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:
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.
The Diorite Nose/NW area was initially trenched in 2017, returning 1.55 g/t Au over 9m, including 3.94 g/t over 1m (press release May 9 2019). This area was expanded to create a bedrock exposure which was washed, mapped and channelled, with some adjacent unwashed stripping also undertaken. This exposure revealed felsite and porphyry units forming discontinuous lenses, demonstrated as mineralized in prior trenching, and dykes which strongly cross-cut the regional structures, namely the Cadillac Break. In addition to this at least 3 low-angle quartz veins were discovered in the NW and an area of the Cadillac Break schists which contains multiple narrow lenses of diorite, felsite and quartz which strongly resemble mixed-lithology mineralized zones seen in several of Renforth’s drillholes in the NW.
The southern Sediment/Splay area was trenched over a diorite/schist unit (a Diorite Splay) forming a prominent ridge and ended in the Pontiac Sediments in the south. This area was mapped in a preliminary fashion only as washing was not possible due to equipment breakdown. The target of this trenching was mineralized veins intersected along the south margin of the diorite in drill holes, several veins were uncovered on surface in expected locations when projected to surface.
The undrilled area of the Cadillac Break with outcrop was stripped and exposed two lenses of a type of felsite set in schist close to the south margin of a large diorite. This area could not be washed but samples were selected.
The undrilled area near the ramp was stripped in the vicinity of the previous grab sample of 1.04 g/t Au taken on a narrow ridge. Stripping revealed a number of bulbous ridges in the area of the original showing, numerous quartz veins were exposed over 5m in strike, these were sampled. Also exposed was a 1.5m wide felsite-type structure striking almost N/S, perpendicular to the Break, this program has highlighted several of these, their presence is of interest as they could have been missed in drilling to date, which has all been carried out perpendicular (almost N/S) to the Break where it would be alongside the structures.
Samples were cut, bagged and tagged in the field by the geologists, they have been delivered for assay and will be reported upon once results are available.
Brian H. Newton P.Geo, a qualified person pursuant to the guidelines contained in National Instrument 43-101, has approved the technical information found in this press release.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
T:905-831-9606
E: nicole@renforthresources.com
#269 – 1099 Kingston Road, Pickering ON L1V 1B5
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Click here to connect with Renforth Resources (CSE:RFR) for an Investor Presentation.
Source: www.accesswire.com
Nuclear energy is a critical component in the transition to net zero. There's a growing acknowledgment of the pivotal role nuclear power can play in meeting decarbonization objectives, thanks to its clean emissions profile, dependable baseload capabilities, and secure operation. Global electricity demand is set to grow 50 percent by 2040 and nuclear energy will play an integral role in meeting this demand. This is evident in the recently released World Energy Outlook 2023 published by the International Energy Agency (IEA) which highlighted the role that nuclear energy can play in making the journey towards net-zero faster, more secure, and more affordable.
According to the World Nuclear Association, there are currently 439 reactors operating globally. This capacity is increasing steadily with about 61 reactors under construction in 15 countries and a further 400 that are either ordered, planned or proposed. The IEA anticipates a substantial growth of over 43 percent in installed nuclear capacity from 2020 to 2050, reaching approximately 590 gigawatts of electrical output. This should drive demand for uranium over the coming decades.
UxC, a nuclear industry market data and analysis firm, estimates that annual uranium demand could soar by nearly 65 percent, surpassing 300 million pounds (Mlbs) U3O8 by 2030 from the current demand level of 197 Mlbs U3O8. Against this, the mine supply for 2024 is estimated to be around 155 Mlbs U3O8, implying a deficit of nearly 40 Mlbs. Further, substantial underinvestment in new mining projects has exacerbated an already constrained supply side, leading to prolonged strain in the years ahead.
As a result, spot uranium prices have seen a big jump. Uranium prices are now the highest since 2008 at over US$80/lb. Prices are expected to remain strong due to the ongoing tightness in the uranium supply/demand balance. As mentioned earlier, this tightness is likely to intensify over the next 24 months as demand continues to rise, new supply remains restricted, and inventories/stockpiles continue to diminish. The risks to the supply side far outweigh risks to the demand side given that more than 50 percent of global uranium production comes from countries with significant geopolitical risk.
This is where companies such as Skyharbour Resources (TSXV:SYH), with a presence in jurisdictions such as the Athabasca Basin in Canada, stand out for its geopolitical stability. The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over ten to twenty times higher than those found elsewhere, with levels at 3.95 percent U3O8 in contrast to the global average of 0.15 percent.
