June 30, 2022

Vancouver, British Columbia–(Newsfile Corp. – June 30, 2022) – GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) is pleased to announce an update on its drilling program at Mutanga, a 100% owned and mine permitted uranium project in Zambia, as well as an update on the Feasibility Study for Madaouela, its mine permitted uranium project in Niger.

Mutanga Drilling

GoviEx has made good progress with its Mutanga infill drilling campaign, which commenced in May 2022. The campaign is focused on upgrading the inferred mineral resources associated with the Dibwe East deposit⁽¹⁾ to indicated mineral resources for inclusion into a planned feasibility study. The down-hole percussion drilling conducted at the end of June 2022 is approximately 40% complete, with 6,220 m drilled out of a planned 15,500 m, and the diamond drilling is just over 10% complete with 936 m drilled out of a planned 9,000 m. (Figure 1).

Figure 1: Location of drill holes at Dibwe East

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5017/129670_fig1.jpg

The mineralisation remains consistent from hole to hole, but with additional mineralisation on the sections drilled so far this year, having thicknesses of up to 25m, and extending deeper and more laterally than prior drilling to a depth of 200m. See figure 2.

Average grades are still comparable to previously drilled holes, and some holes achieved peak grades of up to 1.2% eU3O8 (Hole MDTH1386) including the current 0.67x disequilibrium factor. Part of the diamond drilling program is targeted towards reviewing this factor as there may be potential to improve this number.

The Dibwe East deposit currently contains 43.1Mt of uranium mineralization at an average grade of 304ppm U3O8 for 28.9Mlb U3O8, and represents approximately 45% of the total resource tonnage at Mutanga.⁽¹⁾

Figure 2: Section N8190859 showing increased lateral extent and thickness of mineralisation at depth compared to previously interpreted mineralised envelope.

Madaouela Feasibility Study

At Madaouela, GoviEx is at the final stages of completing its feasibility study, with detailed engineering, drawings and provisional capital and operating costs already defined and calculated. GoviEx is currently working on final optimization and trade-off options and expects to complete its Feasibility Study in Q322. In addition, the Niger government is currently reviewing a new Mining Code, due to be finalised shortly, and while no major impacts are expected as a results of this new mining code, GoviEx would like to include any potential changes into its Feasibility Study.

Daniel Major, CEO commented:

“I am pleased to announce the progress we have made at Mutanga this year. Our ambitious drilling programme is aimed at upgrading the inferred mineral resources associated with the Dibwe East deposit ⁽¹⁾ and we have had very positive initial results so far. This follows from last year’s successful infill drilling campaign.

“We have been working diligently on the Madaouela feasibility study and I am pleased that we have already completed detailed engineering, drawings and provisional capital and operating costs. Despite the increase in inflation and pricing volatility, I am satisfied with the work completed and we are currently examining several final optimization options to improve the results to date. With the uranium market continuing to improve, we are committed to releasing the results of the Madaouela feasibility study soon as possible.”

Govind Friedland, Executive chairman of GoviEx, said:

“The uranium market continues to be one of the most exciting investment propositions out there. Strong fundamentals coupled with the need for security of supply, a raging energy crisis, the push for decarbonisation and investment in clean energy; GoviEx is well positioned to potentially benefit from the expected strong market environment.”

Please read the complete news release at the following link: LINK