Major Discovery Opens New Exploration Potential in Namibia
Elevate Uranium (ASX:EL8) has intersected an impressive 13-meter thick zone of near-surface uranium mineralisation in granite at its Marenica Uranium Project, representing a significant new style of mineralisation outside the company's existing 61 Mlb U3O8 resource.
The discovery hole, MAR2500, revealed multiple mineralised intervals including:
- 13m at 203 ppm eU3O8 from just 8.5m depth
- 3.5m at 326 ppm eU3O8 within the larger zone
- Additional mineralised intervals extending to a depth of 58.5m
- A total of 24m of aggregated mineralisation in a single hole
This breakthrough is particularly significant as it identifies a new uranium mineralisation style in granite, expanding beyond the company's traditional focus on palaeochannel deposits.
New Target Type Opens Multiple Exploration Avenues
Managing Director Murray Hill highlighted the strategic importance of this discovery: "This new style of mineralisation identified at Marenica opens a new search space for us, no longer restricting exploration to palaeochannel uranium deposits."
The new uranium mineralisation Elevate Uranium Ltd was found near the southeastern margin of a domal feature in the north of the tenement, comprised of complex interactions between differing compositions of granite and marble. While the marble remains unmineralised, it may provide an important rheological and permeability contrast to the mineralised leucocratic granite.
Notably, several other holes in proximity to MAR2500 also intersected mineralisation, with most only drilled to a depth of 28m, suggesting mineralisation may extend deeper than current drill depths.
Understanding Granite-Hosted Uranium Mineralisation
What is granite-hosted uranium mineralisation?
Granite-hosted uranium deposits form when uranium minerals precipitate within fractures, veins, or disseminated zones in granitic rocks. Unlike the palaeochannel deposits (where uranium is hosted in ancient river channels), granite-hosted deposits can potentially offer:
- Greater depth potential
- Different metallurgical characteristics
- Potentially higher grades in concentrated zones
- Different extraction requirements
This style of mineralisation is particularly significant for investors as it expands the potential resource base beyond the previously known deposit types at Marenica.
Exploration Program Highlights and Next Steps
The recent drilling program at Marenica completed 44 holes for 1,701 meters across various targets, with notable mineralisation also discovered in the southeastern portion of the tenement in palaeochannel settings.
Significant intersections beyond MAR2500 include:
- MAR2536: 5.0m at 221 ppm eU3O8
- MAR2537: 2.0m at 204 ppm eU3O8
- MAR2545: 3.5m at 221 ppm eU3O8
The company is now conducting detailed field investigation, mapping and interpretation to prepare for follow-up drilling later in the year. This comprehensive approach aims to better understand both the new uranium mineralisation at Elevate Uranium Ltd and extend known palaeochannel resources.
Investment Potential: Why Elevate Uranium Stands Out
Elevate Uranium has positioned itself strategically in the uranium sector with:
- Resource Diversification – Now targeting multiple styles of uranium mineralisation
- Significant Existing Resource Base – Current resource of 61 Mlb U3O8 at Marenica
- Growth Potential – New mineralisation style opens additional exploration targets
- Strategic Location – Projects in uranium-friendly Namibia, just 25km from Orano's Trekkopje Uranium Project
The company's broader portfolio includes uranium projects across Namibia and Australia, with a total resource base of 161.1 Mlb U3O8 across all projects, providing investors with exposure to a substantial uranium inventory at a time when nuclear energy is gaining renewed attention globally.
| Project | Resource Category | Tonnes (M) | U3O8 (ppm) | U3O8 (Mlb) | Elevate Share |
|---|---|---|---|---|---|
| Koppies | JORC 2012 Indicated | 98.0 | 200 | 43.6 | 100% |
| Koppies | JORC 2012 Inferred | 35.4 | 160 | 12.3 | 100% |
| Hirabeb | JORC 2012 Inferred | 23.3 | 200 | 10.2 | 100% |
| Marenica | JORC 2004 Indicated | 19.9 | 110 | 4.8 | 75% |
| Marenica | JORC 2004 Inferred | 187.2 | 93 | 38.2 | 75% |
| Australian Projects | Various | – | – | 49.0 | Various |
| TOTAL | 161.1 |
Why Investors Should Follow Elevate Uranium
The discovery of this new uranium mineralisation at Elevate Uranium Ltd represents a potential game-changer for Elevate Uranium's growth trajectory. By expanding beyond traditional palaeochannel targets, the company has effectively multiplied its exploration potential within existing tenements.
With uranium prices strengthening amid growing global recognition of nuclear energy's role in clean energy transitions, Elevate Uranium offers investors exposure to:
- A significant existing resource base (161.1 Mlb U3O8 across all projects)
- Multiple exploration upside opportunities from the new mineralisation style
- A diversified portfolio across Namibia and Australia
- Potential resource growth through upcoming drill programs
As the company continues interpretation of results and plans future drilling programs, investors should watch closely for further developments that could substantially increase the resource base at Marenica beyond its current 61 Mlb U3O8.
Broader Implications for Uranium Exploration
This discovery at Marenica follows recent trends in the minerals sector where companies are identifying new high priority gold targets and expanding their exploration horizons. Furthermore, similar to how Elevate is expanding its resource potential, other junior explorers have been making progress with projects like the Yundamindra Gold Project where 27 new targets have expanded discovery potential.
In the broader minerals sector, strategic acquisitions continue to play an important role in resource development. For instance, Inca Minerals' near-completion of the Stunalara acquisition demonstrates how companies are strategically positioning themselves in resource-rich regions. Additionally, companies like Sunstone Metals with their high-grade gold discoveries show how persistent exploration can yield significant results.
The new uranium mineralisation at Elevate Uranium Ltd represents part of a broader trend in the resources sector where innovative exploration approaches are uncovering significant new potential in existing project areas.
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