Skyharbour Resources possesses a broad portfolio of uranium exploration projects within the Athabasca Basin and is strategically positioned to capitalize on the improving fundamentals of the uranium market. The company follows a dual strategy of mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners. Employing the prospect generator model provides advantages to Skyharbour as partner firms finance exploration and development activities, as well as making cash and stock payments directly to Skyharbour Resources as they earn in on the projects. The model allows Skyharbour to retain upside exposure through minority interests and royalties at the partner projects while limiting equity dilution and ensuring that partner companies fund the majority of exploration costs.
Skyharbour Resources has seven partner companies, including Orano Canada, Azincourt Energy, Thunderbird Resources (previously Valor), Basin Uranium Corp, Medaro Mining, Tisdale Clean Energy, and North Shore Uranium. Skyharbour’s option agreements total over C$33 million in exploration expenditures, with more than C$27 million in stock being issued and over C$20 million in cash payments potentially coming into Skyharbour.
This project covers an area of 35,705 hectares, located in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential. Skyharbour acquired the project from Denison Mines (TSX:DML), a large strategic shareholder of the company. The project can be easily accessed year-round via winter and ice roads, streamlining logistics and reducing expenses. During the summer months, a significant portion of the property remains accessible as well. The property has been the subject of extensive historic exploration with over $50 million in expenditures, and over 140,000 meters of diamond drilling completed historically.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
Merely 50 percent of the total 4.7-kilometer promising Maverick corridor has undergone systematic drilling, indicating significant discovery potential both along its length and within the underlying basement rocks at depth. Skyharbour has announced a 3,000-meter 2024 drill program which will include infill and expansion drilling at the high-grade Maverick Corridor as well as testing several regional targets including the Grid Nineteen target area.
Apart from the Maverick Zone, diamond drilling in various other target areas has encountered multiple conductors linked with notable structural disturbances, robust alteration, and anomalous concentrations of uranium and associated pathfinder elements.
The Russell Lake project is a large, advanced-stage uranium exploration property spanning 73,294 hectares, strategically positioned between Cameco’s Key Lake and McArthur River projects. Skyharbour entered into an option agreement with Rio Tinto which gives it the right to acquire an initial 51 percent and up to 100 percent of the project. Skyharbour can earn an initial 51 percent by paying C$508,200 in cash, issuing 3,584,014 shares to Rio Tinto, and funding C$5,717,250 in exploration on the Russell Lake project, over three years. Skyharbour has a second option to earn an additional 19 percent interest for a total of 70 percent, and a further option to obtain the remaining 30 percent interest in the project.
The project is adjacent to Denison’s Wheeler River project and Skyharbour’s Moore uranium project. It is supported by excellent infrastructure in terms of highway access as well as high-voltage power lines. The project has undergone a significant amount of historical exploration which includes over 95,000 meters of drilling in over 220 drill holes. The exploration identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts.
The property hosts several noteworthy exploration targets, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. Skyharbour completed a 19-hole drilling program totaling 9,595 meters in three phases in 2023. The initial drilling phase encompassed 3,662 meters across eight completed holes at the Grayling Zone, followed by a second phase involving four holes totaling 2,730 meters drilled at the Fox Lake Trail Zone. The third drilling phase involved 3,203 meters across seven holes targeting additional areas within the Grayling Zone.
Skyharbour is carrying out a 5,000-meter winter drilling program currently to follow up on the 2023 campaign and historical exploration work. The 2024 program will focus on Grayling East and Fork targets within the broader Grayling target area as well as the M-Zone Extension target.
This project comprises 11 claims covering 42,908 hectares located approximately 50 km east of the Key Lake mine. Skyharbour Resources has entered into an option agreement with North Shore Uranium which provides North Shore with an earn-in option to acquire an initial 80 percent interest and up to a 100% interest in the Falcon Property. North Shore can acquire an initial 80 percent interest in the claims within three years by meeting combined commitments of C$5.3 million in cash, share issuance, and exploration expenditures. Additionally, there's an option to buy the remaining 20 percent for an extra C$10 million in cash and shares.
This project comprises 16 claims covering 12,234 hectares located approximately 55 km east of the Key Lake mine. Skyharbour has optioned up to a 75 percent interest in a portion of the project to Tisdale Clean Energy. Tisdale will issue Skyharbour Resources 1,111,111 shares upfront, fund exploration expenditures totaling C$10.5 million, and pay Skyharbour Resources C$11.1 million in cash of which C$6.5 million can be settled for shares over a five-year earn-in. Skyharbour Resources will retain a minority interest in the South Falcon East.
This project comprises 20,674 hectares located on the west side of the Athabasca Basin. In March 2017, Skyharbour Resources signed an option agreement with Azincourt Uranium (TSXV:AAZ) to option 70 percent of a portion of the East Preston project to Azincourt. Since then, Azincourt earned a majority interest in the project which currently stands at 85.8 percent. Skyharbour retains 9.5 percent ownership and Dixie Gold owns the remaining 4.7 percent.
