Elevate Uranium Limited announced that it has defined an Exploration Target of 26 to 52 million pounds U3O8 with a grade range of 650 to 950 ppm U3O8, for its 100% owned Oobagooma Uranium Project ("Oobagooma") in Western Australia. The potential quantity and grade of the Exploration Target is conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target was estimated after a detailed review of extensive historical exploration data from Oobagooma. The data review identified 123 drill holes with uranium mineralisation, 47 of which include drill intersections with sample grades in excess of 1,000 ppm or 0.1% U3O8, out of a total of 373 holes. The results identify uranium mineralisation over a 9 km strike length with the main mineralisation zone identified over a strike length of 4 km. The project consists of a single exploration licence E04/2297, on freehold land owned by the Commonwealth of Australia and used by the Department of Defence as a military training area (Yampi Sound Defence Training Area; Figure 1). Native title right has been extinguished within the Training Area. Excluded from the original tenement application area are small areas that fall within the Harbour Purposes Reserve 51146 (effectively the high tide limit), vacant crown land and a small area falling under the "Use and Benefits of Aborigines Reserve 26417". The Oobagooma Project is located at the northern edge of the Canning Basin of north-western Australia. The principal host-rocks to uranium mineralisation are the porous and permeable Carboniferous Yampi Sandstone and underlying Lillybooroora Conglomerate. Prospective host-rocks do not outcrop in the vicinity of Oobagooma as the area is blanketed by Quaternary sediments. Drilling by Afmeco during the early nineteen eighties intersected uranium mineralisation within a north-south trending corridor approximately 4 km long and 1.5 km wide. Most drilling focussed on the Oobagooma discovery and there are comparatively few drillholes elsewhere. The uranium grades recorded at Oobagooma are high when compared to other sandstone-type deposits. Uranium at Oobagooma occurs as discontinuous, thin tabular sheets at several stratigraphic levels. Reappraisal of Afmeco's data suggests the presence of several stacked roll fronts occurring to the west of a tongue of reduced sandstone trending north to south. The position of roll fronts was inferred from the relative proportion of reduced and oxidised sandstone units in those holes for which reliable lithological data were available. A unit was classified as "reduced", if grey to black sandstone exceeded 70% of the total sandstone- bearing interval. The identification of roll fronts is of great importance since typically the best grades and highest tonnages in roll-front deposits occur in these fronts or "noses". Whereas, the tabular style of mineralisation so far identified at Oobagooma is more typical of zones behind the roll fronts, often referred to as "wings". The company's re-interpretation indicates a large coherent mineralising system with at least 4 individual roll fronts, each 3 to 5 m thick extending over at least 9 km of strike at depths of between 50 m and 110 m. Based on the total length of the redox fronts for the four individual stratigraphic units and assumed width for the front, a mineralised area can be defined. In conjunction with average (0.85 m) and median (0.60 m) mineralised thickness and grade range for the mineralisation of 650 - 950 ppm U3O8, an exploration target of between 26 Mlb and 52 Mlb U3O8 is estimated. There are fewer drillholes in this area, and the position of potential roll fronts cannot yet be identified with confidence. There is also some potential in the southern part of the tenement, given the paucity of drilling. Substantial drilling will be required to detect "nose" type mineralisation. Typically, follow-up holes are drilled midway between reduced and oxidised holes until the exact location of the nose has been defined.