Elevate Uranium Ltd (ASX:EL8, OTCQX:ELVUF) has lifted the mineral resource base at its Koppies Uranium Project in Namibia to 76.2 million pounds of U3O8 after declaring a maiden inferred resource at the Namib IV deposit.
The new Namib IV mineral resource estimate comes in at 29.5 million tonnes grading 155 parts per million eU3O8 for 10.1 million pounds of U3O8 at a 100ppm cut-off grade, adding a fresh resource centre to the broader Koppies project in the Erongo region.
Managing director Murray Hill said the expanded resource underlined the scale potential of the district and supported the company’s exploration model.
“The Koppies Uranium Project now has JORC mineral resources of 76.2 Mlb U3O8, which the Company expects is likely to continue to grow. We recognised that this region had potential to host uranium at scale and our targeting criteria have now been validated with a maiden resource of 10.1 Mlb U3O8 at Namib IV. With mineralisation still open in multiple directions and untested targets remaining on the tenement, we believe this deposit has further to run.
"The broader picture is equally compelling. Our total Namibian Mineral Resources now stands at 106.4 Mlb U3O8, a significant endowment in the Erongo, the same district which hosts one of the world’s longest producing uranium mines. Our global resource base has increased to 163.4 Mlb U3O8”.
Maiden Namib IV resource lifts project inventory
The addition of Namib IV increases the Koppies project inventory from the previously defined Koppies and Hirabeb deposits to a combined 186.2Mt at 186ppm eU3O8 for 76.2Mlb U3O8. Within that total, the main Koppies deposit accounts for 55.9Mlb, Hirabeb 10.2Mlb and Namib IV 10.1Mlb.
Namib IV is about 10 kilometres south of the main Koppies resource area and has a mineralised strike length of about 5 kilometres, widths of 400 to 800 metres and a maximum depth of 25 metres. Elevate said mineralisation remains open to the northeast and south, with additional targets on the tenement still untested.
That leaves scope for the resource base at Koppies to grow further as drilling continues.
Namibia footprint expands beyond 100Mlb
The maiden estimate also pushes Elevate’s attributable Namibian resource base to 106.4Mlb U3O8 across the Koppies, Hirabeb, Namib IV and Marenica deposits. On a global basis, the company’s total mineral resources now stand at 163.4Mlb U3O8.
This growing endowment is concentrated in the Erongo region, one of the world’s best-known uranium districts and home to established operations including Rossing, Husab and Langer Heinrich. Elevate said the Koppies project sits within a 50-kilometre radius hosting about 359Mlb U3O8 across its ground and neighbouring operators, with access to existing road, rail and power infrastructure.
Namib IV Resource Relative to Elevate’s Tenements in Namibia.
Growth case supported by open mineralisation
The Namib IV resource is classified as inferred and comprises both calcrete-hosted and weathered basement mineralisation, with the basement component making up about 81% of the total resource. The deposit shows a robust grade-tonnage profile across multiple cut-off grades, with the resource ranging from 14.4Mlb at 50ppm to 2.5Mlb at 200ppm.
Elevate said future work is expected to focus on infill drilling aimed at upgrading parts of the inferred inventory, while also testing extensions and additional targets around Namib IV. That work could further strengthen the Koppies project’s standing as one of the company’s key uranium growth assets in Namibia.