
November 07, 2023
Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to announce an updated JORC Inferred Mineral Resource Estimate (“MRE”) of 48 Mlb eU3O8 for its Koppies Uranium Project in Namibia.
Key Highlights:
- Koppies JORC Mineral Resource Estimate (“MRE”) has been increased to 48.0 Mlb eU3O8.
- The MRE increase represents a 136% increase in the Koppies resources and a 42% increase in Elevate Uranium’s Namibian resources.
- Additional resource growth is targeted with 3 drill rigs currently progressing on resource drilling the mineralised zone south of Koppies 2 and at Koppies 4, to the south of the MRE envelope.
- Mineralisation remains open in multiple directions around the resource.
- Analysis of drilling results confirms the potential for additional mineralisation beneath earlier shallow drilling.
- Significant potential remains for resource expansion at Koppies and into the adjoining tenements.
Elevate Uranium’s Managing Director, Murray Hill, commented:
“Achieving the 48 Mlb eU3O8 resource is a milestone for the Koppies Uranium Project and the Company. The 136% increase in the resource substantially advances the status of the Koppies project, increasing our Namibian mineral resources by 42% to 94 Mlb eU3O8 and our global resources to 142 Mlb eU3O8.
Koppies is one of the shallowest uranium resources globally, with 95% of the resource within approximately 15 metres of the surface and 50% of the resource within approximately 6 metres of the surface. These parameters are important for any potential low strip ratio, low-cost mining operation at Koppies.
Due to the large surface area of mineralisation at Koppies, drilling activities and resource updates are split into phases. The Company currently has three drill rigs operating to expand the resource reported here today. The next resource update will include the drilling currently in progress using three drill rigs to the south of Koppies 2 and into Koppies 4 and is expected to be completed during the March Quarter of 2024”.
Updated Koppies JORC (2012) Inferred Mineral Resource Estimate at 100 ppm Cut-off GradeNote - Figures may not add due to rounding.
This 48 Mlb eU3O8 MRE for the Koppies Uranium Project increases the Company’s total uranium resources to 142 Mlb, see Resource Table 3.
Figure 1 shows the surface extent of the mineral resource and the drilling completed for the resource upgrade.
Figure 1 Koppies Resource Surface Extent and Collar Locations
Figure 2 indicates how the mineralisation is distributed by depth throughout the entire Koppies mineral resource. Koppies is one of the shallowest uranium resources globally and the diagram shows the near surface nature of the Koppies deposits, with 95% of the total mineral resource being within approximately 15 metres of the surface, and 50% of the resource within approximately 6 metres of the surface. These parameters are important for any potential low strip ratio, low-cost mining operation at Koppies.
Figure 2 Distribution of Koppies MRE by Depth (metres)Distribution of MRE per metre
Note – the scale on the left represents the cumulative depth, in metres, below surface. The diagram is not to scale.
Koppies Mineral Resource Estimate Summary
The Mineral Resource was estimated using Multi Indicator Kriging (“MIK”). The updated Inferred Mineral Resource Estimate (“MRE”) is reported at a number of cut-off grades from 50 ppm to 200 ppm eU3O8 and the MRE derived from these cut-off grades indicates that the mineralisation remains robust and consistent (see Table 2).
The MRE covers the Koppies deposit, between coordinates 527,500E, 7445500N to 535,600E, 7455600N, as shown on Figure 1. Mineral resources have been clipped to the Koppies tenement boundary to the west, where the deposit is contiguous with the Tumas 1E mineral resource (owned by Deep Yellow Ltd).
The maiden Koppies MRE was announced to the ASX on 4 May 2022 titled “22% Increase in Mineral Resources”. The results of drilling campaigns subsequent to the maiden MRE and included in this update were announced to the ASX on 30 October 2023, 31 July 2023, 27 April 2023, 22 November 2022, 28 September 2022 and 4 May 2022.
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)
02 October
Western Australia Reviews Uranium Mining Ban as Nuclear Energy Investment Grows
Australia’s uranium sector remains shaped by state-based rules, with Western Australia maintaining a ban on new uranium mining licenses since 2017.While projects approved before the ban were allowed to proceed, no new developments have been permitted, however things could be changing. Premier... Keep Reading...
02 October
Global Uranium and Enrichment Limited Reports: Pine Ridge Uranium Project Continues to Deliver Encouraging Exploration Results
Global Uranium and Enrichment Limited (ASX: GUE, OTCQB: GUELF, Global Uranium, GUE or the Company) is pleased to announce that Powder River Basin LLC (Powder River) — a 50/50 joint venture between Global Uranium and Snow Lake Energy (NASDAQ: LITM), has completed another 15 holes (now a total of... Keep Reading...
02 October
Lo Herma Resource Drilling Timing Confirmed
American Uranium (AMU:AU) has announced Lo Herma Resource Drilling Timing ConfirmedDownload the PDF here. Keep Reading...
25 September
Lo Herma Resource Expansion Drilling Approved
American Uranium (AMU:AU) has announced Lo Herma Resource Expansion Drilling ApprovedDownload the PDF here. Keep Reading...
24 September
Proposed Purchase of Uranium and Placing of New Ordinary Shares
Yellow Cake plc (AIM: YCA) ("Yellow Cake" or the "Company"), a specialist company operating in the uranium sector founded by Bacchus Capital Advisers ("Bacchus Capital"), holding physical uranium ("U3O8") for the long term and engaged in uranium-related commercial activities, today announces its... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00