Azincourt completed a 2023 drill program comprising 3,066 meters in 13 drill holes. A 1,500-meter drill program consisting of 5 drill holes is set to commence in 2024.
This project comprises 49,635 hectares strategically located near Fission’s Triple R deposit and NexGen’s Arrow deposit. In March 2017, Skyharbour Resources signed an option agreement with Orano (formerly AREVA) Resources Canada to option a majority stake in the Preston project. Orano has fulfilled its first earn-in option interest for 51 percent in the project. Following this, Orano has formed a joint venture (JV) with Skyharbour and Dixie Gold for the advancement of the project. Orano holds 51 percent interest, and the remaining is split evenly (24.5 percent each) between Skyharbour and Dixie Gold.
This project comprises 16 claims covering 25,847 hectares on the east side of the Athabasca Basin. In February 2024, Thunderbird Resources (previously Valor) completed an earn-in for 80 percent interest and formed a JV partnership with Skyharbour which retains the remaining 20 percent interest.
This project consists of 13 claims totaling 57,407 hectares in the Wollaston Domain. In November 2021, Medaro signed an agreement to acquire an initial 70 percent interest by spending C$5 million on exploration, C$800,000 in cash payments, and C$3 million in Medaro shares over 4 years. Medaro may acquire the 30 percent interest, within 30 business days of earning the initial 70 percent interest, by issuing C$7.5 million of shares and a cash payment of $7.5 million to Skyharbour.
This project is strategically located on the east side of the Athabasca basin, 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit. In October 2021, Basin Uranium signed an earn-in option to acquire a 75 percent interest in the project. Basin will pay a combination of cash and stocks over three years comprising C$4.85 million in cash plus exploration expenditure and C$1.75 million worth of shares.
In addition to the projects being advanced by Skyharbour and its partners, the Company has an additional twenty 100% owned projects that they’re actively seeking to option out to potential new partners in the future to add to their growing prospect generator business. All in all, Skyharbour is very well positioned to benefit from an accelerating uranium bull market with increasing demand in the backdrop of a strained supply side.
With a background in entrepreneurship, Jordan Trimble has held various positions in the resource industry, focusing on management, corporate finance, strategy, shareholder communications, business development, and capital raising with multiple companies. Prior to his role at Skyharbour, he was the corporate development manager at Bayfield Ventures, a gold company with projects in Ontario. Bayfield Ventures was subsequently acquired by New Gold (TSX:NGD) in 2014. Throughout his career, Trimble has established and assisted in the management of numerous public and private enterprises. He has played a pivotal role in securing significant capital for mining companies, leveraging his extensive network of institutional and retail investors.
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 30 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company's mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci was previously a senior manager at a leading Canadian accounting firm. He possesses more than two decades of expertise in investment banking and equity research, specializing in mining, base metals, precious metals, and bulk commodities worldwide. He serves as a senior capital markets executive and corporate director. Presently, Gallucci is the managing director and head of investment banking at Laurentian Bank Securities, where he assumes responsibility for overseeing the entire investment banking practice.
Amanda Chow is a chartered professional accountant (CPA, CMA) and holds a Bachelor of Business Administration degree from Simon Fraser University. Chow commenced her career with public companies in 1999.
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.
Sean Cross is a geologist primarily dedicated to uranium exploration, with supplementary expertise in VMS and orogenic gold deposits. Sean has been involved in various flagship projects, including Foran’s McIlvenna Bay Deposit and NexGen Energy’s Arrow Deposit. His expertise extends to greenfield uranium exploration south of the Athabasca, geological mapping with the Saskatchewan Geological Survey, and environmental and archaeological mitigation projects in British Columbia and Alberta.
Dylan Drummond is a geologist experienced in uranium and rare earth elements exploration. He has been involved in numerous prestigious projects, including NexGen Energy's prominent Arrow Deposit and Orano Canada's Cigar Lake project. Additionally, he has served in various capacities at Appia Energy Corp, ranging from on-site prospecting to supporting drill program supervision.
This profile was written in collaboration with Couloir Capital.
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") invites you to attend its 2024 Q1 webcastteleconference on May 8, 2024
Ur-Energy management will provide a review of our 2024 Q1 operations and results. A Q&A session will follow the presentation.
The webcast and teleconference will be held Wednesday, May 8, 2024 at 8:00 a.m. MT / 10:00 a.m. ET. Please join us by phone or online as follows:
Toll Free Number: 888-506-0062
International Number: 973-528-0011
Provide event code 756904 or ask to join the Ur-Energy call.
The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser:
https://www.webcaster4.com/Webcast/Page/2307/50540. Following the webcast, a replay will be available at the same link.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy now has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is in the process of obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman and CEO
1-720‐981‐4588 (ext 303)
John.Cash@Ur-Energy.com
SOURCE: Ur-Energy Inc.
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