Falea polymetallic (uranium, silver, and copper) deposit is located in Mali, West Africa approximately 350 km west of Bamako, the capital of Mali, and approximately 240 km south of the city of Kayes. The nearest town is Kenieba, which is an 80 km drive north from the project area. The Project is located approximately 80 km to the east of AREVA's Saraya East uranium deposit in Senegal and approximately 13 km along trend from IAM Gold Inc.’s Siribaya gold deposit. GoviEx acquired the Property from Denison Mines Corp. (Denison) in June 2016. The Property comprises three contiguous exploration permits, namely the Falea, Bala, and Madini Permits. The reported Mineral Resources are wholly contained within the Falea Permit.
Within the Madini permit, anomalous gold in soil was recently confirmed along the Siribaya trend along which other companies have discovered gold deposits. The company is investigating this potential further.
The polymetallic mineralization at Falea is hosted in the Neoproterozoic to Carboniferous sedimentary sequence of the Taoudeni Basin, a shallow interior sag basin with flat to very shallow dips. The Taoudeni Basin is located over a large portion of the West African Craton between the Reguibal Shield to the north and the Leo Shield to the south and encircles the Pan-African Belts to the west and east. The Taoudeni Basin is underlain by the Birimian greenstones which have been intruded by uranium-bearing Saraya granites.
The deposition of the Taoudeni Basin sedimentary sequence within the Project area was largely controlled by north-south and east-southeast trending structures. The orientation of the structural trends is coincident with the structural orientations within the Birimian greenstones. A dolerite sill ranging in thickness from a few metres to more than 160 m is present throughout most of the basin, intruding 65 m to 120 m above the Kania sandstone and forming prominent cliffs in the area.
Most of the mineralization at Falea occurs in the flat lying Kania sandstone, which is underlain and overlain by argillaceous units. The Kania sandstone is located near the bottom of the Taoudeni Basin sequence. The mineralization is interpreted as an unconformity type uranium deposit, since it is associated with the unconformity between the Kania sandstone and the underlying Birimian greenstones.