail of a significant uranium find in Tanzania
• The Madaba project has all the hallmarks of the world-class Nyota deposit, which sold for $1.2bn in 2011
• Onsite exploration will begin next month, with drilling planned for Q1 2026

Special Report: QX Resources shares have surged after the junior announced historical drill results, suggesting its Madaba uranium project could be a carbon copy of Tanzania’s largest uranium deposit.

The world-class Nyota uranium deposit clocks in at 125Mlb of contained U3O8 at a grade of 300ppm U3O8 contained in sandstone just 250km southwest of Madaba.

It stands to reason another yellowcake beast would be lurking not far below the surface of the African country, where explorers have only recently started to return after a shift to a pro-investment mining policy.

Madaba was one of two areas of interest identified by German explorer Uranerzbergbau GmbH after it acquired government radiometric data in 1978, drilling the project before the company’s exit from the African nation in 1982.

QX Resources’ (ASX:QXR) own competent person worked for UEB at the time, and has begun the process of digitising results for the ASX junior.

Those that have been compiled so far include standouts like:

• 15m at 612ppm U3O8 from 4m including 3m at 2465ppm U3O8 from 10m (P15);
• 16m at 337ppm U3O8 from 4m including 4m at 1082ppm U3O8 from 8m (P16);
• 7m at 693ppm U3O8 from 9m (P17);
• 7m at 510ppm eU3O8 from 136.5m (D12);
• 9.6m at 675ppm eU3O8 from 74m (D8);
• 7m at 890ppm U3O8 from 30m (P104); and,
• 15m at 420ppm eU3O8 from 47m (P103).

“Credit to Joe and the technical team with the ongoing digitisation of historical data. We are pleased with the results generated to date, which underscores the prospectivity of the Madaba Uranium project,” QXR executive chairman Maurice Feilich said.

“We are looking forward to undertaking our first site visit, as well as the contracting of an airborne geophysical survey to delineate high-priority targets for ground-truthing.”

Ground activities incoming 

Madaba covers 613km2 of prospective sandstone in the Luwegu Basin of Southern Tanzania, 250km southwest of Tanzania’s largest city, Dar es Salaam.

A site visit is due to take place in October, with QXR’s consultants planning to hit the ground running.

Quotations for detailed radiometrics over high-priority areas are also being sourced ahead of first stage drilling of priority targets, which is planned for Q1 2026.

It comes at a time of growing enthusiasm for uranium and nuclear energy, hot on the heels of comments from America’s Energy Secretary Chris Wright that the country is looking to bolster its strategic stockpile of the nuclear fuel.

Donald Trump has set ambitious goals for the world’s biggest economy to quadruple nuclear power generation by 2060, as AI and data centre buildouts accelerate demand for energy in the United States.

“Recent commentary from US Energy Secretary Chris Wright adds to our view that uranium has extremely favourable tailwinds, and that high-grade uranium projects will be in strong demand,” Feilich said.

While Madaba cost just $800,000 in cash, the size of the prize is massive if drilling turns out positive results.

Nyota, which is expected to produce up to 3000t of yellowcake annually from 2029, was previously sold to Uranium One in 2011 as part of a $1.2bn deal.

Tanzania’s Government recently announced a collaboration with Russia’s Rosatom, which has launched a pilot uranium plant at Nyota and the Mkuju River project.

That connection could place a major geopolitical overlay on any discovery made by QXR at Madaba, with America keen to source uranium materials from outside the Russian supply chain.

QXR shares ran 25% higher to 0.6c at 10.18am on Thursday trade.

This article was developed in collaboration with QX Resources, 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.