Elevate discovers 16km zone of uranium mineralisation at Capri target
Elevate managing director Murray Hill says Capri represents the company’s fourth uranium discovery in Namibia over the past three years.
Elevate Uranium (ASX: EL8) has discovered a 16 kilometre zone of continuous uranium mineralisation at the newly-identified Capri target, which sits approximately 35km northwest of its Marenica project in Namibia.
The discovery was made during a 284-hole maiden drilling program over extensive paleochannels in the western half of the tenement, which have been associated with radiometric anomalies.
The eastern half of the tenement is yet to be drilled.
The reverse circulation program was conducted over a wide area, with drill line spacings averaging 3,100m and drill hole spacings of 200m.
The work identified significant uranium mineralisation less than 25m below surface, providing an indication of the potential mineral endowment within the western half of the tenement.
Best intersections were 3.5m at 438 parts per million uranium oxide equivalent from surface; 4.5m at 942ppm uranium oxide equivalent from 7.5m; and 7m at 228ppm uranium oxide equivalent from 1.5m.
Logging to-date has indicated that Capri hosts secondary mineralisation contained in calcrete palaeochannels, similar to that at Marenica.
Historic drill holes
Elevate also located 36 historic drill holes from the 1970s, and found all but one to still be open.
The company has probed the holes using downhole gamma techniques to determine the presence of mineralisation and confirm the uranium oxide grade.
Elevate said future exploration and subsequent drilling activities would test broader and deeper palaeochannels in the east of Capri.
Earlier discoveries
Managing director Murray Hill said the discovery of Capri follows earlier discoveries at Koppies, Hirabeb and Namib IV in the Namib area.
“This is our fourth uranium discovery in Namibia over the past three years and is testament to our high-quality land position and exploration methods, which are bearing fruit,” he said.
“This year has delivered great new opportunity for Elevate which has included finding this 16km strike of uranium mineralisation at Capri, quantifying an initial 20 million pounds of resource at Koppies and now working towards expanding that resource with two rigs currently operating on the tenement.”
He said the company would assess the Capri drilling results and use them to plan future exploration at the discovery.