- Project mineral resource has increased to 52.8 Mlb U3O8.
- Infill drilling delivers 31% increase in contained metal.
- Building on doubling of the resource grade announced in February.
- Active infill drilling is underway to convert inferred resources to indicated.
Elevate Uranium (ASX:EL8) is accelerating infill drilling to build on the latest upgrade to the JORC mineral resource estimate at the Marenica uranium project in Namibia. Infill drilling of areas identified as growth targets in a February resource update has added 12.6 million pounds of uranium compound U3O8 to the MRE, bringing the Marenica total MRE to 52.8 Mlb U3O8 at 180 parts per million.
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Elevate’s MD, Murray Hill, said the results extend a resource that has essentially doubled in grade and grown by 31% in contained metal since the beginning of CY26.
“The growth at Marenica this year has been substantial. In February, we reported a resource that had essentially doubled in grade following a comprehensive reanalysis of our historical dataset,” Mr Hill told shareholders today.
“Now, with targeted infill drilling of the areas we identified as growth targets at the time, we have added a further 12.6 Mlb to bring the total to 52.8 Mlb at a grade of 180 ppm U3O8. The resource is growing methodically and with improving confidence.”
Elevate currently has four rigs working to convert the resource to indicated, the classification required to support financial studies, while processing Marenica bulk samples through the U-pgrade pilot plant in Namibia.
In February, Elevate announced a significant milestone for Marenica following a comprehensive re-analysis of over 5,000 historical drill holes throughout 2025.
The analysis saw the JORC MRE being updated to JORC 2012 standards. “The new resource of 40.2 Mlb U3O8 at a grade of 185 ppm U3O8 is essentially double the previous resource grade,” Mr Hill said recently.
“This update is a transformative milestone for the Marenica uranium project in Namibia. A significant reanalysis and rework of the underlying data from over 5,000 historical drill holes during 2025 enabled estimation of this more robust resource, which materially enhances the development potential of Marenica.”
EL8 is steady at 24¢ through Wednesday. Mkt cap $114.1M.
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