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Elevate Uranium Ltd ( (AU:EL8) ) just unveiled an announcement.
Elevate Uranium reported diamond drilling results from its Angela Uranium Project in Australia, confirming high-grade uranium mineralisation within existing resource wireframes and supporting the current estimate of 30.8 million pounds at 1,310 ppm U3O8. The drilling intersected several strong uranium zones, with sub-intervals above 2,900 ppm U3O8, reinforcing Angela’s status as a quality high-grade asset.
While the main deep seismic reflector target did not return the expected new mineralisation, the program improved understanding of how seismic reflectors relate to oxidation boundaries that control uranium deposition. This validation of seismic as a reliable targeting tool provides a stronger framework for future exploration across the Angela tenement and underpins the company’s confidence in returning to the project in due course.
More about Elevate Uranium Ltd
Elevate Uranium Limited is an Australia-based uranium exploration and development company focused on high-grade deposits, including the Angela Uranium Project in the Northern Territory. The company targets uranium resources using geophysical tools such as seismic surveys to refine its models and guide future drilling programs in key prospective tenements.
Average Trading Volume: 1,762,559
Technical Sentiment Signal: Sell
Current Market Cap: A$146.8M
Learn more about EL8 stock on TipRanks’ Stock Analysis page.