Elevate Uranium Limited ("Elevate", the "Company") (ASX:EL8) is pleased to announce a new uranium discovery from its maiden scout reverse circulation (RC) drilling program on exclusive prospecting license ("EPL") 7662 ("Namib IV"). Elevate's exploration strategy targets surficial uranium located in near surface palaeochannels (ancient river systems) in which uranium is likely to have been deposited. This exploration program has identified a network of palaeochannels, with the major palaeochannel extending from the centre of the tenement to its southwest corner, a distance of over 19 kilometres. Uranium mineralisation has been intersected over a distance of 17 kilometres.

The first phase of the exploration program, conducted in March 2021, used horizontal loop electromagnetic (HLEM) surveys to identify the palaeochannels, which was subsequently tested by this RC drill program of 258 holes for 2,336m.


Highlights:
  • Distribution of mineralisation identified in this initial, wide spaced, drilling program is extremely encouraging and indicates the potential of this tenement
  • Significant intersections include
    • N4_015: 2 m at 435 ppm eU3O8 from surface
    • N4_044: 3 m at 376 ppm eU3O8 from surface
    • N4_046: 4 m at 387 ppm eU3O8 from surface
    • N4R243: 2 m at 758 ppm eU3O8 from surface
  • Drill lines are spaced approximately 1 kilometre apart, providing significant opportunity between lines to add further mineralisation
  • Uranium mineralisation extends over 17 kilometres within the palaeochannel system
Elevate's Managing Director, Murray Hill, commented: "These are exciting results for the Company, as this is the Company's third tenement which has been drilled in the Namib Area and the third to contain extensive uranium mineralisation. That's a fantastic success rate. The distribution of mineralisation identified in this initial, wide spaced, exploration program only begins to indicate the potential of this tenement.
These results, together with the Airborne EM, provide our exploration team with a strong foundation for implementing an aggressive exploration program on the Company's expansive and highly prospective tenements within this uranium province of Namibia."
The drill program was designed to focus on physically confirming the location of palaeochannels and associated uranium mineralisation within the tenement using widely-spaced reconnaissance-style drilling. The program was highly successful in that Elevate has identified an extensive palaeochannel system that is mineralised for the majority of its length. As a consequence, there is significant upside potential for additional mineralisation along www.elevateuranium.com.au Page 2 of 17 the identified palaeochannels. Furthermore, the palaeochannels and contained mineralisation remain open to the north and east. Further geological interpretation will be undertaken in order to guide the next phase of drilling.

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