Elevate Uranium plans to update the existing inferred resource at Koppies by early April
Four drill rigs currently turning in Namibia with three of those on Koppies to convert inferred resources to higher confidence indicated category
Scoping study using company’s proprietary U-pgradeTM beneficiation process set to begin later this year
Special Report: Elevate Uranium is set to update the inferred resource for its Koppies project in Namibia early next month ahead of beginning a scoping study on its flagship asset later this year.
Data from the now completed inferred resource drilling programs will be used to update the current inventory of 108.3Mt at 200ppm for 48Mlb U3O8 at Koppies.
Elevate Uranium’s (ASX:EL8) last resource update delivered a 136% uplift in total yellowcake and was the catalyst for a subsequent $10 million raising to fund ongoing exploration across its Namibian portfolio.
Infill drilling targeting an upgrade in the confidence of the mineral resource estimate (MRE) from inferred to indicated is currently under way.
All of the drilling completed over the Koppies project during Elevate Uranium’s period of tenure. Pic: Supplied (EL8)
Higher confidence necessary for a published study
Conversion of the majority of inferred resources to the higher confidence indicated category is an important step for the company to be able to produce an economic study on the Koppies project.
EL8 has indicated the scoping study will begin in late 2024.
Metallurgical test work using the company’s proprietary U-pgradeTM beneficiation process is expected to begin shortly following the collection of ore samples from specifically designed test pits.
The results of this work will be used to develop an initial design of the mining and process flowsheet in the scoping study.
Elevate Uranium’s tenement holding in the Namib area. Pic: Supplied (EL8)
Progressing Koppies to the ‘next level’
EL8 managing director Murray Hill said the upcoming metallurgical test work would provide valuable geological and mining data for the scoping study, which will be the first time that economics have been determined for the project.
“The company is transitioning its focus at Koppies from resource growth to project advancement by increasing the JORC resource category from inferred to indicated, which will then feed into a scoping study and provide metrics on the project,” he says.
“Data from the latest phase of the resource growth drilling is being processed and the updated resource estimation is in progress. The updated JORC inferred resource is expected to be released by early April.”
“The company considers the Koppies resource to be of sufficient size to take to the next level and, as such, three drill rigs are currently working on the infill JORC indicated drilling program.”
This article was developed in collaboration with Elevate Uranium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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