- Elevate Uranium (EL8) has reported a “new uranium discovery” from a maiden scout drill programme under way at its Namib IV prospect in Namibia
- The explorer is undertaking a wide-spaced exploration drill program within the licence, where it has intersected mineralisation over 17 kilometres
- Notable intersections include two metres at 435 parts per million uranium equivalent and three metres at 376 parts per million uranium equivalent
- Planning for the next stage of exploration is said to be under way
- Elevate Uranium shares are up 5.66 per cent at 2:05 pm AEST to trade at 28 cents
Elevate Uranium (EL8) has reported a “new uranium discovery” from a maiden scout drill program under way at its Namib IV prospect in Namibia.
The explorer is in the early stages of an explorative wide-spaced drilling program within an exclusive prospecting licence, targeting what it believes could host near-surface uranium.
Elevate said the program had identified a network of paleochannels, with the major paleochannel extending over 19 kilometres and mineralisation intersected over 17 kilometres.
Notable intersections from the drills include two metres at 435 parts per million uranium equivalent from surface, three metres at 376 parts per million uranium equivalent from surface and four metres at 387 parts per million uranium equivalent from surface.
Elevate Managing Director Murray Hill said results from these drills indicated the potential of the tenement.
“These results, together with the Airborne EM, provide our exploration team with a strong foundation for implementing an aggressive exploration program on the company’s expansive and highly prospective tenements within this uranium province of Namibia,” he said.
According to Elevate, its geological team is analysing the results and planning the next stage of exploration.
Elevate Uranium shares were up 5.66 per cent at 2:05 pm AEST to trade at 28 cents.