Elevate Uranium confirms continuity of shallow uranium ahead of resource estimate

Elevate Uranium ASX EL8 shallow uranium resource estimate Namibia Koppies
Elevate Uranium expects to release its maiden resource estimate for the Namibian project this quarter.

Elevate Uranium (ASX: EL8) has identified large bodies of shallow uranium mineralisation at its Koppies project in the Erongo region of Namibia.

The explorer today reported results of its recently completed resource definition drilling program, which totalled 558 holes for 4,701m. The program was designed to define uranium mineralisation previously discovered by the company.

Data from this drilling program will be incorporated into a maiden mineral resource estimate, which is underway and anticipated for completion in the current March quarter.

Significant intersections were: 8m at 768 parts per million equivalent uranium oxide from 4m; 6m at 796ppm from 6m; 9m at 415ppm from 1m; 11m at 319ppm from 1m; and 10m at 319ppm from 5m.

Uranium mineralisation remains open to the east and south.

Elevate managing director Murray Hill described the results as “excellent”.

“The resource definition drilling program has confirmed continuity of shallow, calcrete-hosted uranium mineralisation within broad palaeochannels,” he said.

“We continue to be excited about further extensions to the Koppies palaeochannels and potential for additional mineralisation,” Mr Hill added.

Koppies deposits

Koppies is comprised of two deposits, aptly named Koppies I and Koppies II, which are contained within the same palaeochannel system as Deep Yellow’s (ASX: DYL) Tumas 1 East deposit.

Uranium mineralisation has been intersected over at least 3km of the Koppies I palaeochannel, which is typically between 10-15m deep. Two 4-5m thick mineralised zones have been identified in the western part of Koppies I with depths measuring 1-2m and 7m below the surface.

Koppies II, located 2km south, is much larger with a shallower palaeochannel system extending over 6.5km. Mineralisation forms a 6-7m thick body at 3m below the surface.

According to Elevate, the uranium in both palaeochannels mainly occurs in calcrete and is expected to be amenable to processing with the company’s U-pgrade uranium beneficiation process.

Koppies is part of the Namib Area, one of three tenement areas that Elevate holds in Namibia. The company also holds uranium exploration projects in Australia and raised $11.5 million in late 2021 to fast-track exploration activities across both regions.

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