Minerva (EL32400 - 100% owned) covers exploration licences located in the Ngalia Basin approximately 170 km northwest of Alice Springs in the Northern Territory (see Figure 1).
The Ngalia Basin is an intercontinental trough filled with Late Proterozoic to Carboniferous age sediments and surrounded by the Proterozoic Arunta Block, its dimensions are 300 km in east-west length and up to 70 km wide. The Ngalia Basin is a uranium rich area, it is host to a number of Elevate’s uranium projects as well as other uranium projects.
Minerva was explored by Agip Australia Pty Ltd and Central Pacific Minerals NL during the 1970’s and early 1980’s. A number of drilling programs were completed but a JORC resource has not been estimated.
Elevate completed a detailed review of extensive historical drill data from the Minerva Uranium Project. The data review identified 49 mineralised drill holes with sample uranium grades greater than 250 ppm U3O8, including 29 drill intervals with sample grades in excess of 10,000 ppm or 1.0% U3O8. The exploration results have identified uranium mineralisation over a 2,400 metre strike length (Figure 2).
Significant uranium intercepts from drilling include:
11m at 4,218 ppm U3O8 from 129.5m incl. 0.5m at 41,200 ppm U3O8 from 138.0m
4m at 4,334 ppm U3O8 from 145.0m incl. 0.5 m at 25,000 ppm U3O8 from 146.5m
And 15.5m at 2,313 ppm U3O8 from 166.0m incl. 1.0m at 18,300 ppm U3O8 from 179.0m
9m at 2,667 ppm U3O8 from 229.0m incl. 0.5m at 26,400 ppm U3O8 from 237.0m
5.5m at 11,131 ppm U3O8 from 117.5m incl. 2.0m at 20,725 ppm U3O8 from 118.0m
3.5m at 17,843 ppm U3O8 from 277.5m
In addition to the high-grade uranium mineralisation, high-grade gold was present in one of the two drill holes on which detailed gold assays are available. Hole Y153RD included 0.5 m at 19.2 g/t Au from 143.5 m, and 0.5 m at 2.3 g/t Au from 141.5 m, with the gold intervals contained within a broader uranium mineralised zone of 8.5 m at 653 ppm U3O8. A second drill hole assayed for gold (Y160RD) did not contain either uranium or gold mineralisation.
The presence of significant gold values in hole Y153RD suggests that there is potential for additional gold mineralisation to be associated with the existing uranium mineralisation within the deposit.