Elevate Uranium (ASX: EL8) has discovered extensive uranium during maiden scout reverse circulation drilling at its Namib IV prospecting licence in Namibia, with managing director Murray Hill saying this was only just the beginning of the tenement’s potential.
Initial wide-spaced drilling has uncovered uranium from surface that extends over 17km of strike within a paleochannel system.
Notable intersections all hit mineralisation from surface and comprised 2m at 435 parts per million uranium, 3m at 376ppm uranium, 4m at 387ppm uranium, and 2m at 758ppm uranium.
Upside at Namib IV
Mr Hill said the results were “very encouraging” with Namib IV the company’s third tenement in the wider Namib Area where extensive uranium has been discovered.
“That’s a fantastic success rate,” he said.
“The distribution of mineralisation identified in this initial wide-spaced exploration program only begins to indicate the potential of this tenement.”
Mr Hill noted these results combined with airborne electromagnetic data will provide the company with a strong foundation for an aggressive exploration program at Namib IV and its other tenements in the Namib Area.
Drilling at Namib IV was designed to confirm the location of paleochannels identified in the airborne EM survey.
The paleochannels and mineralisation remain open to the north and east – indicating “significant upside potential”.
Elevate revealed late last month the airborne EM survey across the entire Namib Area had generated “outstanding results”.
The survey covered 347 square kilometres and pinpointed expansive paleochannel systems throughout the area.
The Namib Area is described as a featureless terrain with no obvious surface expression to identify the systems.
Prior to the airborne survey, Elevate completed ground-based geophysics.
As well as Namib IV, paleochannels were noted at Koppies and Hirabeb prospects.
“Due to the extensive area of these systems, the company anticipates drilling programs will continue into 2022,” Mr Hill said.
Elevate is the largest uranium tenement holder in Namibia and also owns the Nile 72 Area and Marenica Area projects.
Tenements are close to infrastructure including a port, airport and roads.