Moab Minerals (ASX:MOM) has terminated its agreement to acquire the Sasare Gold and Copper Project in Zambia after due diligence investigations failed to meet the company's requirements.
Instead, Moab will pivot its strategic focus toward its Manyoni Uranium Project in Tanzania, capitalising on a robust uranium market where spot prices have reached approximately US$89.25 per pound as of late January.
The project's geology features a flat-lying palaeochannel system with less than three metres of overburden, suggesting the potential for low-cost strip mining.
Moab is also in the process of consolidating its landholding by acquiring adjacent tenements from AuKing, which host several known uranium prospects.
Managing Director Malcolm Day noted that Manyoni offers a "clear pathway for value creation" under current market conditions.
The company is now fast-tracking development, with mineralogy and metallurgical test work scheduled for this quarter to identify the best processing path.
These results will form the foundation of a scoping study expected to commence in the June quarter.