Elevate Uranium Ltd (ASX: EL8) has posted a 20 percent resource estimate boost to its Koppies uranium project in Namibia, which in turn has lifted the company’s overall resource status in the country by 10 percent.
The inferred mineral resource estimate (MRE) at Koppies has grown to 57.8 million pounds of triuranium octoxide (U3O8), and Elevate is progessing this through to an ‘indicated’ status with an infill drilling program which began in February.
Exploration drilling is also being carried out close to Koppies to identify and pin down the mineralisation of potential satellite projects.
Elevate Uranium’s managing director Murray Hill said the company had high hopes of retaining low costs for both exploration and future production.
“The 20 percent resource increase at the Koppies Project takes the total Koppies resource to 57.8 Mlb U3O8 and further increases our Namibian uranium mineral resources by 10 percent to 103.8 Mlb U3O8 and our global resources to 152.2 Mlb U3O8,” he said.
“Due to the shallow nature of mineralisation and effectiveness of our exploration programs, the all-in project discovery cost of the Koppies inferred resource is exceptionally low at US$0.068 per pound.
“The mineralisation at Koppies is very shallow, with approximately 95 percent of the resource within 18.5 metres of the surface and 50 percent of the resource within 7 metres of the surface. These parameters imply a potential low strip ratio and low-cost mining operation at Koppies, which would be beneficial to the overall economics of any future operation.”
Elevate Uranium is trading at 52c.