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ENRG Elements Ltd. (ASX:EEL) – Agadez MRE Update Increases Contained Resources by +100%


Impact: Mildly Positive

ENRG Elements reported an updated Mineral Resource Estimate (MRE) for the Takardeit deposit at the Agadez uranium project within the prospective Tim Mersoï basin in Niger. The MRE outlined 31.1Mt at 315 ppm U3O8 for 21.5M lb U3O8. Compared to the 2022 MRE at a lower cut-off grade, the MRE update represents 101% and 6.8% increases in contained U3O8 and grade, respectively. The resource dataset consists of 316 drill holes (11,619m), including holes from the 5,500m drill program (5,350m mud rotary, 150m diamond core) that began in June 2022 and was performed to confirm and extend known mineralization. We view this MRE as a very encouraging sign for the potential of ongoing resource growth. Despite the deposit’s sensitivity to cut-off grades, management has tightened the cut-off to help elevate average grades. This should help support future economic studies. Meanwhile, ENRG plans to continue to expand the deposit, particularly to the south, and search for new zones on its large land package in this land of giant deposits.

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