Elevate Uranium (ASX: EL8) has announced a 12% upgrade to the mineral resource estimate (MRE) for its Bigrlyi project in Australia’s Northern Territory.
Elevate – through its 100%-owned subsidiary Northern Territory Uranium – is a 20.8% participant in a joint venture at Bigrlyi, which Energy Metals (ASX: EME) operates.
The new MRE of 23.9 million pounds (Mlb) uranium includes results from drilling carried out in 2024 and contains an additional 2.6Mlb compared to the 2024 estimate.
Approximately 20% of the resource is now classified as measured, rising from 18% previously, which provides increased geological confidence in the resource.
“The 12% expansion of the JORC-compliant resource to 10.9kt U₃O₈ is an exciting development that demonstrates Bigrlyi’s potential to keep growing,” Energy Metals managing director Shubiao Tao said.
“We are committed to further drilling in 2025 to systematically test multiple high-priority zones of this fabulous deposit.”
A 23% increase in uranium metal content at the A4 deposit has significantly contributed to the 2025 MRE.
Most of this increase has come at depth in the centre of A4, where recent deep drilling identified a zone of extremely high grade.
The company has now defined A4 – which contains the bulk (63%) of uranium mineralisation at Bigrlyi – over a strike length exceeding 2 kilometres, with a depth extent greater than 500m.
The A4 deposit will form the core of any future mining operation, with future work to include updating pit designs to account for recent increases in the size and depth extent of the deposit.
The JV now plans to revisit past mining studies and bring them up to date to assist with an update of economic modelling, taking into account relevant 2025 commodity pricing, exchange rates and capital expenditure.
It will also carry out a mining shape optimisation study to generate revised pit and stope designs using the latest resource model and updated economics.
The exploration team is currently finalising drilling designs targeting further resource growth at Bigrlyi, and expects to commence a drilling program in mid-year.
The Bigrlyi JV is part of the extensive Australian uranium tenements and resources Elevate controls in Western Australia and the NT.
The company also has a major focus on its large uranium holdings in Namibia.
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