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Koppies Resource up 136% to 48 Mlb
Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTCQX:ELVUF) is pleased to announce an updated JORC Inferred Mineral Resource Estimate (“MRE”) of 48 Mlb eU3O8 for its Koppies Uranium Project in Namibia.
- Koppies JORC Mineral Resource Estimate (“MRE”) has been increased to 48.0 Mlb eU3O8.
- The MRE increase represents a 136% increase in the Koppies resources and a 42% increase in Elevate Uranium’s Namibian resources.
- Additional resource growth is targeted with 3 drill rigs currently progressing on resource drilling the mineralised zone south of Koppies 2 and at Koppies 4, to the south of the MRE envelope.
- Mineralisation remains open in multiple directions around the resource.
- Analysis of drilling results confirms the potential for additional mineralisation beneath earlier shallow drilling.
- Significant potential remains for resource expansion at Koppies and into the adjoining tenements.
Elevate Uranium’s Managing Director, Murray Hill, commented:
“Achieving the 48 Mlb eU3O8 resource is a milestone for the Koppies Uranium Project and the Company. The 136% increase in the resource substantially advances the status of the Koppies project, increasing our Namibian mineral resources by 42% to 94 Mlb eU3O8 and our global resources to 142 Mlb eU3O8.
Koppies is one of the shallowest uranium resources globally, with 95% of the resource within approximately 15 metres of the surface and 50% of the resource within approximately 6 metres of the surface. These parameters are important for any potential low strip ratio, low-cost mining operation at Koppies.
Due to the large surface area of mineralisation at Koppies, drilling activities and resource updates are split into phases. The Company currently has three drill rigs operating to expand the resource reported here today. The next resource update will include the drilling currently in progress using three drill rigs to the south of Koppies 2 and into Koppies 4 and is expected to be completed during the March Quarter of 2024”.
Updated Koppies JORC (2012) Inferred Mineral Resource Estimate at 100 ppm Cut-off GradeNote - Figures may not add due to rounding.
This 48 Mlb eU3O8 MRE for the Koppies Uranium Project increases the Company’s total uranium resources to 142 Mlb, see Resource Table 3.
Figure 1 shows the surface extent of the mineral resource and the drilling completed for the resource upgrade.
Figure 1 Koppies Resource Surface Extent and Collar Locations
Figure 2 indicates how the mineralisation is distributed by depth throughout the entire Koppies mineral resource. Koppies is one of the shallowest uranium resources globally and the diagram shows the near surface nature of the Koppies deposits, with 95% of the total mineral resource being within approximately 15 metres of the surface, and 50% of the resource within approximately 6 metres of the surface. These parameters are important for any potential low strip ratio, low-cost mining operation at Koppies.
Figure 2 Distribution of Koppies MRE by Depth (metres)Distribution of MRE per metre
Note – the scale on the left represents the cumulative depth, in metres, below surface. The diagram is not to scale.
Koppies Mineral Resource Estimate Summary
The Mineral Resource was estimated using Multi Indicator Kriging (“MIK”). The updated Inferred Mineral Resource Estimate (“MRE”) is reported at a number of cut-off grades from 50 ppm to 200 ppm eU3O8 and the MRE derived from these cut-off grades indicates that the mineralisation remains robust and consistent (see Table 2).
The MRE covers the Koppies deposit, between coordinates 527,500E, 7445500N to 535,600E, 7455600N, as shown on Figure 1. Mineral resources have been clipped to the Koppies tenement boundary to the west, where the deposit is contiguous with the Tumas 1E mineral resource (owned by Deep Yellow Ltd).
The maiden Koppies MRE was announced to the ASX on 4 May 2022 titled “22% Increase in Mineral Resources”. The results of drilling campaigns subsequent to the maiden MRE and included in this update were announced to the ASX on 30 October 2023, 31 July 2023, 27 April 2023, 22 November 2022, 28 September 2022 and 4 May 2022.
