Koppies Resource up 136% to 48 Mlb

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.

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