Elevate Uranium Limited (ASX: EL8 | OTC: ELVUF) has announced drilling results released by its joint partner Energy Metals Ltd (ASX: EME).
Elevate Uranium, through its 100% owned subsidiary Northern Territory Uranium Pty Ltd, is in a joint venture with EME at the Bigrlyi Joint Venture located in the Ngalia Basin in the southern area of the Northern Territory. NTU owns 20.8% of the BJV.
The Bigrlyi Joint Venture is part of the extensive Australian uranium tenements and resources controlled by Elevate Uranium in Western Australia and Northern Territory.
The results show that drillholes BRD2408 and BRD2409 have both intersected multiple zones of high-grade uranium mineralisation at the A4 sub-deposit. Equivalent U3O8 concentrations have been calculated from downhole gamma surveys.
BRD2408 is particularly notable, with a standout intersection of 10.6m at 0.86% (8,600ppm) eU3O8 from 529.1m downhole, including multiple zones exceeding 1% (10,000ppm) eU3O8. In comparison, the corresponding zone in BRD2409 returned 5.3m at 0.61% (6,100ppm) eU3O8 from 488.9m downhole. The mineralized zone remains open at depth, and the resource extension drilling programme is ongoing.
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