Elevate Uranium Limited (ASX:EL8) (OTC:ELVUF) is thrilled to announce a significant increase in the JORC Inferred Mineral Resource Estimate (MRE) for its flagship Koppies Uranium Project in Namibia. The updated MRE now stands at an impressive 48.0 million pounds of eU3O8, marking a 136% increase in the Koppies resources and a 42% increase in the Company’s Namibian uranium resources.
This substantial resource upgrade underscores Elevate Uranium’s commitment to expanding its footprint in the uranium sector and solidifying its position as a key player in the global energy market. The increase is a result of the Company’s focused exploration strategy and the diligent work of its geological team.
The Company is also excited to report that additional resource growth is actively being targeted, with three drill rigs currently making significant progress on resource drilling in the mineralized zone south of Koppies 2 and at Koppies 4, extending beyond the current MRE envelope. The mineralization remains open in multiple directions, highlighting the expansive potential of the project area.
Recent analysis of the drilling results has confirmed the potential for additional mineralization beneath the earlier shallow drilling efforts. This finding is particularly encouraging as it indicates that the true scale of the resource could be far greater than currently defined.
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”.