Elevate Uranium Limited announced the discovery of a new uranium mineralised zone extending over a further 6.6 kilometres to the south of Koppies 2, now called Koppies 4. This follows the previous discovery of a 10 kilometre uranium mineralised zone to the northeast of the Koppies 2. The results of an historical airborne radiometric survey conducted by previous owners led to the discovery of the Koppies 3 mineralisation. The radiometric survey and mineralised areas were overlaid with the geological surface lithology mapping completed by General Mining in 1976, which highlighted the occurrence of mineralisation within a specific host lithology. A review of the airborne radiometrics and lithology mapping in the Koppies 4 area identified an exploration target, and the maiden drill program of two east-west lines and two north-south lines confirmed the presence of the target lithologies and intersected uranium mineralisation within that target lithology.

Drilling at Koppies 4 continues around the discovery lines, with north-south drill lines 400 metres apart and drill holes 200 metres apart in progress. A total of 72 holes have been drilled to date for a total of 1,888 metres. Drilling at Koppies 3 has targeted closer line spacing than the original five discovery drill lines to confirm the continuity of mineralisation and explore for extensions to the west and east.

To date and subsequent to the initial 37 holes previously reported, there have been 188 holes drilled for a total of 3,899 metres at Koppies 3, i.e. 260 holes for a total of 5,787 metres at Koppies 3 and 4. Drilling completed to date at Koppies 3 has targeted specific surface characteristics, with follow up drilling required to confirm the extent of mineralisation within areas that have intersected mineralisation. The geological team are gathering information from the drilling completed to date which is providing additional targets for drilling. These targets will be drilled over the coming months.

The Koppies 3 mineralisation appears to connect to both Koppies 1 and Koppies 2. This highlights the significant potential for additional mineralisation around the current resource at Koppies 1 and 2. There is an apparent extension to the west in the central area of Koppies 3 that remains open on both drill lines, with follow up drilling in progress. The mineralised areas identified adjacent to Koppies 1 and 2 indicate the potential to expand the existing 20 Mlb eU3O8 Mineral Resource through additional drilling, both beneath and adjacent to the Koppies palaeo channels. The discovery of large mineralised areas at Koppies 3 and Koppies 4 indicates significant potential for expansion of the Koppies JORC Mineral Resource.

Two drill rigs are working on exploration programs in and around Koppies. It is anticipated that the potential mining method would include surface miners cutting the ore at depth intervals of 0.5 metres. On this basis the drill hole mineralised intercepts have been calculated on a minimum interval thickness of 0.5 metres with a minimum grade of 100 ppm eU3O8.

Intervals of 0.5 metres at a grade of between 100 to 200 ppm eU3O8.