Elevate Uranium Limited (ASX: EL8 | OTC: ELVUF) has announced an updated JORC inferred mineral resource estimate (MRE) of 48Mlbs eU3O8 for its Koppies uranium project in Namibia.
“The 136% increase in the resource substantially advances the status of the Koppies project, increasing our Namibian mineral resources by 42% to 94Mlbs eU3O8 and our global resources to 142Mlbs eU3O8,” commented Elevate Uranium’s managing director, Murray Hill.
“Koppies is one of the shallowest uranium resources globally, with 95% of the resource within approximately 15m of the surface and 50% of the resource within approximately 6m of the surface. These parameters are important for any potential low strip ratio, low-cost mining operation at Koppies.”
The mineral resource was estimated using multi-indicator kriging (MIK). The updated MRE is reported at a number of cut-off grades from 50ppm to 200ppm eU3O8 and the MRE derived from these cut-off grades indicates that the mineralization remains robust and consistent. The 100 ppm eU3O8 cut-off grade was selected based on mining studies at immediately adjacent properties and represents the most continuous mineralization within the deposit.
Additional resource growth is targeted with three drill rigs currently progressing on resource drilling the mineralized zone south of Koppies 2 and at Koppies 4, to the south of the MRE envelope. Mineralization remains open in multiple directions around the resource. Analysis of drilling results confirms the potential for additional mineralization beneath earlier shallow drilling. Significant potential remains for resource expansion at Koppies and into the adjoining tenements.
Drilling completed for this resource upgrade has not tested the full extent of the Koppies 1, 2 or 3 mineralization. It is expected that this will also be the case in the area of Koppies 4 and south of Koppies 2 where the three drill rigs are currently undertaking a resource drilling programme. Consequently, further drilling programs are planned to test the potential extension of the estimated resource areas at Koppies.
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