- Elevate Uranium (EL8) says it’s now fully funded to accelerate exploration and development activities in Namibia and Australia
- The company recently raised $11.5 million, taking its cash position to $16.5 million ahead of planned work in the new year
- Elevate plans to complete drilling, metallurgical testwork, geophysical work, historical data reviews, and more across its Namibian and Australian portfolio
- Company shares have been trading down 2.17 per cent at 45 cents
Elevate Uranium (EL8) said it is now fully funded to accelerate exploration and development activities in Namibia and Australia.
This follows the material stock completing an $11.5 million capital raise at the end of November which increased its cash position to $16.5 million.
As a result, the company is proceeding full steam ahead with work aimed at expanding its existing JORC resource inventory across its Namibian and Australian assets.
Namibia
In Namibia, Elevate plans to complete a maiden inferred resource for the Koppies tenement, which will be followed by metallurgical testwork and further drilling to estimate an indicated resource.
The company also plans to undertake multiple drilling at the Namib Area and Hirabeb tenements. Further, geophysical surveys and data reviews will be carried out at the Marenica project and Mile 72/Capri tenements.
Australia
Elevate has slated plans to conduct metallurgical testwork, technical studies and increase the extent of the resource at the Angela project. It will also review historical data from the Oobagooma and Minerva deposits, as well as collect mineralised samples at the Thatcher Soak project for metallurgical testwork.
Work across both countries will commence in January and be carried out throughout the whole year.
Managing Director Murray Hill commented on the exploration plans.
“With cash of $16.5 million, the company will now significantly accelerate the pace of its activities and we will hit the ground running in the new year, with aggressive exploration programs throughout 2022, in both Namibia and Australia,” he said.
“These activities are expected to generate regular news flow.”
Company shares were down 2.17 per cent to trade at 45 cents at 3:20 pm AEDT.