Elevate Uranium Limited (ASX: EL8 | OTC: ELVUF) has reported high‑grade uranium results from a recent diamond drilling program at the Angela Uranium Project in the Northern Territory, confirming mineralisation within existing resource wireframes and validating the integrity of the current JORC Mineral Resource Estimate.
The three‑hole program intersected uranium mineralisation consistent with the historical 30.8Mlb U₃O₈ resource at an average grade of 1,310ppm, returning multiple high‑grade intervals including:
- 2.3m at 508ppm U₃O₈, including 0.4m at 1,363ppm
- 1.4m at 1,421ppm U₃O₈, including 0.6m at 2,884ppm
- 1.2m at 1,449ppm U₃O₈, including 0.5m at 2,974ppm
Elevate noted that these results confirm grades and continuity within the existing resource model and demonstrate that Angela remains a high‑quality, high‑grade uranium deposit by global standards.
The drilling was designed to test deep seismic reflectors identified in a 2D seismic survey completed in 2022. While the principal “Deep Reflector” target did not return the expected mineralisation, all three holes intersected mineralised zones within the known resource envelope. The program materially improved the company’s understanding of the relationship between seismic responses, oxidation fronts and uranium mineralisation.
Murray Hill, managing director of Elevate Uranium Limited, commented, “With 30.8Mlb at 1,310ppm U₃O₈, Angela is a high‑grade deposit by any measure, and these results reinforce that. Drilling confirmed good‑grade uranium within the resource wireframes, including sub‑intervals above 2,900ppm U₃O₈, which validates the existing resource model and is what we’d expect from a deposit of this quality.”
Hill added that although the deeper speculative target did not yield new mineralisation, the work confirmed that seismic remains a valid exploration tool at Angela by highlighting oxidation boundaries, a key control on uranium deposition. This insight provides a stronger framework for designing future exploration programs across the tenement.
The Angela deposit is a sandstone‑hosted uranium system located approximately 25km south of Alice Springs and remains open for further evaluation. Elevate Uranium indicated it will assess future drilling and seismic work at Angela in the context of overall capital allocation priorities, while retaining the project as a core part of its Australian uranium portfolio.
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