Name of the Project
Muntanga uranium project.

Location
In the Southern province of Zambia.

Project Owner/s
GoviEx Uranium.

Project Description
Muntanga comprises three mining permits that cover about 720 km2 and contains five deposits – Dibwe, Dibwe East, Muntanga, Gwabe and Njame.

The project contains a measured and indicated mineral resource of 21.6-million tonnes at an average grade of 318 parts per million (ppm) uranium containing 15-million pounds of uranium, and an inferred mineral resource of 74.6-million tonnes at an average grade of 273 ppm uranium containing 45-million pounds of uranium in six deposits located over a 65 km strike.

The project benefits from simple and straightforward operations, owing to low waste stripping, low acid consumption and low capital expenditure requirements.

A preliminary economic assessment (PEA) completed in 2017 evaluated the economic and technical viability of the project. The PEA envisages the development of openpits at the Muntanga, Dibwe, Dibwe East, Gwabe, Njame and Njame South deposits. Three heap-leach pads will be located at Dibwe East/Muntanga, Dibwe and Gwabe/Njame, and a central processing facility between Dibwe East and Muntanga.

The deposits are amenable to conventional, shallow opencast mining methods using excavators and trucks, with relatively low stripping ratios. The base case envisions an average production rate of 2.6-million pounds of yellowcake a year over an initial 11-year mine life, with an 88% ultimate uranium recovery rate and a total forecast of 26.4-million pounds of uranium.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At a long-term uranium price of $58/lb uranium, the base case economics for the project are positive and indicate an after-tax net present value, at an 8% discount rate, of $112-million and an internal rate of return of 25%, with a payback of three years.

Capital Expenditure
Initial capital costs have been estimated at $123.4-million.

Planned Start/End Date
Not stated.

Latest Developments
GoviEx Uranium has completed an extensive metallurgical testwork programme at Mintek, in South Africa, demonstrating the viability of the company’s heap-leach process for the project.

The testwork has proven that the main deposits of Muntanga and Dibbwi East, which account for 80% of the measured and indicated resources, have achieved uranium recoveries of 90% or better.

It has also proven short uranium recovery timeframes – within 20 days – as well as low acid consumption and fast kinetic rates of the mineralised material at Muntanga. The results support the potential for small on-off leach pads to be considered for the project.

The testwork completed by Mintek included comminution, agglomeration, 6 m sulphuric acid column leaching, ion-exchange and uranium elution and precipitation for each of the six mineralisation zones across the Muntanga project, based on material derived from a 2023 diamond drilling programme.

This testwork was considerably more extensive than the previous work undertaken, which was predominantly limited to 2 m leach columns.

Key Contracts, Suppliers and Consultants
Ukwazi Site Services (project manager and mining); SGS Bateman (process design); and SRK UK (power, hydrogeology and heap-leach design).

Contact Details for Project Information
GoviEx Uranium, tel +1 604 681 5529 or email info@goviex.com.