Australia based Askari Metals has announced the full acquisition of the Eyasi Uranium Project in northern Tanzania through its Tanzanian subsidiary, Infinum Uranium.

In an announcement made earlier this week, the company said the project was identified as a highly prospective target for potential surface uranium deposits after an extensive review of geological and geophysical data.

The Eyasi project spans 292km² and is situated approximately 320km north-west of Dodoma.

The project is characterised by the Precambrian Eastern Granulite Complex and is associated with the East African Rift system. The area’s geology indicates the presence of uraniferous fluvial channel systems, with uranium likely hosted within coarser grained, permeable sediment.

The company’s conceptual mineralisation model also suggests potential secondary, placer-style fluvial deposits derived from primary uraniferous granites.

Askari Metals plans to conduct an initial reconnaissance sampling campaign along the paleochannel systems to define the mineralisation and the next exploration steps.

The company intends to fast-track a series of low-cost exploration programmes to generate drill targets.

The programmes will include a high-resolution remote sensing study using satellite imagery and ground-based radiometric surveys with a scintillometer, as well as field reconnaissance including mapping and stream sediment sampling.

The Tanzanian Government under President Samia Suluhu has expressed a “commitment to the development of the mining sector”, with the goal to increase the sector’s contribution to the country’s gross domestic product from 6.7 percent in 2020 to 10 percent by 2025.

Askari Metals managing director Gino D’Anna, stated: “The Eyasi Project represents a significant exploration opportunity for Askari and is a strong addition to our Tanzanian uranium portfolio. We are well positioned to execute high-impact, low-cost exploration campaigns in Tanzania, and we look forward to getting boots on the ground at Eyasi and sampling these anomalous systems. The Matemanga Uranium Project is currently still in the application phase and is expected to progress to full grant stage in the short term.”

This acquisition follows Askari Metals’ purchase of the Matemanga Uranium Project in southern Tanzania in February this year, also through Infinum Uranium.

Askari Metals further said is continuing to review and evaluate additional potential strategic acquisitions within the “emerging tier one uranium province” of Tanzania, after acquiring the Eyasi Uranium Project.

The Eyasi project has reported significant uranium resources, with initial estimates indicating the presence of a substantial amount of uranium ore. 

The Eyasi Uranium Project could play a significant role in meeting the increasing demand for uranium, particularly as countries seek alternative energy sources to reduce greenhouse gas emissions. The success of the project will depend on market conditions, regulatory frameworks, and ongoing exploration results.

The Tanzanian government has been working to develop a regulatory framework for uranium mining, including licensing and monitoring to ensure safe practices.