GoviEx Uranium (GXU-Cse) Falea Polymetallic Exploration Program Underway
Nov 25, '20 - NR
GoviEx Uranium announces a status report on the updated Pre-Feasibility Study for the Company's Madaouela Uranium Project in Niger.
Over the past year, the Company's technical team together with our feasibility study consultants, SRK Consulting (UK) Ltd ("SRK") and SGS Bateman (Pty) Ltd ("SGS"), have been focused on metallurgical testing and engineering design work that have potential to significantly benefit the overall feasibility of the Madaouela Project. We have been working diligently to target areas that may reduce both operating and capital costs relative to the current technical report on the Madaouela Project(1) while at the same time working on reducing technical risk, with a focus on improving overall project economics.
Metallurgical test work has been ongoing at the technical teams' offices in South Africa to verify initial results and to compare alternative trade-off options. Due to the novel logistical challenges associated with COVID-19 as well as transportation permit delays, the test work has taken longer than originally anticipated; however, we are pleased to report all metallurgical test work has now been completed. A final process design flowsheet will be released in the coming weeks and will forecast, amongst other things, lower acid consumption than previously reported. Since acid cannot be sourced locally, reducing consumption is a significant objective for this project.
"We are now coming to the end of the Updated PFS process and remain fully committed to achieving our key targets. It has taken time to thoroughly examine the competing process alternatives. We anticipate that we will shortly deliver a clear plan for the improved development of Madaouela" noted Daniel Major, CEO.
Now that the plant design is completed, SRK and SGS are focused on securing updated operating and capital costs for the revised plan and undertaking a number of associated trade-off studies that focus on meeting our defined targets. This final stage of work is expected to take approximately five to seven weeks to complete and compile in order to release the formal results.
The Madaouela Project is already mine-permitted and the Company is focused on delivering the Updated PFS, then smoothly transitioning to the Feasibility Study stage required to secure project finance and long-term supply offtake. The Company remains optimistic about the outlook for the uranium market in the foreseeable future.
Falea Update
During October and November of this year, the Company contracted Terratec Geophysical Services ("Terratec"), based in Germany, to complete four High Resolution IP lines and a Gradient-IP survey over the Falea deposit in Mali to better understand the structural factors influencing the copper and silver mineralisation associated with the uranium deposits and gold mineralisation associated with the Birimian geology. The results from Terratec are expected in early December, along with the assay results from the previously announced sampling programme of Birimian intervals from cored holes at the Falea deposit.
Note 1. An independent NI 43-101 technical report was prepared for the Madaouela Project in 2015 to a prefeasibility level of confidence. The report titled "An Updated Integrated Development Plan for the Madaouela Project, Niger" has an effective date of August 11, 2015, and a revision date of August 20, 2015, and is available at GoviEx's profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
About GoviEx Uranium
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its polymetallic Falea Project in Mali.
Information Contacts:
Govind Friedland, Executive Chairman
Daniel Major, Chief Executive Officer
Tel: +1-604-681-5529
Email: info@goviex.com
Web: www.goviex.com |
