Tumas Resource Expansion and Infill Drill Program Completed
Perth, Sep 11, 2023 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to announce results from the two-phase RC resource expansion and infill drilling program completed to the west of the Tumas 3 deposit (see Figure 1*).
Tumas 3 is the largest uranium deposit along the Tumas palaeodrainage. Together with Tumas 1, 1 East, Tumas 2 and Tubas deposits, the palaeodrainage contains approximately 133Mlb U3O8 of Inferred and Indicated Resources, of which 67.3Mlb U3O8 are contained in a Probable Ore Reserve (see Appendix 1*). Uranium mineralisation at Tumas occurs in association with calcium carbonate precipitations (calcrete) in sediment-filled palaeovalleys.
The drill program commenced on 28 March 2023 and was completed on 18 August 2023. The objective of the program was to expand the current Tumas resource base, with a primary focus on moving west of Tumas 3 toward Tumas 3 West and Tumas Central to extend the Tumas 3 deposit to the west.
In total, 235 holes for 8,017m were drilled across two phases of the program.
Phase 1 comprised of 109 holes for 3,973m, with drilling aimed at expanding the uranium resources to the west of Tumas 3 and Tumas Central. Phase 1 drilling was exploratory in nature, with drill hole spacing varied between 100m and 200m, along 200m to 1,000m spaced lines.
Phase 2 totalled 126 holes for 4,044m. Infill drilling focused on an area approximately 2.5km by 1.8km immediately west of Tumas 3, using a line and hole spacing of 100m.
Key intersections from both phases of drilling included:
- T3I1273: 6m at 721ppm eU3O8 from 22m
- T3I1300: 8m at 172ppm eU3O8 from 27m
- T3I1408: 4m at 329ppm eU3O8 from 13m
- T3I1435: 7m at 378ppm eU3O8 from 27m
- T3I1457: 6m at 267ppm eU3O8 from 25m
Figure 2 outlines drill hole locations. Forty-two holes intersected uranium mineralisation with a minimum thickness of 1m and a cut-off grade of 100ppm eU3O8. Appendix 2, Tables 1 and 2* list the drill hole details and Figure 3* shows a north-south drill cross-section to illustrate the geology.
The grade of the intersected mineralisation averaged 222ppm eU3O8, which is in line with the average grade of the Tumas 1, 2 and 3 deposits. The equivalent uranium values (eU3O8) are based on downhole radiometric gamma logging carried out by well-trained Deep Yellow personnel using a fully calibrated AusLog gamma logging system.
The resource infill RC drill program completed 18 August involving 235 drill holes for 8,017m will provide a robust platform for progressing Tumas towards a +30 year Life of Mine supported by further resource and reserve upgrades.
An updated Mineral Resource Estimate for the Tumas Project can be expected late in Q4 of CY 2023.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/0NZ57687
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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