Strategic Move Amid Rising Uranium Prices
Mamba Exploration Expands Uranium Projects in Athabasca Basin
Mamba Exploration (ASX: M24) has bolstered its uranium portfolio with the acquisition of four new projects in Canada’s high-grade Athabasca Basin. This strategic expansion comes as uranium prices have surged, with yellowcake spot prices rising from around US$50/lb at the start of 2023 to approximately US$90/lb, driven by renewed interest and investment in the sector.
Just five months after securing a 75% stake in the Canary project, located 11km from IsoEnergy’s high-grade Hurricane deposit, Mamba Exploration has acquired four additional projects. These projects are characterised by significant radiometric uranium anomalies and historical electromagnetic (EM) survey data.
Strategic Move Amid Rising Uranium Prices
Among the new acquisitions is the Blake Lake South Project, renowned for its potential unconformity-style deposits, situated on the northeastern edge of the Athabasca Basin. This project includes several high-grade targets at shallow depths, similar to Cameco’s Key Lake deposit.
The other three projects – Karames, Hydichuck, and Roe Lake – are located outside the Athabasca Basin but offer substantial exploration potential due to the presence of uranium minerals such as uraninite and historical reports of radioactivity. Simon Andrew, M24’s executive director, expressed enthusiasm about the expansion: “We are excited about adding additional acreage to our Athabasca Basin portfolio. With a relatively small budget, we hope to identify additional drilling targets over the next six months, particularly at the Blake Lake South Project. This acquisition not only expands our portfolio but also provides the opportunity for additional news flow, reaffirming our commitment to growth and exploration excellence in this world-class uranium district.”
The Phase 1 Budget Proposal for these projects includes an airborne EM programme to explore historical anomalies at Black Lake South, aiming to identify potential drill targets for unconformity-style uranium deposits. Additionally, reconnaissance rock and boulder sampling programmes are planned for early summer to pinpoint uranium mineralisation and generate further drilling targets.
