Elevate Uranium Limited (ASX:EL8) (OTC:ELVUF), a leader in uranium exploration, is excited to announce the commencement of its 2024 drilling program across its extensive Namibian uranium portfolio. This strategic move aims to expand and enhance the Company's already significant uranium resources, which currently stand at a combined 94 million pounds of U3O8 in Namibia, contributing to Elevate Uranium's global resources of 142.4 million pounds U3O8.
The Company has initiated drilling with four reverse circulation (RC) drill rigs, with a fifth rig scheduled to join by the end of the March Quarter. This robust deployment underscores Elevate Uranium's commitment to accelerating its growth strategy in Namibia.
A primary focus of this drilling campaign is the Koppies project, where three RC drill rigs are currently operational. The objective at Koppies is twofold: to expand the existing uranium resource and to upgrade the resource confidence level from an inferred to an indicated category. This advancement is crucial for underpinning the commencement of detailed technical studies.
The resource expansion drilling at Koppies targets mineralized zones south of the existing resource envelope. This effort is expected to yield a revised resource estimate by the end of Q1-CY24. Following this, an infill drill program will be initiated to further increase the resource confidence level, setting the stage for subsequent studies later in the year.
In addition to resource expansion, Elevate Uranium will be collecting ore samples from Koppies for a comprehensive metallurgical testwork program. These samples will be sent to Perth for analysis using the Company’s proprietary U-pgradeTM beneficiation process. The results from this testwork will play a pivotal role in the technical studies and the design of the pilot plant.
The fourth and fifth RC drill rigs will embark on a high-impact regional drill program. This program is designed to explore new discoveries and further expand resource definitions across Elevate Uranium's significant tenement portfolio in Namibia.
Elevate Uranium is well-positioned to undertake this extensive drilling program, with a strong balance sheet featuring a cash balance of approximately $15.8 million. This financial stability, combined with a strategic focus on resource expansion and technological innovation, positions Elevate Uranium at the forefront of uranium exploration in Namibia.
Elevate Uranium’s Managing Director, Murray Hill, commented:
“This is indeed a very exciting time for the Company; we have always known of the huge potential for exploration success in Namibia and how U-pgradeTM could be used to add value. Completion of the current resource growth stage for Koppies, expected by the end of the March Quarter, will trigger a new era for the Company. The focus will change to advancing the Koppies Uranium Project through infill drilling and metallurgical testwork that will underpin technical studies and a future pilot plant. And all this is happening with the U3O8 price shooting through US$100/lb, its highest level for 15 years.”