2023 Drilling Program Underway

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to provide the market with an update on the continuing success of its drilling programs at the Koppies Project in Namibia and to advise that the 2023 drilling program has commenced.

Highlights:

Latest drilling results indicate:
- Koppies 2 now connects with Koppies 4
- Koppies 1 is now considered likely to connect with Koppies 2
- Most likely Koppies 1, 2, 3 and 4 are all connected, for an aggregate length of 20 km
Two drill rigs have recommenced drilling at Koppies after the Christmas / New Year break

This update follows on from the discovery of Koppies 4 in November 2022 (see ASX release titled “Koppies Mineralisation Increased to Over 19 km” dated 22 November 2022), and the earlier announcement of the JORC (2012) Inferred Mineral Resource Estimate of 20.3 million pounds eU3O8 at Koppies 1 and 2 (see ASX release titled “22% Increase in Mineral Resources” dated 4 May 2022). The latest drilling results have highlighted the following:

Mineralisation identified south of Koppies 2, indicates that Koppies 2 connects with Koppies 4,
Mineralisation identified between Koppies 1 and 2, indicates that these two areas are also likely connected,
The continuity between these areas reinforces the likelihood that the Koppies mineralised area has an aggregate length of 20 km.

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

“The latest drill results which identify mineralisation south of Koppies 2, indicates that Koppies 2 connects with Koppies 4 and further suggests that the mineralisation extends the full north-south extent of the Koppies tenement. We have now demonstrated that mineralisation is likely continuous between all four zones of the Koppies project extending for a strike length of 20 km and up to 4 km in width.

Drilling has now recommenced after the Christmas / New Year break, with two drill rigs operating in the greater Koppies area to further locate and define the uranium mineralisation. We expect that the drilling programs to be undertaken in 2023 will further define and consolidate the extent of the greater Koppies area.”

Exploration Summary and Updated Geological Model

Estimation of the JORC (2012) Inferred Mineral Resource Estimate of 20.3 million pounds eU3O8 at Koppies 1 and 2, and subsequent discovery of mineralisation extensions at Koppies 3 and 4, have been vital in improving the geological understanding of the Koppies Project. On a regional scale, aerial satellite imagery clearly shows a strong northeast-southwest (NE/SW) set of lineaments, supported by regional airborne magnetic survey data. Field observations and geological mapping confirm these rocks to be the Damara Group schists. Traversing from west to east at Koppies, there is a transition from schist to the Donkerhoek Granite. Rocks within the transition zone are historically mapped as either granite with schist inclusions or schists with granite inclusions. This description can be simplified with the label of “migmatite”, which is strongly indicative of shearing occurring at the contact between a younger intrusive granite batholith and the older, surrounding, metamorphic schists. As the batholith has intruded into the crust, heat from the magma will have partially melted the immediate surrounding country rocks, while more brittle lithologies will crack under the pressure forming faults and fractures of various scales. The combined heat, faulting and shearing of these rocks is likely to have served as pathways for later fluid movement of mineralisation into the overlying sediments once regional tectonism ceased, resulting in the basement-hosted mineralisation. Younger surface mineralisation is likely to have been formed from a combination of mobilisation of uranium from basement lithologies and lateral flow through surface drainage (from “hot” uranium-rich granite outcrops) into the overlying channel fill and evaporitic calcretes.

Incorporating regional-scale airborne radiometrics data reveals a strong correlation between the position of this structural transition zone and moderate to strong anomalism on the uranium radiometrics channel. Uranium grades returned from the 2022 Koppies 3 drill campaigns confirmed that these radiometric anomalies are coincident with uranium mineralisation. Additionally, in a sedimentary setting, uranium mineralisation is known to have a “pinch-and-swell” appearance, both laterally and vertically, dependent on the varying permeabilities and porosities of the host sediments through which the uraniferous fluids flow (in this case, within a palaeochannel). Underlying structures in the basement below the mineralised palaeochannels can also greatly influence the permeabilities and porosities of the overlying channel fill as tectonism is reactivated over geological time.

Using the derived exploration model here, it therefore becomes apparent that the uranium mineralisation identified at Koppies 2 should logically extend through into, and connect with, the uranium mineralisation discovered at Koppies 4. The radiometric anomalism remains consistently coincident with the mapped position of the migmatite/shear zone between Koppies 2 and Koppies 4, which has been corroborated by uranium grades returned from the latest drilling. The “pinch-and-swell” aspect of palaeochannels is interpreted to continue between these two domains and appears to continue to the southwest of Koppies, roughly following the position of the migmatite/shear zone.

Click here for the full ASX Release

This article includes content from Elevate Uranium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Uranium Investing asx stocks asx:el8 elevate uranium

EL8:AU

Renforth’s Parbec Surface Program Concluded, Succesfully Intersects Mineralized Lenses

Renforth Resources (CSE:RFR) (OTC:RFHRF) (“Renforth” or the “Company”) is pleased to announce that field exploration at Parbec for May/June 2019 has concluded with the successful intersection of, amongst other positive developments, quartz veins on surface as projected from drillholes intersecting gold south of the Cadillac Break associated with a diorite splay, previously disclosed drill results which were projected to surface as seen below included 5.55 g/t Au over 0.5m in Renforth’s PAR-18-86 and in the earlier PAR-08-03 drilled by Globex 2.35 g/t Au over 3.3m.

