Australia-listed explorer Elevate Uranium is accelerating its growth strategy in Namibia, underscoring its confidence in the country’s uranium potential.
The exploration company kicked off its 2024 drilling programme at its Namibia portfolio with four reverse circulation (RC) drill rigs and will add a fifth rig by the end of the March quarter.
Its primary focus is the Koppies project, where three RC drill rigs are currently operational. The objective is to expand the existing uranium resource and to upgrade the resource confidence level from an inferred to an indicated category.
Elevate aims to publish a revised resource estimate by the end of the March quarter. Following this, an infill drill programme will be initiated to further increase the resource confidence level, setting the stage for subsequent studies later in the year.
In addition to resource expansion, Elevate Uranium will be collecting ore samples from Koppies for a comprehensive metallurgical testwork programme. These samples will be sent to Perth for analysis using the company’s proprietary U-pgradeTM beneficiation process.
The fourth and fifth RC drill rigs will embark on a high-impact regional drill programme. This programme is designed to explore new discoveries and further expand resource definitions across Elevate Uranium's tenement portfolio in Namibia.
“The completion of the current resource growth stage for Koppies will trigger a new era for the company. The focus will change to advancing the Koppies uranium project through infill drilling and metallurgical testwork that will underpin technical studies and a future pilot plant. And all this is happening with the U3O8 price shooting through $100/lb, its highest level for 15 years,” comments MD Murray Hill.
Elevate’s Namibia resources currently stand at a combined 94-million pounds of U3O8, contributing to the company’s total resource of 142.4-million pounds.