Encouraging Uranium Mineralisation Identified at Namib IV

Elevate Uranium Limited ("Elevate", the "Company") (ASX:EL8) is pleased to announce a new uranium discovery from its maiden scout reverse circulation (RC) drilling program on exclusive prospecting license ("EPL") 7662 ("Namib IV"). Elevate's exploration strategy targets surficial uranium located in near surface palaeochannels (ancient river systems) in which uranium is likely to have been deposited. This exploration program has identified a network of palaeochannels, with the major palaeochannel extending from the centre of the tenement to its southwest corner, a distance of over 19 kilometres. Uranium mineralisation has been intersected over a distance of 17 kilometres.

The first phase of the exploration program, conducted in March 2021, used horizontal loop electromagnetic (HLEM) surveys to identify the palaeochannels, which was subsequently tested by this RC drill program of 258 holes for 2,336m.

• Distribution of mineralisation identified in this initial, wide spaced, drilling program is extremely encouraging and indicates the potential of this tenement
• Significant intersections include
  • N4_015: 2 m at 435 ppm eU3O8 from surface
  • N4_044: 3 m at 376 ppm eU3O8 from surface
  • N4_046: 4 m at 387 ppm eU3O8 from surface
  • N4R243: 2 m at 758 ppm eU3O8 from surface
• Drill lines are spaced approximately 1 kilometre apart, providing significant opportunity between lines to add further mineralisation
• Uranium mineralisation extends over 17 kilometres within the palaeochannel system