Elevate Uranium uncovers 73km of palaeochannel at Namibian project
Scout drilling uncovered up to 758ppm uranium from surface at Namib IV.
Perth-based Elevate Uranium (ASX: EL8) has identified 73 kilometres of prospective palaeochannel from an airborne electromagnetic (EM) survey flown over its Capri tenement in Namibia.
In an announcement to the market, Elevate managing director Murray Hill said the 477-line km survey also identified large areas with significant uranium radiometric responses coinciding with sections of the palaeochannels.
He said this has only previously been seen in areas of the nearby Marenica uranium project, where the shallow uranium mineralisation is present. Marenica is where Elevate developed its U-pgrade beneficiation process.
“Capri is shaping up to be another exciting tenement for the company,” Mr Hill said.
“The company is encouraged that it continues to identify significant exploration drill targets in the highly prospective uranium province,” he added.
Both Capri and Marenica are located within the Central Erongo area of Namibia.
Current and upcoming drilling programs
Further south in the Namib area, resource definition drilling is continuing at the Koppies uranium project.
The program has been extended to allow for an increased number of holes to be drilled over and above what was anticipated during planning.
The additional holes will aim to delineate further extensions to the uranium mineralisation previously identified in the project area.
As a result of the program’s extension, the resource estimate for Koppies is now due for completion in April.
Following the wrap-up of drilling at Koppies, the rig will move to the Hirabeb tenement for exploration drilling.
Elevate then plans to commence exploration drilling at Capri on its palaeochannel system. This is estimated to be within the 2022 June quarter.
Field work in Australia
Elevate also owns 48 million pounds of high-grade uranium mineral resources in Australia including the Angela, Thatcher Soak, Minerva and Oobagooma projects as well as joint venture interests in Bigrlyi, Malawiri, Walbiri and Areva.
The company said it is continuing to assess opportunities to increase the mineral resource status of Oobagooma in northern Western Australia.
It will also be undertaking soil and geophysical surveys in the June quarter at Angela and Minerva in the Northern Territory.