Elevate Uranium Limited (ASX:EL8) (OTC:ELVUF), a leading uranium exploration and development company, is thrilled to announce a substantial 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 57.8 million pounds of equivalent uranium oxide (eU3O8), marking a 20% increase in the Koppies resource and a 10% increase in the Company’s total Namibian resources since November 2023.
This significant growth underscores the project's potential and Elevate Uranium's commitment to expanding its uranium resources. The Koppies project, known for its shallow near-surface mineralisation, boasts 50% of its uranium within 7 meters of the surface, highlighting the project's accessibility and the efficiency of future extraction efforts.
Elevate Uranium has also achieved an exceptional milestone in cost-effectiveness, with the all-in discovery cost for the Koppies Inferred resource reported at US$0.068 per pound of U3O8. This achievement reflects the Company's strategic approach to exploration and its dedication to maintaining low operational costs.
In a move to further enhance the project's value, Elevate Uranium commenced an infill drilling program in February 2024 aimed at upgrading the JORC category from Inferred to Indicated. This program is currently being undertaken by three drill rigs focused on resource conversion, while an additional two rigs are exploring potential satellite projects within trucking distance of Koppies. These efforts are part of the Company's broader strategy to expand its resource base and explore new opportunities in the region.
Looking ahead, Elevate Uranium is preparing for metallurgical testwork at the Koppies project. Samples will be collected in April and May for subsequent testing using the Company’s proprietary U-pgrade™ beneficiation process. This innovative process is expected to enhance the project's overall efficiency and cost-effectiveness, further solidifying Elevate Uranium's position as a leader in the uranium sector.
Elevate Uranium’s Managing Director, Murray Hill, commented:
“The 20% resource increase at the Koppies Project takes the total Koppies resource to 57.8 Mlb U3O8 and further increases our Namibian uranium mineral resources by 10% to 103.8 Mlb U3O8 and our global resources to 152.2 Mlb U3O8. Further increases of the Company’s global resource in Namibia is envisioned as exploration continues.
Due to the shallow nature of mineralisation and effectiveness of our exploration programs, the all-in project discovery cost of the Koppies inferred resource is exceptionally low at US$0.068/lb.
The mineralisation at Koppies is very shallow, with approximately 95% of the resource within 18.5 metres of the surface and 50% of the resource within 7 metres of the surface. These parameters imply a potential low strip ratio and low-cost mining operation at Koppies, which would be beneficial to the overall economics of any future operation.
Subsequent testwork will commence with the collection and analysis of metallurgical samples using the Company’s patented U-pgradeTM beneficiation process.
The Company and its employees are excited to have achieved this milestone at Koppies and they look forward to continuing to advance the project, whilst at the same time adding value to the Company’s other assets in Namibia and Australia.”
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Jane Morgan