- Elevate Uranium (EL8) identifies 73 kilometres of “prospective” palaeochannels at its Capri uranium project in Namibia
- The palaeochannels were inferred from data acquired in recently undertaken airborne electromagnetic and radiometric surveys
- The company says the surveys indicated north-west and south-east-trending palaeochannels in a geological location prospective for calcrete-type uranium similar to that of the nearby Marencia uranium project
- EL8 shares down 0.88 per cent to 56 cents
Elevate Uranium (EL8) has identified 73 kilometres of “prospective” palaeochannels at its Capri uranium project in the Central Erongo Area in Namibia.
The company said the palaeochannels and coincident uranium-channel radiometric anomalies were outlined via a recently completed airborne electromagnetic (EM) survey and radiometric survey.
EM and radiometric data was gathered from a total of 477 line kilometres flown over the northern portion of the tenement.
Elevate said the surveys were interpreted to infer north-west and south-east-trending palaeochannels in a geological location it suggested was prospective for calcrete-hosted uranium similar to that of the nearby Marencia uranium project.
“With the airborne EM survey identifying 73 kilometres of palaeochannel within the tenement, Capri is shaping up to be another exciting tenement for the company,” Managing Director Murray Hill said.
“In addition, the airborne survey identified large areas with significant uranium radiometric responses coinciding with sections of the palaeochannels, which we have only previously seen in areas of the Marenica uranium project, where shallow uranium mineralisation is present.”
Elevate said it planned to begin an exploration drilling program to test the palaeochannels at Capri in the June 2022 quarter.
EL8 shares were down 0.88 per cent to 56 cents at 1:44 pm AEDT.