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Elevate Uranium Ltd ( (AU:EL8) ) has provided an announcement.
Elevate Uranium has delivered a major upgrade to the Mineral Resource Estimate at its Marenica Uranium Project in Namibia, doubling the resource grade to 185 ppm U3O8 for 40.2 million pounds of contained uranium at a 100 ppm cut-off grade, and increasing the resource to 59 million pounds at 124 ppm U3O8 at a 50 ppm cut-off. The update, based on re-analysis of data from more than 5,000 historical drill holes and conversion of the resource to JORC 2012 standards, excludes some mineralised areas due to wide-spaced drilling, with infill programs set to begin this month to reintroduce those zones and upgrade parts of the resource from Inferred to Indicated, materially enhancing Marenica’s development potential and providing a more robust, lower-risk platform for Elevate’s growth ambitions in uranium.
The most recent analyst rating on (AU:EL8) stock is a Hold with a A$0.48 price target. To see the full list of analyst forecasts on Elevate Uranium Ltd stock, see the AU:EL8 Stock Forecast page.
More about Elevate Uranium Ltd
Elevate Uranium Ltd is an Australian-listed uranium exploration and development company focused on advancing a portfolio of uranium projects in Namibia. The company’s activities centre on identifying, upgrading and expanding uranium resources to support its strategy of becoming a leading uranium developer in a key global uranium jurisdiction.
Average Trading Volume: 2,319,356
Technical Sentiment Signal: Buy
Current Market Cap: A$198M
See more data about EL8 stock on TipRanks’ Stock Analysis page.