Mandrake Resources' Uranium Findings at Utah Project

Mandrake Resources Limited (ASX: $MAN) has reported significant uranium findings at its 93,755-acre Utah Project. Rock chip samples from the project have returned consistent, significant concentrations of uranium up to 0.73% U3O8, validating the high-grade uranium prospectivity within Mandrake's extensive land position. The company is in the process of assessing anomalies identified from historic petrophysical data from existing oil and gas wells in the area, using the petrophysical dataset and 3D seismic to determine the potential distribution and volume of uranium mineralisation across the project.

Executive Commentary on Uranium Findings

Results of our preliminary field work confirm high grade uranium mineralisation at Mandrake's Utah Project, where over 78 million pounds of uranium have been historically mined at high grades. Mandrake is now focused on the assessment of sub-surface high grade uranium through the identification of significant petrophysical anomalies derived from Mandrake's extensive petrophysical dataset which incorporates thousands of old oil and gas wells. Mandrake also has the entire 3D seismic dataset covering much of the project area, meaning that volumetric estimations of any potential uranium mineralisation identified can be fast-tracked.

Summary of Mandrake Resources' Uranium Findings

Mandrake Resources Limited (ASX: $MAN) has identified high-grade uranium at its Utah Project, with rock chip samples returning concentrations of up to 0.73% U3O8. The findings validate the high-grade uranium prospectivity within the company's extensive land position, which includes historic mines that extracted 78 million pounds of U308 between 1949 and 2019. Mandrake is now focused on assessing sub-surface high-grade uranium through the identification of significant petrophysical anomalies and utilizing the petrophysical dataset and 3D seismic to determine the potential distribution and volume of uranium mineralisation across the project. The Utah Project's location in the Lisbon Valley mining district, historically known for significant uranium production, positions Mandrake well for further exploration and potential quantification of uranium-bearing units.