Robust Resource Upgrade Delivered at Angularli
Perth, July 3, 2023 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to announce an upgraded Mineral Resource Estimate for the Angularli deposit, which forms part of the Alligator River Project (see Figure 1).
This 27% uplift, compared to the previous MRE, was underpinned by a drilling program completed in late 2022 which successfully extended the footprint of the Angularli deposit and associated analytical programs.
Overview
Angularli is located approximately 380km by road, east-northeast of Darwin in the Northern Territory, Australia.
Located in a high-angle shear zone, Angularli hosts an Inferred MRE of 1.37Mt at 1.09% U3O8, containing 32.9Mlb U3O8 (see Table 1), at a cut-off grade of 0.15% U3O8 occurring within a combination of altered sandstone, quartzite, silica flooded breccia and schists.
The MRE upgrade is supported by 18 diamond holes completed in 2022, in addition to 30 historical diamond drill holes, with a best intercept of 41.5m at 2.93% U3O8, recorded in hole WRD0084 (see ASX announcements: 9 August 2022, 27 October 2022, 1 May 2023 and VMY 20 March 2018). The final MRE dataset utilised 12 of the recently completed drill holes in conjunction with 22 historical drill holes (see Appendix 2). The primary focus of the 2022 drill program was to identify up-dip extensions of mineralisation associated with the Angularli deposit.
The Angularli deposit comprises multiple stacked lenses, with the main lens accounting for approximately 95% of the total volume of the MRE, the majority of which is either sandstone or silica-flooded breccia hosted.
Table 1 outlines the MRE at various cut-off grades and illustrates the relative insensitivity of Angularli deposit to cut-off grade. This shows that, due to the consistent high-grade nature of mineralisation, there is minimal reduction in contained metal with increasing cut-off grade in the range between 0.1% and 0.3% U3O8. The progressive reduction in tonnes with increasing cutoff grade is due to the effective removal of the peripheral, small, predominantly lower-grade pods whilst the main, high-grade zone maintains consistency.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/FR39JOH3
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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