Elevate Uranium Limited (ASX: EL8 | OTC: ELVUF) has released an updated JORC 2012 Mineral Resource Estimate for its Marenica Uranium Project in Namibia, reporting a significant uplift in grade following a comprehensive re‑analysis of more than 5,000 historical drill holes completed during 2025. The updated resource now stands at 40.2Mlb U₃O₈ at 185ppm U₃O₈ using a 100ppm cut‑off grade—effectively doubling the previous resource grade.
At a 50ppm cut‑off grade, the resource has increased to 59.0Mlb U₃O₈ at 124ppm, representing a 1.8Mlb uplift and a 32% increase in grade compared with the previous JORC 2004 estimate. The company noted that some areas of previously reported mineralisation have been excluded from the new MRE due to wide spaced drilling. These areas—predominantly to the south and southeast of the current resource footprint—will be the focus of infill drilling scheduled to begin later this month.
Elevate Uranium will also commence a separate series of drilling programmes aimed at upgrading portions of the resource from the Inferred to the Indicated category, with completion expected within two months. The company anticipates that this additional drilling will allow excluded mineralised zones to be re‑introduced into future resource updates.
Murray Hill, managing director of Elevate Uranium, commented, “The new resource of 40.2Mlb U₃O₈ at a grade of 185ppm U₃O₈ is essentially double the previous resource grade. This resource update is a transformative milestone for the Marenica Uranium Project in Namibia. A significant reanalysis and rework of the underlying data from over 5,000 historical drill holes during 2025 enabled estimation of this more robust mineral resource which materially enhances the development potential of the Marenica Project. The updated MRE excludes some mineralised areas that do not meet the Company’s current drill density standards, reflecting a conservative approach designed to maximise confidence and reliability. We view this as a clear growth opportunity. With this significant increase in grade and a robust, re‑validated database in place, Marenica now offers a reduced risk foundation to accelerate our strategy of becoming a leading uranium developer.”
The company noted that the decision to increase the cut‑off grade from 50ppm to 100ppm U₃O₈ brings the Marenica Project into alignment with the rest of its Namibian portfolio. Elevate Uranium expects the ongoing infill drilling to materially expand the mineralised footprint in the next resource update.
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