Elevate’s 75%-owned Marenica Uranium Project (MDRL 3287) covers 321 square kilometres in the Erongo region of Namibia.

It has a JORC Resource of 61 million pounds across two deposits, the Marenica and MA7 deposits. The resource is a surficial calcrete hosted uranium deposit in the same palaeochannel system that hosts Orano’s Trekkopje Uranium Project, and is located 60 kilometres north of the world class Rossing Uranium Mine, which has continuously operated since 1976.

General view at Marenica Uranium Project

General view at Marenica Uranium Project

Resource

The total Marenica Project resource at a 50 ppm cut-off grade is 61 Mlb at 93 ppm U3O8.

Marenica Uranium Project
Total Mineral Resources as at 30 June 2018 (at a 50ppm U3O8 cut-off grade)
Resource CategoryTonnes 
(millions)U3O8 Grade (ppm)U3O8 Mlbs
Marenica
Indicated26.51106.4
Inferred249.69250.9
Total276.19457.3
MA7
Inferred22.8814.0
Total22.8814.0
TOTAL276.19457.3
Carnotite in Calcrete Ore

Carnotite in Calcrete Ore

U-pgrade™'s Impact on project economics

A Scoping Study (“Study”) on the Marenica Uranium Project found that the project’s value greatly increased when using the U-pgrade™  process. Operating costs were reduced by approximately 50% compared to conventional processing, which would result in the project achieving industry competitive costs.

The Study estimated C1 operating costs to be about US$40-45/lb, with a total estimated capital development cost of US$90 million for a 7 million tonne per annum processing plant producing a high-grade U-pgrade™ concentrate to be leached and refined at a third party processing plant.

The project is situated close to existing uranium refineries that could process the U-pgrade™ concentrate.

The capital cost to produce yellow cake on site was estimated to be about 50% of conventional processing, but the use of a third party, pre-existing leach/refinery facility would further reduce capital development costs to less than 30% of conventional processing.

Excellent mining-focused infrastructure

The project is located within a global mining jurisdiction, which means that it benefits from the local infrastructure which is geared up for the uranium mining industry, including port, road, rail, water and power. The supportive government and highly experienced local workforce also adds to the positive mining environment.