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Highlights
- Elevated uranium grades reported from Bigrlyi drilling project.
- Revised mineral resource estimate expected in early 2025.
- Bigrlyi joint venture focuses on high-grade uranium zones.
Elevate Uranium (ASX:EL8), through its joint venture partner Energy Metals (ASX:EME), has achieved significant milestones in the Bigrlyi project, situated in the Northern Territory’s Ngalia Basin. Recent drilling efforts have delivered enhanced results, showcasing the project's potential as a high-grade uranium resource.
Enhanced Uranium Grades Identified
The drilling campaign has revealed an average increase of uranium oxide grades by approximately 12%, compared to earlier estimates derived from down-hole gamma logging. The improved figures are attributed to the technical limitations of the gamma probe, which struggles to accurately measure zones exceeding 1% uranium oxide concentration. Notable findings included a standout assay of 10.5 metres at 1.1% uranium oxide from a depth of 529m, with an estimated true width of 7.9m. The high-grade section of this assay showed an impressive 1m at 4.07% uranium oxide, a significant upgrade from prior gamma-based results.
Strategic Drilling Campaign
The recently completed 11,055-metre drilling program focused on the A2, A4, and A15 sub-deposits within the Bigrlyi resource area. The campaign aimed to expand the existing resource base by targeting zones identified for growth. Energy Metals confirmed that these results would support a revised mineral resource estimate (MRE) for the project, which is slated for release in early 2025.
The Bigrlyi deposit currently holds a resource estimate of 6.32 million tonnes at an average grade of 1530ppm, equating to 966,000 tonnes or approximately 21.3 million pounds of contained uranium oxide. Of this, 18.2% is categorized as measured, 54.3% as indicated, and 27.5% as inferred.
Joint Venture Details
The Bigrlyi project is a joint venture involving Elevate Uranium’s subsidiary Northern Territory Uranium (20.8%), Energy Metals (72.4%), and Noble Investments (6.8%). Located 350km northwest of Alice Springs, the deposit is recognized for its significant high-grade uranium zones. With the success of the recent campaign, Energy Metals has reaffirmed its plans to advance the exploration and development of the resource in the coming year.
These positive developments underline the importance of the Bigrlyi project in bolstering uranium supplies for the future, positioning the joint venture partners to benefit from the project’s continued advancement. The upcoming MRE is anticipated to solidify the resource’s status as a leading uranium deposit in Australia.
