Elevate Uranium leaders showing faith in their own product

They say that there is no better sign of a company’s potential than seeing that the leaders have “plenty of skin in the game.”

That was further highlighted for Elevate Uranium (ASX: EL8) this morning when the company’s managing director and chief executive officer Murray Hill and non-executive chair Andrew Bantock snapped up almost $760,000 in company options.

Mr Hill exercised 3.6 million options worth $612,000, while Mr Bantock exercised 862,153 options for an outlay of around $147,000.

Big things happening in Namibia

There is no surprise in the strength of their support of the company, which is making big strides with its uranium exploration success in Namibia.

In early November, Elevate grabbed the market’s attention once again when it announced a 136% jump to 48 million pounds in the resource at its Koppies uranium project.

The company is wasting no time building on those numbers. Three drill rigs are currently progressing with resource drilling at the mineralised zone south of Koppies 2 and at Koppies 4 deposits located to the south of the mineral resource estimate (MRE) envelope.

Chasing upside

There is certainly significant upside for the company to concentrate on, with mineralisation remaining open in multiple directions around the resource.

Drilling result analysis has also confirmed the potential for additional finds.

Koppies is one of the shallowest uranium resources globally, with 95% of the resource within approximately 15 metres of the surface and 50% of the resource within approximately 6 metres of the surface.

Notably, drilling completed for the recent resource upgrade had not tested the full extent of the Koppies 1, 2, or 3 mineralisation.

It is expected that this will also be the case in the area of Koppies 4 and south of Koppies 2 where the three drill rigs are currently undertaking resource drilling.

Resource expansion and infill drilling

Results generated by the three drill rigs operating at the project will assist Elevate in producing a further resource upgrade in the first quarter of 2024, with a major focus on moving the resource status from inferred to indicated.

The well-funded exploration and development company also has significant opportunities at other Namibian locations.

At the Hirabeb project, exploration has delineated large-scale mineralised zones, with the uranium mineralisation extending over 4km in length at Hirabeb I, while anomalous uranium mineralisation has been found to extend over 9km in length at Hirabeb II.

Planning is underway for a drilling program targeting a maiden resource. The program will tighten up Elevate’s understanding of an area where drilling to date is wide spaced with drill lines 500m apart.

Central Erongo area

In the Central Erongo area, Elevate has a strategic landholding close to operating uranium mines.

The Marenica uranium project is estimated to contain a large resource of 61 million pounds of uranium, of which 75% is attributable to Elevate.

Located only 30km north of the Trekkopje uranium mine and 55km north of Rossing uranium mine, the Marenica project offers significant exploration potential.

A planned drilling program will focus on new exploration prospects, delineation of higher-grade zones and enhancing resource confidence.