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.

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NexGen Achieves Major Permitting Milestone

  • The Canadian Nuclear Safety Commission ("CNSC") has notified NexGen of successful completion of final Federal technical review.
  • This is the key requirement to scheduling a Federal Commission Hearing date and subsequent Federal Project approval decision.
  • The Federal Environmental Assessment ("EA") and License represent the final major approval steps after having received Provincial EA approval in November 2023 .
  • In production, the Rook I Project is poised to make NexGen one of the world's largest and most environmentally conscious mining companies.

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is excited and proud to announce a major milestone in the Federal EA process for its 100%owned Rook I Project ("the Project"). The CNSC has provided NexGen formal confirmation that the Company has successfully addressed all information requests received as part of the Federal technical review. With completion of the CNSC technical review, the next and final steps in the Federal approval process include scheduling a Commission Hearing Date for the Project, subject to which the CNSC will render an approval decision on the Project.

NexGen Energy Ltd. Logo (CNW Group/NexGen Energy Ltd.)

This historic milestone marks a crucial step forward for the Project that has been undergoing Canada's robust and rigorous regulatory process since 2019. Completion of the Federal EA technical review stage follows the CNSC having deemed NexGen's Federal licence application sufficient in September 2023 , and receipt of Provincial EA approval in November 2023 . This development reinforces Canada's path to re-establish itself as the leader in global uranium supply and partner of choice.

Leigh Curyer, Chief Executive Officer, commented: "This exciting outcome is a testament to the exceptional efforts of our entire NexGen team, the collaborative support of our valued Indigenous Nation partners, and our transparent approach with the CNSC to ensure a robust and thorough review that meets the highest standards of environmental protection for the sustainable development of the Rook I Project. Since inception, our honest and innovative holistic approach to the successful development of this generational project has set new industry standards as to what is possible, whilst positively impacting all our valued stakeholders.

Together with the Clearwater River Dene Nation, Métis Nation – Saskatchewan Northern Region 2 and Métis Nation – Saskatchewan , Buffalo River Dene Nation, and Birch Narrows Dene Nation, we are construction ready to deliver transformative and unprecedented social, economic and environmental benefits to local communities, the Province of Saskatchewan, Canada , and the world.

We're not just developing a mine - we're building strong communities while shaping a sustainable and secure global energy future. With over $800 million in cash and liquid assets, we are ready pending a positive Commission decision with all activities required to immediately commence major site works in place."

NexGen is poised to propel Canada back to the forefront of global clean energy fuel production. The Rook I Project embodies NexGen's commitment to elite environmental performance, unprecedented community inclusion, and responsible alignment with global net-zero goals.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest, low-cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.

NexGen is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol "NXE," and on the Australian Securities Exchange under the ticker symbol "NXG," providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security, and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon , Saskatchewan.

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to estimates for CapEx, OpEx and a payback period of 12 months, the appointment of a lead lender group, the availability of financing for the Project, the advancement of detailed engineering and contract negotiations, bolstering the globe's uranium supply chains to meet the rising demand for nuclear energy, the timing and cost of reclamation, including as part of the UGTMF and after-tax free cash flow remaining materially consistent with the FS, Free Cash Flow, Payback Period and IRR relative to various uranium prices, the delivery of clean energy fuel for the future, the development of the largest low cost producing uranium mine globally and incorporating elite standards in environmental and social governance, delivering a project that leads the entire mining industry socially, technically and environmentally, providing generational long-term economic, environmental and social benefits for Saskatchewan, Canada and the world, planned exploration and development activities and budgets, the interpretation of drill results and other geological information, mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed), requirements for additional capital, capital costs, operating costs, cash flow estimates, production estimates, the future price of uranium and similar statements relating to the economics of a project, including the Rook I Project. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking information and statements are based on NexGen's current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including, among others, that financing for the Project will be available in a timely manner and on terms acceptable to the Company, the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company's mineral reserve and resource estimates and updated/revised CapEx, OpEx, SusEx, and pay back period; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; and other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third-party financing, uncertainty of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal title and consultation issues, development risks, climate change, uninsurable risks, reliance upon key management and other personnel, risks related to title to its properties, information security and cyber threats, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, changes in laws, regulations and policy, competition for resources, political and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed or referred to in the Company's most recent Annual Information Form under "Risk Factors" and management's discussion and analysis under "Other Risks Factors" filed on SEDAR+ at www.sedarplus.ca and 40-F filed on Edgar at www.sec.gov   .

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-achieves-major-permitting-milestone-302309673.html

SOURCE NexGen Energy Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/19/c8458.html

News Provided by Canada Newswire via QuoteMedia

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