Oobagooma (E04/2297 - 100% owned) is located 75 km north east of Derby in the Kimberley Region of Western Australia, on freehold land owned by the Commonwealth of Australia and used by the Australian Army as the Yampi Sound Training Area (see Figure 1).

The project area contains a sandstone-hosted uranium deposit discovered by Afmeco Pty Ltd (Afmeco) in 1981. Oobagooma was explored by Afmeco from 1983 to 1986 during which time extensive zones of uranium mineralisation were discovered. Work included drilling totalling 40,536 m with spacing varying from 800 to 12.5 m.

Afmeco defined an historic resource in the Yampi Sandstone. This work defined a 15 to 20 m thick prospective sequence in the Yampi Sandstone which includes a redox front system at least 7 km in length containing 4 to 5 roll fronts showing uranium mineralisation. The uranium mineralisation is largely controlled by a package of reduced sediments located centrally in the Yampi Sandstone at 45 to 80 m depth to the north and 80 to 120 m in the south of the prospect area.

Paladin Energy Limited estimated an historic resource in 2015 but Elevate is unable to report that resource.