This program has demonstrated that Parbec, has significant structural complexity, known in some areas to be associated with gold, in other newly exposed areas assays are pending. The program targeted 4 areas of interest, namely (1) the “Diorite Nose” in the NW, where the Diorite Splay and Cadillac Break interact and prior trenching discovered gold, an area (2) south of this, over the Pontiac Sediments and Diorite Splays, an area where prior drill holes intersected gold at depth, (3) the examination of known outcrop in an undrilled area of the Cadillac Break and (4) target gold bearing 2018 grab samples in an undrilled area near the ramp face.

Keep reading...Show less

Laramide Announces the Appointment of Vice-President for Operations and Strategic Planning, U.S. and Provides Update on Drilling Activity in Australia

Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to announce the appointment of Mr. Josh Leftwich as Vice-President for Operations and Strategic Planning, U.S.A. Mr. Leftwich's substantive professional expertise will be instrumental in advancing Laramide's U.S. uranium assets through development and into production.

Mr. Josh Leftwich's career includes a role as Director of Radiation Safety and Licensing, reporting directly to the President of Cameco. At Cameco, he was a key senior manager in charge of operational compliance and oversight of three mine operations and seven development projects. He was the key contact for all tribal relations which required development and administering of policy processes, as well, he was the key regulatory contact for all state and federal communications including the Nuclear Regulatory Commission (NRC).

His other relevant uranium mining company experience includes negotiating complex regulatory issues at Uranium Energy Corp. (UEC); and, as a key component of the initial start-up team at Mestena Uranium (now The Alta Mesa Project owned by enCore Energy and Boss Energy), he was responsible for all permitting activities including demonstrating and communicating groundwater restoration capabilities and establishing health, safety and environmental/radiation programs from greenfield to production.

"We are very pleased to welcome Josh to Laramide Resources and back to the uranium industry where he began his career," said Marc Henderson , CEO and President of Laramide Resources Ltd. "Each of our U.S. projects are development stage with significant resources and can make a meaningful contribution to future US domestic uranium production, which is now a bipartisan US government objective. This political backdrop should provide a tailwind for our assets and Josh's skills will enhance our progress towards achieving our aggressive development timeline."

Westmoreland Uranium Project Drilling Update

Drilling at the Westmoreland project is proceeding well with the first three of seven planned diamond holes at the Amphitheatre prospect now completed. Initial core sampling of shallow mineralised zones is underway, guided by downhole gamma probe and handheld scintillometer data. The first samples are being prepared for delivery next week to ALS Laboratories.

The first five drillholes at Amphitheatre are targeting immediate extensions of the known mineralisation and to understand any structural controls. The last two holes planned for this study at Amphitheatre will be to step out and to test over 300m to the north under alluvial cover to get a sense of the potential scale of this project.

As part of the 2024 resource extension program, a second drill rig will arrive later this month to commence drilling at Huarabagoo and Junnagunna to test whether the zones between these two deposits can be linked. The combined program will comprise 10,000 to 12,000 meters over 100 drillholes and includes the satellite deposit at Long Pocket with an objective of expanding and updating the Westmoreland Mineral Resource Estimation.

Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a Qualified Person under the guidelines of the National Instrument 43-101. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

About Laramide Resources Ltd.:

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States . The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large projects are considered to be late-stage, low-technical risk projects.

The Westmoreland project in Queensland, Australia , is one of the largest uranium development assets held by a junior mining company. This project has a PEA that describes an economically robust, open-pit mining project with a mine life of 13 years. Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.

In the United States , Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project. An NI 43-101 PEA study completed in 2023 has described an in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.

This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

SOURCE Laramide Resources Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/18/c9054.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Skyharbour Resources CEO Jordan Trimble.

Skyharbour Resources CEO Unveils Drilling Plans for Flagship Uranium Projects in Athabasca Basin

In a recent interview with the Investing News Network, Jordan Trimble, president and CEO of Skyharbour Resources (TSXV:SYH), shared exciting developments in the company's uranium exploration efforts and offered valuable insights on the current state of the uranium market.

Trimble highlighted significant progress at Skyharbour's two core projects: Russell Lake and Moore Lake. At Russell Lake, the company has made what Trimble described as a "breakthrough discovery" in its initial drilling program.

"Within the first few holes at the Russell project, we've intersected something quite significant, indicating a high-grade zone of uranium mineralization," he said, emphasizing the potential of this early stage find.

Keep reading...Show less

Global Atomic Announces the Credit Committee Meeting to Review the Dasa Funding Opportunity has been Postponed

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) reports that the presentation of the debt financing facility to the Credit Committee of a U.S. Development Bank has been postponed to August. The Bank decided not to bring this project to the Credit Committee in July, citing a need to answer and confirm additional questions.

With approval by the Credit Committee postponed, final approval by the Bank's Board of Directors is now expected in October 2024 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

2023 Drilling Program Underway

Latest News

Latest Press Releases

Related News

TOP STOCKS