Elevate Uranium moves closer to maiden resource estimate for Koppies project
Marenica’s stock is now trading under the new name Elevate Uranium and ticker code ‘EL8’.
Aspiring producer Elevate Uranium (ASX: EL8) continues to move towards a maiden mineral resource estimate for its Koppies uranium project in Namibia.
During the March quarter, the company said it would commence preparing the estimate using drilling results received to date.
A review of the same results has identified substantial areas which will need additional exploration to delineate the extent of mineralisation beyond that included in the estimate.
Koppies is a small portion of the area controlled by Elevate in the prolific Namib area within the Southern Erongo region of central-western Namibia.
It is located near to Deep Yellow’s (ASX: DYL) Tumas 1 East uranium deposit and highlights considerable opportunities for Elevate to eventually increase its mineralisation across the greater Namib area.
Capri surveys
Elevate’s quarterly work program also saw the completion of an airborne electromagnetic (EM) and radiometric survey over the northern portion of the Capri tenement in Namibia’s Central Erongo area.
The survey identified 73 kilometres of palaeochannel, with coincident uranium-channel radiometric anomalies considered prospective for calcrete-hosted uranium.
The mineralisation is believed to be similar to that at Elevate’s 75%-owned Marenica project on which the company developed its U-pgrade beneficiation process.
The survey was deemed to complement an older frequency domain EM survey flown to the south of the tenement.
The combined surveys have identified north-western and south-eastern palaeochannels, with the former extending for at least 48km within Capri and the latter for 25km.
Exploration drilling is expected to commence at Capri in the June quarter.
Australian assets
In Western Australia, Elevate continues to assess opportunities to increase the mineral resource status of its wholly-owned Oobagooma sandstone-hosted uranium deposit in the state’s Kimberley region.
In September, the company announced a conceptual exploration target at Oobagooma totalling between 26 million pounds and 52Mlbs and grading between 650 parts per million and 950ppm uranium oxide.
Elevate has also planned soil and geophysical surveys (induced polarisation and passive seismic) at the Angela and Minerva uranium deposits in the Northern Territory.
These surveys are expected to be completed during the June quarter.