Investing News NetworkAUSTRALIA
Elevate Uranium Limited ("Elevate Uranium", the "Company") (ASX:EL8) is pleased to announce that it has defined an Exploration Target of 26 to 52 million pounds U308 with a grade range of 650 to 950 ppm U308, for its 100% owned Oobagooma Uranium Project ("Oobagooma") in Western Australia.
The potential quantity and grade of the Exploration Target is conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Oobagooma Project Exploration Target Million Pounds ofU308 Grade of U308 (ppm) Total 26 to 52 650 to 950
Elevate Uranium's Managing Director, Murray Hill, commented: "The Exploration Target of 26 to 52 million pounds indicates high potential for a significant resource at the Oobagooma Uranium Project and with some excellent grades intersected, we are anticipating a high grade range. The project has not been drilled since 1983 and therefore, the project has not been interrogated using modern day exploration techniques. We are very encouraged by the potential of this project and look forward to undertaking modern day exploration on the project."