Survey generates ‘outstanding results’ for Elevate in its hunt for uranium in Namibia

Elevate Uranium ASX EL8 airborne electromagnetic EM Palaeochannels Namib Area Namibia
The airborne EM survey covered 347sq km over Elevate’s Namib Area tenements.

An airborne electromagnetic (EM) survey over Elevate Uranium’s (ASX: EL8) uranium tenements in Namibia has generated “outstanding results”.

The survey was undertaken across the company’s tenements in the Namib Area of the country and covered 347 square kilometres with a corresponding length of 280km.

Elevate managing director Murray Hill said the survey had produced “outstanding results” and identified additional expansive paleochannel systems throughout the Namib Area.

“This survey provides the company with many additional exploration targets to explore, and the exploration team will now design and undertake drilling programs to confirm the paleochannel locations and the grade of the uranium mineralisation.”

“Due to the extensive area of these systems, the company anticipates drilling programs will continue into 2022,” Mr Hill added.

Namib Area

Elevate describes the Namib Area as a featureless terrain with no obvious surface expression to identify paleochannels.

Prior to undertaking the airborne EM survey, Elevate completed ground-based geophysics using horizontal loop EM (HLEM) surveys.

The airborne survey helped validate data from the HLEM results and assist with determining the potential grade of uranium mineralisation.

According to Elevate, using both surveys has identified an extensive paleochannel system hosting mineralisation at Koppies and Hirabeb prospects and another system at Namib IV.

Drilling will confirm the presence of uranium mineralisation.

Proximity to known uranium deposits

Elevate’s Namib Area tenements are close to known deposits and mines in the region, including Paladin Energy’s (ASX: PDN) Langer Heinrich operation, Deep Yellow’s (ASX: DYL) Aussinanis deposit, Bannerman Resources’ (ASX: BMN) Etango, China National Uranium Corporation’s Rossing mine and the China General Nuclear Power Corporation’s Husab asset.

The Namib Area is a known uranium province hosting around 230 million pounds in defined uranium resources.

Elevate also owns the Nile 72 Area and Marenica Area projects in Namibia – noting it is the largest tenement holder for uranium in the country.

The tenements are close to infrastructure including the Walvis Bay port, an international airport and roads.

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