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Highlights
- Elevate Uranium upgrades Koppies project in Namibia to indicated resource.
- Resource estimate grows with 78% in indicated category, supporting development.
- $25 million raised to fund ongoing exploration and development efforts.
Elevate Uranium (ASX:EL8) has significantly progressed its flagship Koppies project in Namibia, marking a major step forward by upgrading its mineral resource estimate to indicated status. This upgrade, which was announced on October 9, elevates 78% of the resource to the indicated category, a substantial move supporting Koppies’ development. The company’s total Namibian uranium resource now stands at 112.1 million pounds of uranium oxide, while its global resource estimate reaches approximately 160.5 million pounds.
The central portion of the indicated resource forms a continuous area measuring around seven kilometers from north to south and 3.5 kilometers from east to west. This area alone holds an estimated 43.6 million pounds of uranium oxide, providing a strong foundation for advancing the Koppies project towards potential operational phases. The latest upgrade raises the combined resources of Koppies and the neighboring Hirabeb discovery to a total of 66.1 million pounds of uranium oxide.
In tandem with the Koppies upgrade, the Hirabeb area received its initial inferred resource estimate, totaling 10.2 million pounds of uranium oxide. Recent exploration activities in Hirabeb have focused on expanding the known mineralized area, which remains open and unbounded by drilling. Additional targets across the tenement are also being assessed, with 358 drill holes covering 8,975 meters completed by the end of September.
Exploration is ongoing at the Capri discovery, located about 25 kilometers from Elevate’s Marenica uranium project. Capri has shown promising results with two mineralized zones spanning up to 16 kilometers in strike length. The uranium mineralization at Capri is similar in nature to that found in the Koppies project, hosted within calcrete and weathered basement lithologies. Elevate Uranium intends to continue drilling in the area for the remainder of the year to better define mineralized zones and evaluate additional early-stage targets.
Alongside these exploration achievements, Elevate Uranium recently raised $25 million to advance Koppies and further refine its proprietary U-pgrade uranium ore beneficiation process. A notable investment from Australian fund manager Paradice Investment Management, which contributed $12.4 million, secured a 9.9% equity interest in Elevate. The capital will support metallurgical test work on Koppies ore, guiding the design of a demonstration plant for U-pgrade. Additional funds are allocated for a Koppies scoping study and an estimated 100 kilometers of exploration drilling across Elevate’s Namibian and Australian tenements.
