16 km of Uranium Mineralisation at Capri

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to announce the discovery of a 16 kilometre zone of continuous uranium mineralisation at EPL 7508 (known as Capri). Previous exploration using airborne electro-magnetic surveys identified extensive palaeochannels associated with radiometric anomalies in both the western and eastern areas of the tenement. Subsequently, this maiden drill program was completed over the palaeochannels in the western half of the tenement, resulting in this new uranium discovery. The eastern half of the tenement is yet to be drilled.

• Significant uranium mineralisation identified over a continuous strike distance of 16 km.
• Mineralisation is less than 25 metres below surface.
• Intersections include:
  • 3.5 metres at 438 ppm eU3O8 from surface (CAP0103)
  • 4.5 metres at 942 ppm eU3O8 from 7.5 metres (CAP0154)
  • 7.0 metres at 228 ppm eU3O8 from 1.5 metres (T0014)
• Capri is only 35 km northwest of the Company’s Marenica Uranium Project.

Figure 1 on the next page highlights the mineralisation identified during this drill program relative to the location of the palaeochannels.

Elevate Uranium’s Managing Director, Murray Hill, commented:

“This is another impressive uranium discovery – significant uranium mineralisation found over 16 kilometres of continuous strike from our maiden drill program at Capri, following on from successive discoveries at Koppies, Hirabeb and Namib IV. This is our fourth uranium discovery in Namibia over the past three years and is testament not only to our high-quality land position but also our exploration methods, which are bearing fruit.

2022 has delivered great new opportunity for Elevate Uranium, including finding this 16 kilometre strike of uranium mineralisation at Capri, quantifying an initial 20 Mlb uranium mineral resource at Koppies and now working towards expanding the Koppies resource with two drill rigs currently operating on the tenement. We look forward to what further exciting outcomes can be achieved in 2022.

The Company will now take time to assess the results of the Capri drill program and prioritise those results against our other Namibian discoveries and subsequently plan future exploration programs.”

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