Initial exploration works are planned to commence with geological mapping and radiometric surveys. Credit: Enrique via Pixabay.

GoviEx Uranium has secured an option to earn a 51% stake in the Lundazi exploration licence in Zambia from Stalwart Investments.

The licence area, known for its potential uranium deposits, aligns with GoviEx’s growth objectives and complements its existing Muntanga Project.

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This transaction allows GoviEx to earn its 51% stake by investing up to $1.5m over three years, with an initial commitment of approximately $300,000 for the first year.

This phased investment approach offers GoviEx flexibility and minimal risk exposure.

Upon completion of the three-year option period, GoviEx and Stalwart Investments will form a joint venture to further explore and potentially develop the Lundazi License.

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Initial exploration works are planned to commence with geological mapping and radiometric surveys, followed by a drilling campaign in 2025.

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Covering 817.9km², the Lundazi License is part of the Karoo Supergroup formations, which are said to host substantial sandstone uranium deposits.

GoviEx CEO Daniel Major said: “The Lundazi License represents a strategic advancement for GoviEx, complementing our ongoing work in Zambia. The geological similarities between Lundazi and Muntanga are particularly encouraging, allowing the company to leverage its existing knowledge and expertise in the region.

“Progress at Muntanga, where the feasibility study is on track for publication later this year, has reinforced our belief in the potential of these underexplored, yet highly prospective areas in the country.”

GoviEx is set to release a feasibility study for the Muntanga project in the second half of this year, with production potentially starting two years post-construction.

GoviEx chief geologist Jerome Randabel said: “The local geology of the Lundazi area closely resembles that of GoviEx’s Muntanga project, which makes this opportunity particularly exciting for us. Initial surveys conducted by previous explorers in the area and supported by data from Stalwart, indicate numerous geological faults within the license area.

“These faults are often channels for mineralised fluids and serve as natural traps for mineral deposits, providing promising signs for potential uranium.”

Last year, GoviEx agreed to sell its Falea polymetallic copper-silver-uranium project in Mali to African Energy Metals.