Moab Minerals Limited provided an update on activities at its flagship REX uranium-vanadium project in Colorado, USA. The Company has submitted a Notice of Intent to the Colorado Division of Reclamation and the Bureau of Land Management for a drill program to be undertaken in spring 2023. Moab has also commenced baseline environmental studies, which are a necessary input to the drill permit application and ongoing exploration.

REX URANIUM-VANDIUM PROJECT (Moab 60% interest): The initial drill program is likely to involve a limited number of drill holes to allow time for analytical results to be received and further drill holes to be planned, depending on the initial results. The ultimate drill program is expected to be for a total of up to 21 drill holes for 3,150m, with an average depth of 150m which is adequate for testing the target stratigraphy. The uranium mineralisation occurs at the base of the Lower Cretaceous Brushy Basin shale and in sandstone lenses in the Salt Wash Sandstone below the shale, with the stratigraphy flat lying to very gently dipping.

The dominant uranium-vanadium mineral is carnotite K2(UO2)2V2O8·3(H2O) which has a bright yellow colour and is radioactive. Drill hole depths of up to 150m are adequate to test the full stratigraphic extent of the mineralisation.