Mamba Exploration acquires four uranium projects in Saskatchewan

Mamba Exploration Limited (ASX: $M24) has signed a binding term sheet to acquire four uranium projects covering 200 sq km in Saskatchewan's Athabasca Basin, Canada. The acquisitions include the Black Lake South Project, known for its classic unconformity-style deposit potential, situated strategically on the northeastern edge of the Athabasca Basin. Additionally, three projects outside the Athabasca Basin target basement-style uranium deposits akin to known occurrences like Raven-Horseshoe and Triple R, offering substantial exploration potential.

Executive Director's Perspective on the Acquisition

We are excited about adding additional acreage to our Athabasca Basin portfolio. With a relatively small budget we are hopeful to be able to identify additional drilling targets over the next 6 months. The Black Lake South Project looks especially prospective. This acquisition not only expands our portfolio but also provides the opportunity of additional news flow, reaffirming our commitment to growth and exploration excellence in this world class uranium district.

Summary of Mamba Exploration's Acquisition

Mamba Exploration Limited (ASX: $M24) has expanded its portfolio by acquiring four uranium projects covering 200 sq km in Saskatchewan's Athabasca Basin. The acquisitions include the Black Lake South Project, known for its classic unconformity-style deposit potential, and three projects targeting basement-style uranium deposits. The prospectivity of all four projects is strongly supported by significant radiometric uranium anomalies and association with graphitic conductors identified from historical EM as well as uranium minerals and radioactivity reported by previous explorers. The company plans to implement a cost-effective exploration plan, including airborne EM surveys and reconnaissance sampling programs, to identify drill targets. The addition of these projects is expected to generate additional news flow and reaffirms the company's commitment to growth and exploration excellence in the uranium district. The company will utilize its existing working capital raised under its February 2024 share placement to fund the projects' Phase 1 Program. The acquisition terms include an upfront non-refundable exclusivity cash payment and issuance of ordinary shares and performance rights to the vendors. The company has confirmed that the acquisition is not a related party transaction and that no introduction and/or facilitation fees are payable to any person for the acquisition.