Elevate Uranium: Carbon Free Energy

22% Increase in Mineral Resources

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTC:ELVUF) is pleased to announce an initial JORC Inferred Mineral Resource Estimate (“MRE”) of 20.3 million pounds (“Mlb”) eU3O8 for its Koppies Uranium Project in Namibia.


Key Highlights:

  • Initial Koppies JORC Inferred Mineral Resource Estimate (“MRE”) of 20.3 Mlb eU3O8.
  • Potential for significant extensions to this mineralisation, beneath and adjacent to the 20.3 Mlb eU3O8 resource envelopes.
  • Recent exploration drilling has identified a large new mineralised zone outside of the MRE envelopes.
  • Elevate’s total uranium mineral resources have increased by 22% to 115 Mlb U3O8.

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

“The Company is pleased with the 20.3 Mlb eU3O8 mineral resource estimate for Koppies but is even more encouraged by the significant potential for an expansion of this resource.

Conventional exploration strategy for palaeochannel hosted uranium mineralisation is to assume that uranium mineralisation only occurs within the confines of a palaeochannel. However, as detailed analysis of drilling results at Koppies progressed, it became apparent that many holes outside of the palaeochannels and in basement rocks, were mineralised. The March/April 2022 drilling program confirmed mineralisation beneath and on the banks of the palaeochannels and led to a change in strategy to drill deeper and beyond the palaeochannel extents.

In addition, the March/April 2022 drilling also discovered uranium mineralisation at least one kilometre beyond the MRE envelopes. The mineralisation is open to the northeast and southwest. These outcomes are exciting as they indicate significant potential for the mineralised zones to expand with further drilling. This new discovery has not been included in the MRE envelopes.

We have now adapted our exploration techniques by extending the target areas outside of the paleochannels, which will have the potential to increase the Koppies mineralised areas. We are excited about the possibility of further extensions to the Koppies mineralised area, both below and outside of the known palaeochannels.

This 20.3 Mlb eU3O8 MRE for the Koppies Uranium Project increases the Company’s total uranium resources to 115 Mlb.” (See Resource Table 3)

Exploration Strategy

The Company’s exploration has been focussed on the detection and delineation of uranium mineralisation within palaeochannels. Ground and airborne electromagnetic (“EM”) surveys have been used to map these palaeochannels by virtue of the fact that the palaeochannels are more conductive than the surrounding metamorphic rocks. Palaeochannels were systematically drilled to confirm the interpretation of EM data and to detect mineralisation within them. Drillholes were typically halted after drilling 2 m of unmineralised metamorphic “basement” rocks at the base of the palaeochannels or when unmineralised metamorphic “basement” rocks were intersected immediately below the surface.

As drilling at Koppies progressed, however, it became apparent that more and more holes in basement rocks were mineralised. For this reason, some holes in the March/April 2022 drilling program were deepened and drilling extended beyond the palaeochannels. This change in approach recently lead to the discovery of a significant flat-lying body of uranium mineralisation centred 1.6 km east of Koppies I (see Figure 1) which currently extends over 1 km in a NE-SW direction and is 400 m wide. This body is open to the SW and to the NE and is between 2 and 16 m deep. Most of the uranium is hosted by metasedimentary rock which makes this deposit unique in the Erongo district.

The new basement-hosted discovery has not been included in the current MRE as further drilling is required to fully define its extent. Additional mineralisation may also be present underneath the currently defined palaeochannels, requiring additional deeper holes to overlap the holes previously drilled.

The recognition of this new type of target is significant as it cannot be detected by EM surveys and requires a different exploration approach. The geological team is currently reviewing all exploration data and planning future exploration programs including deeper drilling to delineate additional mineralised areas around the current resource and the new discovery.

U-pgrade™Metallurgical Compatibility

The Company completed metallurgical testing on uranium mineralisation within basement ore from the Marenica Uranium Project during development of the U-pgradeTMbeneficiation process and confirmed the applicability of U-pgradeTMon the basement mineralisation from that project. The Company expects U-pgradeTMto work on this ‘new’ style of mineralisation at Koppies.

Figure 1 shows the drilling completed to date, the outline of the resource and the new discovery (in the centre of Figure 1) which appears to be widening to the northeast. The holes drilled to the north and east of the new discovery are mostly 2 metres deep, but as discussed above, there is potential for mineralisation below 2 metres.

