Elevate Uranium Limited (ASX: EL8 | OTC: ELVUF) has announced that the JORC Inferred MRE for its Koppies Uranium Project in Namibia has increased to 57.8Mlb U3O8.
Elevate Uranium’s managing director, Murray Hill, commented: “The 20% resource increase at the Koppies Project takes the total resource to 57.8Mlb U3O8 and further increases our Namibian uranium mineral resources by 10% to 103.8Mlb U3O8 and our global resources to 152.2Mlb U3O8. Further increases of the company’s global resource in Namibia is envisioned as exploration continues. Due to the shallow nature of mineralization and effectiveness of our exploration programmes, the all-in project discovery cost of the Koppies inferred resource is exceptionally low at US$0.068/lb.”
Notably, the Koppies resource has expanded by 20%, and the company’s Namibian resources have grown by 10% since November 2023. Koppies is characterized by its shallow near-surface nature, with 50% of mineralization occurring within 7m of the surface.
Currently, an infill drilling programme is underway to elevate the JORC category from inferred to indicated, starting in February 2024. Additionally, three drill rigs are actively converting inferred resources to indicated resources, while two more rigs explore potential satellite projects within trucking distance of Koppies. Lastly, metallurgical test work samples will be collected from Koppies in April/May for subsequent testing using the company’s U-pgradeTM beneficiation process.
“The mineralization at Koppies is very shallow, with approximately 95% of the resource within 18.5m of the surface and 50% of the resource within 7m 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.” Added Murray.
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