This article includes content from Elevate Uranium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Elevate Uranium Limited (ASX:EL8; OTCQX: ELVUF; NSX:EL8) is an Australian mineral exploration and development company specializing in identifying, exploring and acquiring highly prospective uranium projects in Australia and Namibia. The company is the largest tenement holder for uranium in Namibia, which is the fourth-highest uranium-producing country in the world. The company is backed by a management team with over 50 years of experience in the uranium sector and a proven track record in the exploration and development of various mining projects.
In Namibia, the company has two areas of interest, the Namib Area and the Central Erongo Area. The Namib Area contains the recent discoveries of Koppies, Namib IV and Hirabeb, including the 20 million pound Koppies Uranium Project JORC resource, while the Central Erongo Area contains the 61 million pound Marenica Uranium Project JORC resource and the recent Capri discovery.
Meanwhile, in Australia, the company has the 100-percent-owned Angela, Thatcher Soak, Minerva and Oobagooma projects, as well as the Bigrlyi, Walbiri and Malawiri joint venture projects, and other joint venture interests.
“There are two things that excite us. First is the uranium market and where nuclear energy is headed, which is out of our control. The second is what we can control, and that is what we're doing. We're aggressively exploring. We've got multiple projects, we're geographically diverse, and we stand out from our peers because we have U-pgradeTM," said Elevate Uranium CEO Murray Hill.
The company's fully owned and patented breakthrough U-pgradeTM is a beneficiation process developed in collaboration with CSIRO that could provide Elevate Uranium with a significant competitive advantage. U-pgradeTM enables the removal of non-uranium bearing minerals by rejecting more than 95 percent of the mass of mined ore. U-pgradeTM allows Elevate Uranium to capitalize on exploration opportunities by potentially reducing overall capital and operating expenditures by 50 percent. Additionally, U-pgradeTM provides potential environmental benefits.The company expects that U-pgradeTM will apply to all of its assets.
Elevate Uranium's notable Marenica project in Namibia has a resource estimate of 61 million pounds at 93 parts per million (ppm) of uranium. U-pgradeTM has demonstrated to increase the Marenica project ore grade from 93 ppm to approximately 5,000 ppm of uranium, thus reducing overall costs and increasing value.
Elevate Uranium is a proud sponsor of Vultures Namibia, which is a conservation initiative for preserving the endangered lappet-faced vultures. The company provides satellite GPS tracking on fledgling vultures for the protection program and is committed to fostering change.The company also possesses a strong financial structure. As at 31 December 2022, Elevate Uranium has 276 million shares issued and 21 million options issued, with a market capitalization of $102 million. Elevate Uranium has $12.5 million in cash on hand and does not have any debt.
- Elevate Uranium Limited is the largest tenement holder for uranium in Namibia, the fourth-highest uranium-producing country in the world.
- Elevate Uranium is actively exploring in Namibia, with four recent discoveries including Koppies, Capri, Namib IV and Hirabeb.
- Elevate Uranium has JORC resources of 81 million pounds of uranium in Namibia and 48 million pounds of uranium in Australia.
- Elevate Uranium's fully-owned and patented breakthrough U-pgradeTM beneficiation process has the potential to provide Elevate Uranium with a significant competitive advantage and cost reduction.
- The company is backed by a management team with over 50 years of experience in the uranium sector with a proven track record in the exploration and development of various mining projects.
Namibia is a country with a long history of uranium mining, has a supportive government and a highly experienced local workforce. Elevate's Namibian projects are located in the Erongo region which has excellent infrastructure, including a seaport, international airport, road, rail, water and power.
The mineralization targeted by the company is calcrete-hosted uranium, found in old river systems or palaeochannels which are generally less than 20 meters deep. The palaeochannels have no obvious surface expression and electromagnetic surveys are required to locate the palaeochannels. The company has completed airborne electromagnetic surveys over its tenements, which has identified extensive palaeochannel systems . The airborne electromagnetics are used to plan drill programs.
In 2019, drilling on the property confirmed shallow near-surface calcrete hosted mineralization at less than 20 meters in depth with uranium grades as high as 7,060 ppm only 1 meter below the surface.
In 2022, the company announced an initial JORC Inferred Mineral Resource Estimate of 20.3 million pounds eU3O8 for its Koppies Uranium Project.
