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Elevate Uranium Confirms High-Grade Uranium Mineralization at Northern Territory Project; Shares Down 5%

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Elevate Uranium (ASX:EL8) said it encountered high-grade uranium mineralization during a recent drilling at its Angela uranium project in the Northern Territory of Australia, according to a Thursday Australian bourse filing.

The results were up to 2.3 meters at 508 parts per million uranium oxide, including 0.4 meters at 1,363 parts per million uranium oxide.

The program improved the understanding of the seismic to oxidation boundary relationship at Angela, confirming that seismic remains a valid targeting tool and providing a framework for future activities, the filing added.

The company's shares fell nearly 5% in recent Thursday trade.

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