Elevate Uranium (ASX: EL8) joint venture (JV) partner Energy Metals has announced positive results from drilling at its Bigrlyi project in the Northern Territory.

All high-grade intersections from the program increased by an average 12% on previously announced eU3O8 values derived from down-hole gamma logging.

This is believed to be a result of technical limitations of the gamma probe, which becomes saturated in zones exceeding 1% uranium oxide.

Growth potential

The 11,055 metre reverse circulation and diamond campaign targeted the A2, A4 and A15 sub-deposits at Bigrlyi identified for their growth potential.

A best recorded assay was an “exceptional” 10.5 metres at 1.1% uranium oxide from 529m down-hole with an estimated true width of 7.9m.

The high-grade core of this intersection increased from the original gamma-derived estimate of 1.3m at 1.72% eU3O8 to a “spectacular” 1m at 4.07%.

Revised MRE

Energy Metals managing director Shubiao Tao said the assays would allow the company to “confidently proceed” with a revised mineral resource estimate (MRE) for Bigrlyi.

“The chemical assay results confirm what we already know—that Bigrlyi is a great uranium deposit with some exceptional high-grade zones emerging from the recent drilling,” he said.

“We look forward to updating the resource estimate in early 2025 as we progress our exploration plans for the coming year.”

JV project

Located 350 kilometres north-west of Alice Springs in the Ngalia Basin, Bigrlyi is a JV between Elevate’s wholly-owned subsidiary Northern Territory Uranium (20.8% equity), Energy Metals (72.4%) and Noble Investments (6.8%).

Energy Metals recently completed an 11,055m drilling campaign designed to grow the Bigrlyi resource, which currently sits at 6.32 million tonnes grading an average 1530ppm for 966,000t (or 21.3 million pounds) contained uranium oxide using a 500ppm cut-off.

Approximately 18.2% of the resource is in the measured category, while 54.3% is indicated and 27.5% inferred.