Elevate Uranium Limited (ASX: EL8) has announced a new uranium discovery from maiden scout reverse-circulation drilling at its Namib IV prospecting license in Namibia. The program identified a number of palaeochannels, with the primary of these extending over 19km from the centre to the southwest corner of the tenement. Mineralisation was encountered over a 17km distance.
Key results include:
- Hole N4_015: 2m @ 435 ppm eU3O8 from surface
- Hole N4_044: 3m @ 376 ppm eU3O8 from surface
- Hole N4_046: 4m @ 387 ppm eU3O8 from surface
- Hole N4R243: 2m @ 758 ppm eU3O8 from surface
The drill program was wide-spaced with holes located 1km apart, providing “significant” opportunity to add further mineralisation through infill drilling.
Uranium assets in Namibia
Elevate’s Namibia strategy is to develop and explore a portfolio that is highly prospective for surficial-uranium mineralisation. The company’s Namibian projects are located in Erongo, a recognised uranium mining area supported by excellent infrastructure including a seaport, international airport, road, rail and water.
The country boasts a supportive mining environment, enhanced by strong government support along with a highly-skilled local workforce.
The Namibian Uranium Association (the advocacy body for the uranium business) provides strong support for Namibia’s uranium mining industry.
“These results…provide our exploration team with a strong foundation for implementing an aggressive exploration program”
Management comments
Elevate’s Managing Director, Murray Hill, commented: “These are exciting results for the Company, as this is the Company’s third tenement which has been drilled in the Namib Area and the third to contain extensive uranium mineralisation. That’s a fantastic success rate. The distribution of mineralisation identified in this initial, wide spaced, exploration program only begins to indicate the potential of this tenement.
These results, together with the Airborne EM, provide our exploration team with a strong foundation for implementing an aggressive exploration program on the Company’s expansive and highly prospective tenements within this uranium province of Namibia.”
Images: Elevate Uranium Limited