Widespread Uranium Mineralisation Confirmed Across Namibian Projects
27th August 2024 – NGX Limited (NGX or the Company) is pleased to report the outcomes of its initial review of historical exploration data from Tubusis (EPL9629) and Rossingburg (EPL9921). The review resulted in the confirmation of widespread uranium mineralisation across both licence areas.
As announced on 22 July 2024, NGX has entered into two earn-in joint venture agreements to acquire Tubusis and Rossingburg uranium exploration project applications in Namibia.
HIGHLIGHTS
- NGX’s review of historical exploration data from Tubusis and Rossingburg confirmed wide-spread uranium mineralisation and the presence of alaskites leucogranites (favourable rock type mined at Rossing)
- Data from surface channel sampling at Tubusis on an out-cropping alaskite revealed uranium mineralisation of over 4,500 ppm U3O8 at surface and the following significant intercepts:
- 3m @ 1,479 ppm U3O8
- 34m @ 387 ppm U3O8
- 16m @ 491 ppm U3O8
- Historical re-probing data from drilling at Rossingburg by previous owners highlighted significant intercepts of uranium mineralisation including the following:
- 45m @ 247 eppm* U3O8
- 85m @ 240 eppm U3O8
- 72m @ 181 eppm U3O8
- An intention to grant has been received for the EPL9629 application (Tubusis) from the Ministry of Mines and Energy (MME). Rossingburg’s licence remains in application with an expectation to receive the intention to grant in coming months
- Desktop modelling, data review and target generation will continue in preparation of granting to accelerate on-ground activities
NGX’s Executive Director, Matt Syme, commented:
“We are very pleased with the progress since acquiring the Tubusis and Rossingburg uranium projects in Namibia. Permitting is proceeding according to plan and our initial data review has highlighted the excellent prospectivity of both projects. Tubusis is a compelling early-stage project, with widespread uranium anomalism at surface, on an outcropping leucogranite surrounded by cover. Rossingburg is a more advanced exploration prospect in the heart of the uranium mining district, near a number of producing or emerging operations, and with widespread uranium mineralisation in previous drilling. We expect to provide further updates as permitting and data processing are completed along with developments on NGX’s natural graphite projects.”
For further information, please contact:
Matt Syme
Executive Director
Tel: +61 8 9322 6322
Sam Cordin
Executive
Tel: +61 (0) 422 799 087
*eppm: equivalent parts per million
TUBUSIS (EPL9629)
Tubusis (EPL9629), a 113km2 licence application, to the northeast of Swakopmund, is in an under explored region of the Damara belt. Tubusis lies within the north-northeast-trending Welwitschia lineament zone which played an important role in the localisation of uraniferous alaskites in Namibia. Tubusis is adjacent to the Erongo Complex which consists of basal sediments, which are overlain by basaltic and rhyodacite.
The complex is cored by intrusive granodiorites and monzogranites, whilst the outer rim is intruded by Erongo Granite. Within the licence area, leucogranites and other intrusives intrude into folded Karibib and Kuiseb formations. Soil cover is also abundant in the licence area, masking the continuity of sedimentary and intrusive units.
Figure 1: Regional geology of EPL9629 showing the Damara formations and the intruding granites and leucogranites
Limited previous exploration has focused on the Tubusis leucogranite outcrop to the east of the licence area. The Tubusis outcrop is an approximately 750m by 200m garnet-bearing leucogranite outcrop surrounded by sand, soil and calcrete cover. The garnet-bearing granite is cross-cut by thin layers of pegmatitic granite and medium-grained biotite-rich granite.
The previous holders of the licence conducted a twelve-channel sampling program over the Tubusis outcrop covering over 620 metres. Highlights from the program can be seen in Figure 2.
Figure 2: Highlights of the historical channeling program over the Tubusis outcrop
Importantly, during the second phase of the channeling program, a channel on a smaller out-crop ~400m to the east of the main out-crop returned significant uranium with an intercept of 3m @ 1,479 ppm U3O8.
Figure 3: Drone photo taken by NGX during a recent due diligence site visit at Tubusis looking over an out-cropping leucogranite
INTENTION TO GRANT
The Project’s Vendor has received notification that the Namibian Ministry of Mines and Energy has updated its application for the Tubusis project (EPL9629) to ‘Intention to Grant’ pending the completion of the Environmental Clearance Certificate (ECC). The Project’s Vender with NGX has commenced the ECC process to enable the licence to be granted.
As the ECC process is undertaken, NGX continues to correlate regional data on the area to develop exploration targets and further understand uranium mineralisation.
ROSSINGBURG (EPL9921)
Rossingburg (EPL9921) (Rossingburg Project) a 47km2 licence application, is located in the main uranium production hub of the central Damara uranium province, less than 20km from both the Rossing uranium mine and Bannerman Energy Limited’s (Bannerman) Etango uranium Project. The Rossingburg Project area includes extensive outcropping alaskites and encountered widespread uranium mineralisation in drilling by past explorers.
The Rossingburg Project has been historically explored by Bannerman as part of their Etango project, where Bannerman recently announced the granting of the Mining Licence. Prior to Bannerman, Rio Tinto held the ground exploring for various commodities in the 1970’s, including uranium. The licence has been subject to multiple drill programs resulting in a number of notable intercepts which will be valuable in the development of future programs and target generation.
Figure 4: Rossingburg EPL9921 outlining the drill holes completed by previous owners across the licence area
NGX is continuing to collate all historical data available and undertaking a comprehensive review during the application period, while the EPL is pending grant. As per Figure 4, there are a number of holes with pending data which NGX is in the process of acquiring (where possible) to review. The drill holes re-reported were previously released by Bannerman during their ownership of the licence.
In 2008, Bannerman re-probed historical holes with a Auslog total count gamma-ray spectrometer on the licence resulting in the following converted to eppm U3O8 intercepts:
- 45m @ 247 eppm U3O8
- 7m @ 342 eppm U3O8
- 72m @ 181 eppm U3O8 including 33m @ 221 eppm U3O8 and 55m 151 eppm U3O8
- 85m @ 240 eppm U3O8 including 18m @ 407 eppm U3O8
- 32m @ 215 eppm U3O8
Figure 5: Re-probing highlights on the Rossingburg licence
Reports from previous mapping confirm regional scale alaskites across the licence. These alaskites are favourable for uranium mineralisation and comparable to the rock type currently mined at the neighbouring Rossing mine.
Competent Person Statement
The information in this report that relates to Exploration Results is based on information compiled by Ms Mary Barton, a Competent Person who is a member of The South African Council for Natural Scientific Professions (SACNSP), a ‘Recognised Professional Organisation’ (RPO). Ms Barton is engaged as a consultant to NGX Limited. Ms Barton has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Barton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on NGX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of NGX, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. NGX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
This announcement has been authorised for release by the Company’s Executive Director, Matt Syme.
