The Manyoni project and the adjacent Octavo project cover a combined area of 216km². Credit: AButyrin 22 via Shutterstock.com.

Moab Minerals is set to acquire an 81.85% stake in Linx Resources, gaining access to a diverse portfolio of advanced, large-scale uranium projects in Tanzania.

This move aims to bolster Moab’s position in the uranium sector, with the Manyoni and Octavo Uranium Projects at the core of the acquisition.

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The Manyoni Uranium Project, situated 5km north of Manyoni town, and the adjacent Octavo Uranium Project, which lies next to Rosatom’s Nyota Uranium Deposit, cover a combined area of 216km².

These projects represent significant potential for Moab, which is committed to accelerating exploration and development (E&D) activities in the region.

With almost $3.2m (A$4.84m) in cash and equivalents, Moab is financially prepared to undertake the necessary E&D initiatives.

The company’s strong cash position is expected to support the advancement of these projects without the immediate need for additional funding.

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The prospecting licences for the Manyoni and Octavo tenements are initially granted for a four-year period. These licences are renewable for subsequent periods of three years and then two years, offering Moab a clear pathway for long-term project development.

Moab managing director Malcolm Day said: “The fact that Uranex Ltd previously explored the Manyoni Uranium Project and announced a JORC 2004 Mineral Resource Estimate of 20.5m/lbs at 147pmm in 2010 is a great start for the company.

“Post completion of the transaction our priority will be to convert the historic resource to a JORC 2012-compliant Mineral Resource Estimate. With the current spot price of uranium at a 17-year high of circa US$92/lb, it is an exciting commodity to be exploring for.”