March Quarterly Activities Report
Perth, April 14, 2020 AEST (ABN Newswire) - During the March 2020 quarter, Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) focussed on advancing the Tumas Pre-Feasibility Study (PFS) including completion of infill drilling for resource upgrade on its Reptile Project (EPLs 3496 and 3497) and finalisation of reporting on the Nova Joint Venture Project (EPLs 3669 and 3670). See Figure 1* for locations.
HIGHLIGHTS
- Commencement of the Tumas PFS following the successful completion late January of the Tumas Scoping Study
- Tumas PFS progressing well with positive results being achieved:
o 117m diamond drilling completed, collecting 460kg of mineralised core sample material this quarter
o 14 groundwater bores completed for the required hydrogeological baseline study
o First-pass metallurgical test work showing encouraging results that confirm the validity of the beneficiation and leach parameters assumed in the Scoping Study, with further confirmatory work underway
- Successful completion of infill drilling program at Tumas 3 with 246 holes drilled for 5,154m
- Drilling focussed on converting 50% of the existing Inferred Resource base to eventual Indicated Resource status. Key results include:
o Drilling confirms continuity of mineralisation across the 2.5km tested within the 7km long Tumas 3 deposit
o Importantly, 85% of the 246 holes drilled returned greater than 100ppm eU3O8, with an overall 4.5m average thickness at an average grade of 364ppm eU3O8
o Results provide a high level of confidence that the conversion rate from Inferred to Indicated JORC resource status to complete the PFS can be achieved
- An updated Tumas 3 Mineral Resource Estimate is expected in early May
- Following a complete review of operations, current workstreams were adjusted to safeguard key assets against COVID-19. The revised work program will preserve the Company's strong balance sheet, whilst maintaining and advancing core objectives
- Uranium price beginning to show early signs of recovery
*To view the full report, please visit:
https://abnnewswire.net/lnk/2CA4HE6Z
About Deep Yellow Limited
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) is successfully progressing a dual-pillar growth strategy to establish a globally diversified, Tier-1 uranium company to produce 10+Mlb p.a.
The Company's portfolio contains the largest uranium resource base of any ASX-listed company and its projects provide geographic and development diversity. Deep Yellow is the only ASX company with two advanced projects - flagship Tumas, Namibia (Final Investment Decision expected in 1H/CY24) and MRP, Western Australia (advancing through revised DFS), both located in Tier-1 uranium jurisdictions.
Deep Yellow is well-positioned for further growth through development of its highly prospective exploration portfolio - ARP, Northern Territory and Omahola, Namibia with ongoing M&A focused on high-quality assets should opportunities arise that best fit the Company's strategy.
Led by a best-in-class team, who are proven uranium mine builders and operators, the Company is advancing its growth strategy at a time when the need for nuclear energy is becoming the only viable option in the mid-to-long term to provide baseload power supply and achieve zero emission targets.
Importantly, Deep Yellow is on track to becoming a reliable and long-term uranium producer, able to provide production optionality, security of supply and geographic diversity.
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