Koppies Uranium Project Drilling Update

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to provide an update on its drilling programs at the Koppies Uranium Project in Namibia.

Highlights:

Confirmation of mineralisation extension between Koppies 2 and Koppies 3 across a broad area
Large areas of continuous mineralisation south of Koppies 2 resource
Koppies 2 has the potential to extend southeast and east
Mineralisation confirmed below the base of shallow holes at Koppies 1 and 2, confirming the potential for resource growth within the existing resource shell
Two drill rigs working on resource definition at Koppies 3

Downhole gamma probe data has been received for an additional 340 holes drilled around Koppies 1 and 2 and at Koppies 3 since the ASX announcement titled “2023 Drilling Program Underway” dated 30 January 2023.

The latest drilling results have highlighted the following.

Drilling north of Koppies 2 confirms a continuous connection between Koppies 2 and 3 across a broad area.
Large areas of continuous mineralisation confirmed south of Koppies 2, through to the southern boundary of the Koppies tenement, connecting with Koppies 4.
Mineralisation intersected in holes to the southeast and east of Koppies 2, indicating potential for extensions.
Some previously drilled holes within the resource shells at Koppies 1 and 2 were twinned and drilled deeper than the original resource holes. The twinned holes intersected mineralisation beneath the base of the original holes, indicating that there is potential for additional mineralisation from future, deeper drill programs (holes up to about 25 metres deep). This indicates that additional deeper, twin drilling of a significant number of the original resource holes will be required.
Mineralisation intersected in drill holes between Koppies 1 and 2 indicates the potential for Koppies 1 and 2 to connect.

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

“The latest drill results confirm the connection between Koppies 1, 2, 3 and 4, and also confirm our proposition that there are additional areas likely to contain mineralisation, within the resource shell boundaries, and they also indicate the potential for the resource at Koppies 2 to grow to the east. With most of the Koppies tenement now indicating broadly spaced mineralisation, we have numerous areas for additional drilling programs. Currently, we have decided to focus our attention on Koppies 3, with one drill rig moving north from Koppies 2 drilling at a spacing of 200 metres by 200 metres to confirm the outline of the mineralised envelope. A second drill rig will follow drilling in a 100 metre by 100 metre hole pattern, to enable estimation of a JORC resource.”

Notable intersections from this drilling campaign include:

KOR1250 5.5 m at 1,121 ppm eU3O8 from 9.5 m
KOR1159 2 m at 390 ppm eU3O8 from 13 m
KOR1439 4 m at 336 ppm eU3O8 from 5.5 m
KOR1177 3 m at 331 ppm eU3O8 from 21 m
KOR1289 6 m at 265 ppm eU3O8 from 12 m
KOR1440 8.5 m at 252 ppm eU3O8 from surface
KOR1253 17.5 m at 240 ppm eU3O8 from 4.5 m
KOR1584 4.5 m at 223 ppm eU3O8 from 6 m
KOR1251 21 m at 212 ppm eU3O8 from 1 m
KOR1228 8 m at 200 ppm eU3O8 from 14 m

The Company has previously indicated potential for additional mineralisation around and below the palaeochannels of the Koppies 1 and 2 resources. A number of holes were drilled in this program adjacent to holes previously drilled between 2 and 4 metres deep, to test for mineralisation beneath the base of the holes. These holes, called twin holes, intersected mineralisation at Koppies 1 and Koppies 2 beneath the base of the original holes, confirming the Company’s proposition and highlighting potential for an increase to the resource as further drilling is undertaken within the resource area boundaries.

However, the medium-term focus of the drill programs has moved to Koppies 3, where the two drill rigs are now working. The first rig is drilling out the identified mineralised envelope to a 200 metre by 200 metre spacing to enable clearer definition of the mineralised outline, but also testing extensions to mineralisation outside of the defined envelope in areas where the geological team consider that there is potential for extensions. The second rig is undertaking a detailed resource definition drill program within the mineralised envelope at a drill spacing of 100 metres by 100 metres to facilitate estimation of a JORC resource.

After completion of resource drilling at Koppies 3, the rigs will return to the Koppies 1, 2 and 4 areas to further define the mineralised envelope and complete resource drilling.

Figure 1 locates the drill holes from the drilling programs completed to date, which are outside of the Koppies 1 and Koppies 2 defined mineral resource areas. A total of 866 holes for 20,924 metres have been drilled outside of the Koppies resource and shown in Figure 1. This announcement includes 340 holes for 8,163 metres drilled since the announcement of 30 January 2023.

The proximity of Koppies to the Company’s other tenements in the Namib area is shown in Figure 3, with the proximity of Koppies to the Company’s other Namibian tenements in Figure 4.

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.

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Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a Qualified Person under the guidelines of the National Instrument 43-101. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

About Laramide Resources Ltd.:

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States . The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large projects are considered to be late-stage, low-technical risk projects.

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In the United States , Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project. An NI 43-101 PEA study completed in 2023 has described an in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.

This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

SOURCE Laramide Resources Ltd.

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Koppies Uranium Project Drilling Update

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