The proximity of Koppies to the Company’s other tenements in the Namib area is shown in Figure 2.

Figure 1 Koppies Resource Outline and New Discovery


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.

EL8:AU
The Conversation (0)
Gold Investing

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

NexGen Announces Best Hole to Date and High-Grade Expansion at Patterson Corridor East Concluding a Successful 2024 Drilling Program

  • NexGen's 2024 exploration campaign delivered a new discovery on Rook I at Patterson Corridor East ("PCE") 3.5km east of Arrow.
  • Subsequent drilling has materially expanded the mineralized zone to 600 m strike length and 600 m vertical extent with 19 of 30 holes intersecting mineralization including 10 holes with multiple intervals >10,000 cps.
  • Today's announcement highlights the best hole to date at PCE (RK-24-222) returns 17.0 m wide vein with multiple high intensity (>61,000 cps) occurrences.
  • In 2024, PCE is the largest drill program in the Athabasca Basin by any Company at 34,000 meters (m).

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is proud to announce the completion of its 2024 drilling campaign at Patterson Corridor East (PCE) that included more than 34,000 m across a total of 46 drillholes. Upon initial discovery of intense uranium mineralization at PCE ( see March 11 News Release ), the Company directed all drilling activity to focus exclusively on PCE, whereby 19 of 30 holes intersected mineralization. Bold and systematic spacing of drillhole intercepts have quickly grown the discovery from a single hole to a broad and continuous new uranium discovery. Real-time evaluation of results throughout the duration of the program focused on determining the overall outer extents of the mineralized zone and in parallel, precisely targeting high-grade sub-domains (Figures 1 and 2, Table 1).

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
AuKing Mining (ASX:AKN)

AuKing Mining


Keep reading...Show less
Cameco logo surrounded by US dollars.

Cameco Raises 2024 Uranium Production Guidance, Boosts Dividend in Q3 Results

Major uranium producer Cameco (TSX:CCO,NYSE:CCJ) shared its third quarter results on Thursday (November 7), reporting a strong performance despite production setbacks at its Kazakhstan operations.

The company reported uranium production of 4.3 million pounds, up 43 percent from the year-ago period. Sales volumes came in at 7.3 million pounds, relatively flat from 7 million pounds in Q3 2023.

Revenue stood at $721 million, a 75 percent increase year-on-year. Cameco's net earnings attributable to shareholders were $7 million, a decrease of 95 percent from the $148 million seen 12 months ago.

Keep reading...Show less
AuKing Mining (ASX:AKN)

Rock Chip Samples Confirm Gold Mineralisation at Shaib Marqan

AuKing Mining Limited (ASX: AKN, AuKing) is pleased to advise that recent rock chip sample assays have confirmed potentially significant gold mineralisation at the Shaib Marqan project in Saudi Arabia.

Keep reading...Show less

Denison Reports Financial and Operational Results for Q3'2024, Including Positive Progress on Phoenix Engineering and Regulatory Review

Denison 70 Logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ('Denison' or the 'Company') (TSX: DML) (NYSE American: DNN) today filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the three and nine months ended September 30, 2024 . Both documents will be available on the Company's website at www.denisonmines.com , SEDAR+ (at www.sedarplus.ca ) and EDGAR (at www.sec.govedgar.shtml ). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF version

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Cameco Reports Q3 Results; Improving Operational Performance Supports Dividend Growth; Strengthening Prospects Amid Growing Demand for Nuclear Power; Long-Term Contracting Activity Gaining Momentum; Strong Annual Outlook; Cameco Well-Positioned

Cameco( TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2024, in accordance with International Financial Reporting Standards (IFRS).

"Our third quarter operational performance was strong across all segments, supporting our return to a tier-one cost structure," said Tim Gitzel, Cameco's president and CEO. "Looking past quarterly earnings, which can vary significantly, there is a clear underlying trend of improving operational performance and cash flow generation, backed by stable and rising market prices. Apart from the impact of a stronger US dollar, our financial outlook for both Cameco and Westinghouse remained strong and unchanged. To recognize the return to our tier-one production rate and the continued strengthening of the industry's long-term prospects, our board of directors declared an increased 2024 annual dividend of $0.16 per common share. We are also recommending a dividend growth plan to our board of directors, under which we expect to at least double last year's dividend of $0.12 per common share, to $0.24 per common share, over the fiscal periods 2024 through 2026, subject to annual consideration by our board.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×