Elevate Uranium Shares Up on Increased Resource at Koppies Project

Elevate Uranium Ltd (ASX: EL8) shares have gained after reporting an upgraded 57.8 million pounds of uranium (U3O8) resource at its Koppies Uranium Project in Namibia.

Notably, Koppies boasts a shallow, near-surface resource with half of the mineralisation located within 7 meters of the surface.

This makes it potentially easier and less expensive to extract.

The company’s shares were last trading at A$0.54, up 2.88% intra-day.

Updated Koppies JORC (2012) inferred mineral resource at 100 ppm cut-off grade.

Further increases envisioned

Elevate Managing Director Murray Hill said: “The 20% resource increase at the Koppies Project takes the total Koppies resource to 57.8 Mlb U3O8 and further increases our Namibian uranium mineral resources by 10% to 103.8 Mlb U3O8 and our global resources to 152.2 Mlb U3O8.”

Hill said further increases in the company’s global resource in Namibia is envisioned as exploration continues.

Potential low-cost mining operation

Due to the shallow nature of mineralisation and the effectiveness of Elevate’s exploration programs, the all-in project discovery cost of the resource is very low at US$0.068/pound.

The mineralisation at Koppies is shallow, with ~95% of the resource within 18.5 metres of the surface.

These parameters imply a potential low strip ratio and low-cost mining operation at Koppies.

Consequently, this would be beneficial to the overall economics of any future operation.

‘U-pgrade’ beneficiation process

Subsequent test work will start with the collection and analysis of metallurgical samples using the company’s patented U-pgrade beneficiation process.

Samples with varying lithologies, uranium grades and gangue minerals will be collected.

These samples will then be freighted to Perth for the test work in the second quarter of 2024.

Elevate had a cash balance of ~A$15.7 million at the end of the December 2023 quarter following its A$10 million share placement.

 

 

 

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