Carried out by technical advisor SRK Consulting, the assessment resulted in increased total mineral resources for the project by approximately 13% and now comprises measured and indicated mineral resources of 110.76 million pounds (Mlb) U3O8 and additional inferred resources of 27.66 Mlb U3O8.
The Madaouela project is located within the prolific Arlit uranium district in northern Niger.
The company said that the M&M is largest and highest grade deposit within the Madaouela project and accounts for approximately 50% of its Madaouela’s mineral resource.
GoviEx founder and executive chairman Govind Friedland said: "The expansion of the M&M Mineral Resource continues to highlight the exploration potential of the Madaouela Project."
GoviEx reported the increased mineral resource at M&M following completion of 576 additional drill holes, totaling 44,246m, which have now been factored into the resource model.
According to NI 43-101 pre-feasibility study completed in late 2013 based on quoted costs, the company estimates an initial 18-year mine life with 46 Mlb U3O8 produced at a cash cost of $26/lb U3O8.1
