Fully Funded – Accelerated Activities Underway

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) is now fully funded to accelerate its exploration and development activities in Namibia and Australia. Following completion of the successful capital raising announced on 25 November 2021, which increased the Company’s cash at bank to $16.5 million, the Company will increase the pace of its ambitious exploration and development activities, with the aim of enhancing its existing inventory of 94.4 million JORC U3O8 mineral resources (see Table 1).

Key Highlights:

• Strong financial position, currently $16.5 million cash at bank;
• Substantial activities to be undertaken in Namibia and Australia;
• KoppiesProject–Resourcedefinitiondrilling,followedbydelineationofaJORCresource, metallurgical test work program and feasibility study;
• Hirabeb Project – Continuation of exploration drilling, within the 43 kilometres of paleochannels;
• Success based exploration programs at other targets across the Company’s Namibian exploration portfolio;
• Angela Project–exploration activities to increase level of confidence in the continuity and extent of the JORC resource;
• Oobagooma Project – large exploration target identified; activities will be undertaken to enable estimation of a JORC mineral resource;
• Minerva Project – undertake exploration around historical drill hole intervals of >10,000 ppm U3O8 (>1.0%U3O8).

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

“In recent years, we have achieved significant success in acquiring uranium tenements and projects, exploring for and identifying significant uranium mineralisation, and consolidating the Company’s inventory of 94.4 million of JORC U3O8 resources. With cash of $16.5 million, the Company will now significantly accelerate the pace of its activities and we will hit the ground running in the new year, with aggressive exploration programs throughout 2022, in both Namibia and Australia. These activities are expected to generate regular news flow.”

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.