Elevate Uranium: Promising Drilling Results at Koppies Uranium Project in Namibia

About Elevate Uranium

Elevate Uranium Ltd (ASX: EL8) is an exploration company focused on discovering and developing world-class uranium deposits in Namibia, Africa's top uranium mining jurisdiction. The company has assembled an impressive portfolio of uranium exploration projects with known mineralisation and excellent prospects for new discoveries. Elevate Uranium is headquartered in Perth, Australia and listed on the Australian Securities Exchange.

IOn 27 April 2023, Elevate Uranium announced promising drilling results from its 100% owned Koppies Uranium Project located in the renowned Erongo uranium region of central Namibia. The results confirmed mineralisation between the Koppies 2 and Koppies 3 deposits, indicating the potential for a much larger mineralised system. This article provides an overview of the drilling program and key results.

Koppies Uranium Project

The Koppies Uranium Project consists of two exploration licenses covering a total area of 486 km2 in the Namib Naukluft National Park. The project hosts four known uranium deposits - Koppies 1, 2, 3 and 4. The Koppies 1 and 2 deposits have an existing inferred mineral resource estimate of 20.3 million pounds of U3O8 at a grade of 220 ppm.

The uranium mineralization at Koppies occurs as secondary carnotite enrichment in calcretized palaeochannel and sheetwash sediments within Cenozoic sediments. The majority of mineralization is hosted in calcrete, with occasional mineralized calcite veins in weathered bedrock. The mineralization is generally surficial, horizontal and amenable to low-cost mining methods.

2022-2023 Drilling Program

In January 2023, Elevate commenced a major drilling program at Koppies focused on expanding the known resources and making new discoveries. The program utilizes reverse circulation (RC) drilling to obtain continuous 1 meter chip samples. Downhole gamma probes are used to estimate uranium grade over 0.1 meter intervals.

As of late April, over 900 RC holes totaling 21,000 meters had been completed. The results reported in the 27 April announcement relate to 340 holes (8,163 meters) drilled since late January. The key objectives of the recent drilling were:

• Test for extensions between Koppies 2 and Koppies 3
• Test areas south of Koppies 2
• Test for eastward extensions of Koppies 2
• Drill beneath shallow historical holes at Koppies 1 and 2 to test for deeper mineralization

Drilling Results

The April 2023 drilling results successfully met the program objectives and confirmed:

• Continuous uranium mineralization connecting Koppies 2 and 3 across a broad area, effectively merging the two deposits
• Widespread continuous mineralisation extending south from Koppies 2 to Koppies 4
• Potential eastward extensions of the Koppies 2 deposit
• Deeper mineralization below historical drill holes at Koppies 1 and 2 within the existing resource areas

Some notable thick and high-grade intercepts included:

• 5.5m at 1,121 ppm U3O8 from 9.5m (KOR1250)
• 4m at 336 ppm U3O8 from 5.5m (KOR1439)
• 8.5m at 252 ppm U3O8 from surface (KOR1440)
• 17.5m at 240 ppm U3O8 from 4.5m (KOR1253)

The results confirm Elevate's view that there is strong potential to expand resources at Koppies, both lateral to known deposits and at depth below the historical shallow drilling.

Ongoing Work Program

Following the successful results, Elevate has now focused drilling on the Koppies 3 deposit with the aim of delineating a maiden mineral resource estimate. One rig is drilling on a 200x200m pattern to define the deposit limits while a second rig infills at 100x100m for detailed resource definition.

Upon completion of Koppies 3, the rigs will move to Koppies 1, 2 and 4 to further expand those deposits. The Koppies project clearly warrants an extensive resource definition and exploration drilling campaign based on results to date.

Conclusion

The April 2023 drilling results from Koppies were highly encouraging and confirm the potential to significantly expand resources beyond the existing 20 million pound inferred resource base. Koppies is situated in one of the world's premier uranium jurisdictions and amidst several producing uranium mines.

With uranium prices rising from their lows, Koppies provides Elevate Uranium an outstanding opportunity to delineate a major uranium project. The company has a proven technical team that has delivered resources in Namibia previously. Elevate is well funded to accelerate exploration efforts.

Patient investors could see considerable growth in Elevate's resource base and underlying value as drilling continues to unlock the immense potential of the Koppies Uranium Project. Koppies has clear hallmarks of a emerging major deposit and will remain a key focus for Elevate Uranium and its shareholders.