Elevate Uranium Limited announced encouraging exploration results from its Namib IV tenement, part of the Koppies Uranium Project in Namibia. The company has delineated a large mineralised envelope measuring approximately 11 km by 7.5 km through systematic, broad-spaced reverse circulation drilling. The findings reveal that the uranium mineralisation is predominantly hosted in basement lithologies, rather than being limited to palaeochannel structures, suggesting a wider potential search space for uranium deposits. The announcement notes that many intersections occur close to surface—often within 6.5 m—indicating a near-surface mineralisation style similar to the existing Koppies resource. The drilling program, which involved 118 holes and over 3,300 metres of drilling, identified several notable intersections with grades ranging from around 100 to over 1,100 ppm eU3O8 in various drill holes. The technical details indicate that the company used downhole gamma probing techniques, with results based on measurements converted to equivalent uranium values. While some intersections represent the typical palaeochannel-hosted mineralisation, many are found in weathered granite and carbonate-veined schist, which may indicate alternative mineralising controls that warrant further detailed investigation. Follow-up work will include step-out drilling to better define the full extent of the mineralisation and infill drilling to target areas of higher-grade material, with the aim of delivering a maiden mineral resource estimate later in the calendar year 2025. Exploration activities have expanded beyond traditional targets, as the company now incorporates basement-hosted targets into its exploration strategy. The Namib IV prospect’s large mineralised polygon is located just 10 km from the southern boundary of the Koppies resource, raising the possibility that any future resource estimates could add to the overall resource base and potentially extend the life of mine or improve future production rates at Koppies. The company also provided updates on other exploration targets and tenements in the Koppies project area, confirming that recent drilling techniques and sampling protocols are consistent with industry standards. In terms of market sentiment, the news carries both bullish and bearish elements. On the bullish side, the discovery of an extensive and potentially expandable mineralised envelope outside the established resource area underscores Elevate Uranium Limited’s strategic move to diversify and enhance its asset portfolio. The prospect of a maiden resource estimate later this year, combined with promising technical indicators such as shallow mineralisation and high-grade intersections, bodes well for future valuation upgrades and increased investor confidence. Conversely, the program remains in an early exploratory phase, and while the initial results are promising, there remains uncertainty regarding the full scale and economic viability of the newly identified mineralisation. This caution reflects the inherent risks of early-stage uranium exploration and highlights the need for further drilling and resource definition before a robust investment case can be fully established. Overall, the company’s recent announcement signals significant progress in expanding its exploration footprint within the Koppies Uranium Project, with technical indicators suggesting a favorable outlook for potential resource growth, albeit with the typical uncertainties linked to early-stage exploration programs.