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GoviEx Uranium, a Canadian company, has reportedly secured an option to acquire a 51 percent interest in the Lundazi exploration license from Stalwart Investments Limited in Zambia.
This acquisition involves investing up to US$1.5 million over three years, with an initial commitment of US$300,000 for the first year.
This move is part of GoviEx’s strategy to expand its exploration footprint in Zambia, focusing on Karoo-hosted uranium.
The Lundazi license covers 817.9 km² and was noted for its significant sandstone-hosted uranium deposits, making it a promising area for exploration.
According to a statement from the firm, initial exploration will include geological mapping and radiometric surveys, followed by a drilling campaign planned for 2025.
The geology of Lundazi is similar to GoviEx’s existing Muntanga Project, where a feasibility study is expected to be published later this year.
Daniel Major, Chief Executive Officer of GoviEx, described the Lundazi license as a strategic addition to the company’s efforts in Zambia.
He highlighted the geological similarities between Lundazi and Muntanga, which would allow GoviEx to leverage its regional expertise.
Major emphasized Zambia’s favorable mining environment, strong government support, and the country’s commitment to regulatory and infrastructure development as key factors in the firm’s expansion plans.
Regarding the Muntanga project, Major noted that GoviEx is progressing towards securing project financing and anticipates making a production decision that could see production start two years after construction begins.
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