Elevate Uranium Limited has announced that it has commenced the 2024 drilling programs across its Namibian uranium exploration portfolio, which hosts a combined 94 Mlb U3O8 of resources, part of the Company’s global resources of 142.4 Mlb U3O8.
The Company has three reverse circulation drill rigs operating on the Koppies project, focussing on expansion of the existing resource and increasing the Koppies resource confidence level from an inferred to an indicated category to underpin the commencement of technical studies.
The resource expansion drilling program, targeting the mineralised zones south of the existing mineral resource envelope, is anticipated to result in a revised resource estimate by the end of Q1-CY24. The drill rigs will then commence an infill drill program to increase the resource confidence level with subsequent studies to commence later in the year.
Metallurgical testwork samples will be collected from Koppies and despatched to Perth for a detailed metallurgical testwork program utilising the Company’s proprietary U-pgradeTM beneficiation process. The testwork data will be used for technical studies and design of the pilot plant. The fourth and fifth RC drill rigs will execute a high impact regional drill program with the aim of identifying new discoveries and resource definition expansion within the Company’s large land portfolio 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.”