Elevate increases Marenica project ownership to 90%
ASX-listed Elevate Uranium has entered into two separate agreements to acquire an extra 15% of Marenica Minerals, the owner of the Marenica uranium project, in Namibia, lifting its interest to 90% upon completion.
These agreements, expected to complete before the end of the month, will consolidate Elevate’s position in one of its two flagship Erongo province assets ahead of definitive results from the U-pgrade pilot plant programme.
“This is a logical and highly value-accretive step that consolidates our position in the Marenica project,” the company states.
Marenica has seen multiple successes this calendar year, with its Joint Ore Reserves Committee resource essentially doubling in grade and increasing in size by 31% to 52.8-million pounds of triuranium octoxide.
Increasing our ownership means more of that upside and that of the pilot plant results to come will sit directly with our shareholders,” says Elevate MD Murray Hill.
The company originally developed its U-pgrade beneficiation process on uranium mineralisation from the Marenica uranium project, and Marenica ore remains central to the current pilot plant programme, it points out.
Bulk samples excavated from test pits strategically spread throughout the updated resource area, which represent the range of lithologies, uranium grades and gangue minerals, are being tested in the pilot plant during the year.
Marenica’s mineralogy has proven well-suited to the U-pgrade process in bench-scale tests, and the current programme is designed to generate the processing parameters required to advance the project through feasibility studies, Elevate highlights.
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