Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX: ELVUF) is pleased to announce completion of an airborne electro-magnetic survey (“EM”) and radiometric survey flown over EPL7508 (named Capri) in the Central Erongo Area, Namibia (Figure 1).

Elevate Uranium’s Managing Director, Murray Hill, commented:

“With the airborne EM survey identifying 73 kilometres of palaeochannel within the tenement, Capri is shaping up to be another exciting tenement for the Company. In addition, the airborne survey identified large areas with significant uranium radiometric responses coinciding with sections of the palaeochannels, which we have only previously seen in areas of the Marenica Uranium Project where shallow uranium mineralisation is present. A drilling program will be undertaken in the June Quarter 2022 to explore these palaeochannels. The Company is encouraged that it continues to identify significant exploration drill targets in this highly prospective uranium province.”

This latest survey totalled 477 line kilometres of EM and radiometric data on NW-SE oriented flight lines spaced at 250 metres, where the sensor flying height was nominally 35 metres. This survey covered the northern portion of the tenement and is complementary with an older frequency domain electromagnetic survey flown to the south of the tenement. These two surveys have been interpreted to infer the palaeochannels shown in Figure 1.

The combined surveys have identified north-western and south-eastern palaeochannels in a geological location prospective for “calcrete-type” uranium, similar to that at the Marenica Uranium Project on which the Company developed its U-pgradeTM beneficiation process (Figure 2). The north-western palaeochannel extends for at least 48 kilometres within Capri. Of particular significance is the presence of a 10 x 5 kilometre area of anomalous radiometric uranium response coincident with or immediately adjacent to an inferred palaeochannel.

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