Elevate Uranium (ASX:EL8) has been given an exploration grant from the Northern Territory Government of up to A$112,000 as part of their Geophysics and Drilling Collaborations Programme, which is part of the greater Resourcing the Territory programme.
The funding from the grand will co-fund seismic reflector drill testing at Elevate’s 100% owned Angela Uranium Project. The funding will help to fund two of the three holes in this programme for approximately 1,860m. The programme will be testing compelling seismic reflectors which the company previously identified from a two-dimensional seismic survey and show potential for extensions to the known mineralization. The Angela Uranium Project has a high-grade uranium resources of 30.8Mlb U3O8 at a grade of 1,310ppm U3O8.
Murray Hill, Managing Director of Elevate Uranium commented, “We are extremely pleased to have been successful in the Northern Territory’s highly competitive Resourcing the Territory program. This grant highlights the Territory’s commitment to uranium exploration and an opportunity to build on our previous successful work under the same program, where a two-dimensional seismic survey identified these compelling new drill-targets. These targets highlight anomalous zones displaying similar seismic signatures to those coincident with the main mineralised zone, which makes these unexplored anomalous zones very prospective exploration targets. The Company plans to test three target positions using diamond drill holes with reverse circulation pre-collars to depths in the order of 500-700 metres, for an approximate total of 1,860 metres. Our aim is to confirm that the Angela deposit has the potential to expand beyond its current resource and this co-funding allows us to test that thesis in a capital efficient manner. We thank the Northern Territory Government for their continued support.”
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