Subsequent to the initial JORC resource estimate, exploration updates include:
- mineralization extending to the north and south of Koppies 2 for a total length of 20 kilometers,
- exploration has concluded that Koppies 1, 2, 3 and 4 are all connected for an aggregate length of 20 kilometers,
- Two drill rigs are working on resource extensions.
Exploration has delineated large mineralised zones within an extensive palaeochannel system.
In 2022, Elevate Uranium provided an update on exploration activities at its Hirabeb Project which indicated that drilling at Hirabeb I showed uranium mineralization extending over 4 kilometers in length. The same update announced an anomalous mineralized zone extending over 9 kilometers in length at Hirabeb II resulting in mineralization that remains open along strike to the northeast and southwest.
Namib IV Project
The project adjoins and is located northeast of the Hirabeb project and is southwest of the Koppies project.
The company conducted an HLEM program that identified an extensive palaeochannel system that is at least 19 kilometers long and about 6 kilometers wide. The palaeochannel system found at Namib IV is separate from the systems found at the Koppies and Hirabeb projects.
The company has identified mineralisation from exploration drilling with follow up drilling programs in the planning.
The Marenica project has a JORC resource of 61 million pounds at 93 ppm uranium. The mineralization on the 321 square kilometer property is calcrete-hosted uranium which was used to develop Elevate's U-pgradeTM process. A scoping study conducted on the project found that the value of the project increased substantially when using the U-pgradeTM process.
The U-pgradeTM process beneficiates the uranium ore to ~5,000 ppm U3O8, greatly reducing the mass to be leached.
The property is located on the same palaeochannel system as Orano's Trekkopje Uranium Project. Marenica is also located 60 kilometers north of the Rossing Uranium mine which is a world-class mine that has operated continuously since 1976.
Elevate Uranium owns 75 percent of the Marenica project.
The Capri project (EPL7508) is Elevate Uranium’s wholly owned tenement only 30 kilometers northwest of the Marenica Project. The company has identified a 16-kilometer long zone of mineralisation from its maiden exploration drilling program. The uranium mineralisation is shallow within palaeochannels. The palaeochannel in the east is yet to be drilled.
The Angela project is located in the Amadeus Basin in the Northern Territory of Australia. The property is located approximately 25 kilometers south of the town of Alice Springs. The mineralization is a sandstone-hosted uranium deposit.
The inferred mineral resource at the property is 30.8 million pounds at 1,310 ppm of uranium. Mineralization includes a higher-grade core of 20.2 million pounds at a grade of 2,500 ppm of uranium at a cut-off grade of 1,500 ppm.
Elevate Uranium fully owns the Angela project. The company has applied U-pgradeTM to the ore with a resultant reduction in acid consumption by 80 percent providing a potential financial benefit for the Angela project.
Thatcher Soak Project
The Thatcher project is located in the Yilgarn Province of Western Australia. The project has road access and is located approximately 160 kilometers northeast of the town of Laverton. The project is a calcrete-hosted uranium deposit similar to the nearby Yeelirrie, Lake Way, Centipede and Lake Maitland deposits.
The inferred mineral resource on the property is 10.9 million pounds at 425 ppm of uranium. Thatcher Soak's calcrete deposit is mostly less than 10 meters below the surface.Thatcher Soak is fully owned by Elevate Uranium. The company believes that the property has the potential to benefit substantially from U-pgradeTM.
The Oobagooma project is located in the Kimberley region of Western Australia. The project is located 75 kilometers northeast of the coastal town of Derby. The property contains a sandstone-hosted uranium deposit.
From 1983 to 1986, the property was explored by a previous owner. Exploration and drilling of 40,536 meters revealed extensive zones of uranium mineralization.
Elevate defined an exploration target of 26 to 52 million pounds U308 with a grade range of 650 to 950 ppm U308, for its 100-percent owned Oobagooma Uranium Project.
The Minerva project is located in the Ngalia Basin in the Northern Territory in Australia. The Ngalia basin is a uranium-rich area that hosts several uranium projects. The Minerva project is located approximately 170 kilometers northwest of Alice Springs. The project contains high-grade uranium and high-grade gold.
