Perth-based uranium explorer Mantra Resources Ltd will acquire a 95 per cent stake in four Tanzanian uranium exploration tenements through a joint venture, and has purchased another two, the company has announced.
Mantra will move to complete a detailed review of historical geological and geophysical data covering the new tenements prior to commencing field reconnaissance work in the September quarter.
ACQUISITION OF ADDITIONAL URANIUM TENEMENTS IN CENTRAL TANZANIA
The Directors of Mantra Resources Limited ("Mantra" or "the Company") are pleased to announce that the Company has entered into agreements to acquire interests in a package of six uranium exploration tenements within the Bahi catchment area in central Tanzania.
Under the terms of the first agreement, Mantra will enter into a joint venture with a Tanzanian partner and acquire a 95% interest in four Prospecting Licences covering a total area of approximately 770 square kilometres. Under a second agreement, the Company has purchased outright, two adjacent Prospecting Licences covering an additional area of 340 square kilometres.
The Bahi catchment area incorporates an extensive closed drainage system that has developed over weathered uranium rich Archaean granites. The drainage system ultimately captures all soluble uranium leached from the underlying rocks and provides transport to suitable trap sites along the drainages and ultimately into a large playa lake, the Bahi Swamp. Uranium accumulation within the Bahi catchment system has been recognised since the 1950's when uranium mineralisation was intersected in a drill hole located near the centre of the Bahi Swamp. Recent positive exploration results announced by Uranex NL (ASX: UNX) from their Bahi 'C1' prospect have confirmed the prospectivity of the Bahi catchment area to host significant palaeochannel associated uranium mineralisation.
Mantra will move to complete a detailed review of historical geological and geophysical data covering the new tenements prior to commencing field reconnaissance work in the September quarter. The exploration work program will compromise geological mapping, ground radiometric surveys, trenching and sampling with a view to generating shallow drill targets.
The acquisition of the new tenement package further consolidates Mantra's ground position within the highly prospective Bahi catchment area in central Tanzania, with the total area under licence or application increasing to 2,750 square kilometres.
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