Elevate Uranium (ASX: EL8) has announced an initial JORC Inferred Mineral Resource Estimate of 20.3 Million pounds eU3O8 for its Koppies Uranium Project in Namibia.
The company reports that there is potential for ‘significant’ extensions to this mineralisation, that is located beneath and adjacent to the resource envelopes.
Commenting on the Mineral Resource Estimate, Elevate’s Managing Director Murray Hill said: “The Company is pleased with the 20.3Mlb eU3O8 mineral resource estimate for Koppies but is even more encouraged by the significant potential for an expansion of this resource.
Conventional exploration strategy for palaeochannel hosted uranium mineralisation is to assume that uranium mineralisation only occurs within the confines of a palaeochannel. However, as detailed analysis of drilling results at Koppies progressed, it became apparent that many holes outside of the palaeochannels and in basement rocks, were mineralised. The March/April 2022 drilling program confirmed mineralisation beneath and on the banks of the palaeochannels that led to a change in strategy to drill deeper and beyond the palaeochannel extents.
“The Company is pleased with the 20.3Mlb eU3O8 mineral resource estimate for Koppies but is even more encouraged by the significant potential for an expansion of this resource”
In addition, the March/April 2022 drilling also discovered uranium mineralisation at least one kilometre beyond the MRE envelopes. The mineralisation is open to the northeast and southwest. These outcomes are exciting as they indicate significant potential for the mineralised zones to expand with further drilling. This new discovery has not been included in the MRE envelopes.
We have now adapted our exploration techniques by extending the target areas outside of the paleochannels, which will have the potential to increase the Koppies mineralised areas. We are excited about the possibility of further extensions to the Koppies mineralised area, both below and outside of the known palaeochannels.
This 20.3 Mlb eU3O8 MRE for the Koppies Uranium Project increases the Company’s total uranium resources to 115 Mlb.”
Resource outline and new discovery at KoppiesThe Koppies Uranium project is located in the Namib Desert region of Namibia and is the first of Elevate’s ‘strategically-located’ tenements.
Exploration at the project has identified a 6.4km² palaeochannel system, with drilling confirming shallow near-surface mineralisation at less than 20m in depth.
Images: Elevate Uranium Limited
