Star Minerals shareholders have approved the Cobra Uranium Project earn-in in the Erongo region of Namibia.
The general meeting of shareholders was held on Friday, 6 December.
On 19 September 2024, Star Minerals announced it had entered into a binding agreement with Canadian-listed Madison Metals Inc. for an earn-in and joint venture to acquire up to 51% of the company holding exploration permit EPL 8531, comprising the Cobra Uranium Project, which is located near the Rossing uranium mine.
Ground radiometric surveys completed by Madison Metals Inc. have identified a continuation of the Area 3 mineralisation.
Madison Metals Inc. has submitted and approved drilling an initial six drill holes and testing for further uranium mineralised alaskites.
Star Minerals chairperson Ian Stuart said the exploration team had reviewed drill planning to begin further exploration activities for the project to progress towards resource definition.
Stuart said the project has permits in place to drill immediately.
“Evaluating the strike potential and twinning some existing holes that make up the foreign uranium estimate are expected to form early work programs at the project,” Stuart said.
A Namibian private company, Cobra Resources, held the tenements EPL3524 and 3624 in central Namibia, completing most fieldwork in 2015.
The uranium mineralisation intersected in selected areas, and drilling was based primarily on reverse circulation drill holes drilled between January and July of 2015.
The current mineralisation database for Areas 1 and 3 of the Cobra Project consists of over 3,720 metres of RC drilling from 50 drill holes. In 2015, SRK (engaged by Cobra Resources) derived an estimate of 15.6Mt grading at 260 ppm U3O8 for a contained metal total of 9.0Mlbs U3O8.
Area 3 comprises 14.65 Mt of inferred material at 270 ppm U3O8 for a contained metal total of 8.6Mlbs U3O8.
The smaller Area 1 deposit includes 0.96 Mt of inferred material at 200 ppm U3O8 for a contained metal total of 0.4Mlbs U3O8.
