- Elevate Uranium (EL8) announces a maiden inferred mineral resource estimate (MRE) for its Koppies uranium project in Namibia
- The project’s MRE is 41.4 million tonnes at 220 parts per million (ppm) of triuranium octoxide equivalent for a total resource of 20.3 million pounds
- Recent exploration work has shown potential to expand the resource as a new mineralised body was discovered outside the MRE envelope
- Managing Director Murray Hill says the outcomes “are exciting as they indicate significant potential for mineralised zones to expand with further drilling”
- Shares in Elevate Uranium were up 3.39 per cent to $0.61 as of 10:00 am AEST
Elevate Uranium (EL8) has announced a maiden inferred mineral resource estimate (MRE) for its Koppies uranium project in Namibia.
The Koppies project has an inferred MRE of 41.4 million tonnes at 220 parts per million (ppm) of triuranium octoxide equivalent for a total resource of 20.3 million pounds.
The maiden MRE increases Elevate’s total uranium mineral resources by 22 per cent to 115 million pounds.
Managing Director Murray Hill said the company was pleased with the MRE but is even
more encouraged by the “significant potential” to expand the resource.
Elevate Uranium’s exploration programs have been focussed on detecting uranium mineralisation within palaeochannels. In a recent drilling program, drilling was extended beyond the paleochannels which led to the discovery of a significant flat-lying body of uranium mineralisation 1.6 kilometres east of Koppies I.
The mineralisation extends over one kilometre, is 400 metres wide and between two and 16 metres deep. The mineralisation is open to the northeast and southwest.
This basement-hosted discovery wasn’t included in the MRE as further drilling is required to fully define its extent. The company believes there may be additional mineralisation underneath the currently defined palaeochannels and plans to drill deeper holes to overlap the existing ones.
“These outcomes are exciting as they indicate significant potential for the mineralised zones to expand with further drilling,” Mr Hill said.
The geology team is reviewing exploration data and planning future exploration programs including deeper drilling to uncover additional mineralised areas around the current resource and the new discovery.
Shares in Elevate Uranium were up 3.39 per cent to $0.61 as of 10:00 am AEST.