Historical exploration results identified uranium mineralization over a 2,400-meter strike length. Extensive historical drill data identified 49 mineralized drill holes with sample grades greater than 250 ppm of uranium. Samples grades from 29 drill intervals were over 10,000 ppm or 1 percent of uranium. Uranium intercepts from drilling reached as high as 41,200 ppm of uranium. Gold on the property was also identified as high as 19.2 g/t. The Minerva project is fully owned by Elevate Uranium.
Elevate Uranium also holds joint venture interests in this area.
The Bigrlyi joint venture contains a sandstone-hosted uranium deposit.
The property contains a mineral resource estimate of 21.1 million pounds at 1,283 ppm of uranium and 19.7 million pounds at 1,197 ppm of vanadium.
Elevate Uranium owns 20.82 percent of the Bigrlyi project while Energy Metals Limited owns 72.39 percent and Noble Investment Pty Limited owns 6.79 percent.
The Walbiri joint venture contains a sandstone-hosted uranium deposit.
The property contains a mineral resource estimate of 15.5 million pounds at 641 ppm of uranium.
Elevate Uranium owns 22.88 percent of the Walbiri project while Energy Metals Limited owns 77.12 percent.
The Malawiri joint venture contains a sandstone-hosted uranium deposit.
The property contains a mineral resource estimate of 1.2 million pounds at 1,288 ppm of uranium.
Elevate Uranium owns 23.97 percent of the Malawiri project while Energy Metals Limited owns 76.03 percent.
Murray Hill - Managing Director and Chief Executive Officer
Murray Hill is a respected metallurgist with extensive experience in all facets of the mining industry, including testwork, engineering design, process plant commissioning and operating. Hill is an innovative thinker who has made a positive impact on operations throughout his career. For 11 years before joining the company, he operated his own business providing metallurgical consulting services to the mining industry around the world, including a range of uranium projects. Hill is the champion of the U-pgradeTM process.
Shane McBride - CFO and Company Secretary
Shane McBride has 38 years of commercial management experience gained in listed Australian public companies incorporating the disciplines of corporate management, project development and mine site operations management, management and financial accounting, corporate finance, investor relations and company secretarial functions. McBride has been intimately involved with exploration, development, scoping and pre-feasibility studies and financing activities. McBride is a Fellow of CPA Australia, Fellow of Governance Institute of Australia and the Chartered Governance Institute; and a member of the Australian Institute of Directors. McBride has been working in the uranium mining industry for 12 years.
Andrew Bantock - Non-executive Chairman
Andrew Bantock is a senior managing director of the international corporate advisory firm FTI Consulting where he co-leads the Australian Mining and Mining Services Practice. Andrew has operated as CFO, chairman and CEO as well as director of the international, public, government sector and private corporations. His previous roles include CFO of Glencore Xstrata Plc's Australian nickel business; director of WA Water Corporation where he also chaired the audit committee; and chairman, CEO and corporate director of an ASX-listed multi-commodity minerals exploration group. Bantock was also the finance director of ASX- and NZSE-listed GRD Ltd, owner of New Zealand's largest gold miner and GRD Minproc (now part of AMEC Foster Wheeler), a world-class mining construction and development engineer. He has developed a reputation for building and improving companies over his 30 years in business. Bantock has been involved in the uranium mining industry for 8 years.
Stephen Mann - Non-executive Director
Stephen Mann is a geologist and corporate leader with a wealth of experience in the discovery, development and commercialization of mining assets over three decades, including 17 years in senior roles in the uranium sector. Mann's uranium experience includes 12 years as Australian managing director of Orano, the world's third-largest uranium producer. At Orano, Mann led a sustained program of corporate improvement and active exploration. Mann also represented both Orano and Cameco on the board of publicly listed ERA Ltd. Mann was also owner and operator of the Ranger Uranium Mine in the Northern Territory of Australia. Mann was involved in the negotiations and sale of these two companies' stakes in ERA, to Rio Tinto. Mann later co-founded and floated ASX-listed U3O8 Ltd, where he led the discovery of the Dawson-Hinkler calcrete-hosted uranium deposit in Western Australia, before negotiating its sale to Toro Energy Limited.