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Highlights
- 12% resource estimate expansion
- Geological confidence improved
- Notable A4 deposit enhancement
Elevate Uranium (ASX:EL8) has marked a significant milestone with a 12% increase in its mineral resource estimate at the Bigrlyi project, located in Australia’s Northern Territory. The upgraded resource now stands at 23.9 million pounds of uranium, incorporating drilling results from 2024. This adjustment adds an extra 2.6 million pounds to the previous estimate, reflecting promising progress in the exploration phase.
Through its wholly owned subsidiary in the Northern Territory, the company holds a stake in the project alongside a joint venture led by Energy Metals (ASX:EME). The partnership has been focused on expanding and confirming the extent of the uranium deposit. With approximately 20% of the resource now classified as measured – a slight rise from 18% – there is enhanced geological confidence regarding the overall quality and potential of the deposit.
The recent expansion has been bolstered by significant findings at the A4 deposit. Here, a 23% increase in uranium metal content has played a major role in the new resource estimate. Deep drilling at the centre of A4 has identified a zone with exceptionally high-grade uranium, contributing to a more defined understanding of the deposit. The A4 zone, which now accounts for about 63% of the total mineralisation, extends over a strike length of more than 2 kilometres and reaches depths beyond 500 metres.
In light of these findings, updated pit design studies are being planned. The A4 deposit is expected to form the nucleus of any future mining operations. Revised pit and stope designs will be generated by incorporating the latest resource model and updated economic evaluations, including current commodity pricing, exchange rates, and capital expenditure estimates for 2025. Furthermore, revisiting earlier mining studies will provide an opportunity to refresh economic models in line with the enhanced deposit parameters.
Looking ahead, the exploration team is finalising the drilling designs aimed at unlocking further resource potential. A new drilling program is anticipated to commence mid-year, targeting additional high-priority zones within the deposit. The broader Bigrlyi joint venture forms part of an extensive portfolio of Australian uranium tenements and resources controlled by Elevate Uranium. The company’s strategic focus also extends to its significant uranium holdings in Namibia, reinforcing its commitment to expanding its resource base on multiple fronts.
This recent upgrade reinforces the potential for continued growth at the Bigrlyi project and underscores the value of persistent exploration efforts in uncovering substantial resource opportunities.
