December Quarterly Activities Report
Perth, Jan 21, 2022 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) provide the quarterly activities report for the period ending 31 December 2021.
HIGHLIGHTS
- Tumas Definitive Feasibility Study continued to be advanced and remains on schedule for completion in the 2022 December quarter
Delivery of major ore reserve upgrade resulted in an increase of 121% to 68.4Mlb at 345ppm on 150ppm cut-off. (Refer ASX announcement 5 October 2021)
o Impressive Ore Reserve upgrade represented a critical milestone to achieve a 20+ year LOM operation
- Thorough review of the Omahola Basement Project resources completed, resulting in the upgrade of resources to JORC (2012). (Refer ASX announcement 4 November 2021)
o Upgraded MRE includes a Measured, Indicated and Inferred Resource base of 125.3Mlb at 190ppm U3O8 using 100ppm cut-off
o Using a 150ppm cut-off, MRE stands at 83Mlb grading 269ppm U3O8
- Omahola basement exploration outlined three highly prospective targets for follow-up. (Refer ASX announcement 22 December 2021)
o First pass shallow drilling tested 10km of a 35km semi-regional prospective zone
o 200-hole, 7,259m shallow drilling program returned 34 holes greater than 100pm U3O8
- 10 holes for 2,549m completed at Barking Gecko, successfully completing the Phase 1 drill program of 14 holes for 3,561m. (Refer ASX announcement 19 October 2021)
o 9 of 10 holes returned significant mineralisation, with best hole TN258RC extended to a depth of 271m containing 70m at 503ppm U3O8 across four intersections within an 83m zone
- Strong cash balance of $72M, additional $22.2M raised with exercise of options
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/Z6WATP00
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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