Itigi Prospect (Uranex 100%)

Background

The Itigi Project is located approximately 50km west of the Company’s Manyoni Project in Central Tanzania.  The Itigi Prospect contains prospective playa depositional environments, coincident with a series of radiometric anomalies stretching for some 40km, and as such is considered to have high potential to add further uranium resources in the vicinity of the Company’s Manyoni Project.

Recent Work

An initial programme of over 400 shallow 3m deep exploration pits has now been completed at several identified geophysical targets at the Itigi Prospect (Figure 1). Visible carnotite uranium mineralisation has been identified and confirmed by portable field XRF measurements.

Figure 1 - Itigi Targets and Pitting Program

Based on the encouraging results of the initial pitting programme, a plan for further work is being developed for possible implementation at the conclusion of the Manyoni PFS.