Accelerated Drilling Programs Commence on Reptile Project
Perth, Oct 15, 2019 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to advise the start of the accelerated work program as announced 24 September 2019 to advance the Company's Reptile Project ('the Project') in Namibia and determine, in a staged manner, the economic feasibility of the Tumas channel uranium deposits.
HIGHLIGHTS
- Accelerated drilling activity has commenced on Tumas palaeochannel to initiate project economic evaluation.
o One diamond and a second RC drilling rig have been contracted.
o Targeting 7,000m RC for resource enhancement before Dec 2019.
o 600m diamond core drilling before December 2019 for metallurgical work.
- Scoping Study now in progress.
- Namibian exploration team expanded to undertake additional field work.
The increased tempo of the work program has necessitated the contracting of two additional drilling rigs and additional personnel to supervise their operation. The incoming drill rigs comprise a second RC rig to accelerate exploration and resource drilling and a diamond rig specialising in soft core recovery to help with more detailed geological evaluation and to obtain sampling for metallurgical testing.
Originally, 10,800m of RC drilling were planned for the whole of the FY19 field season. This has now been upgraded to 22,000m of RC drilling and 600m of diamond drilling. It is scheduled to complete 10,800m of RC drilling by December 2019 along with 600m of diamond drilling. A total of 4,089m of RC drilling for 261 holes had been completed by 12 October 2019.
The overall program to December is aiming to incease the Inferred Resource inventory in the Tumas 1 East area and define areas for resource drilling west of Tumas 3 West in the Tumas Central and Tubas areas. An upgraded Mineral Resource statement is expected to be released early November.
The additional 11,200m of RC drilling, required to complete the revised FY19 program, is planned for March to June 2020 to further increase the Inferred Resource inventory and convert some Inferred Resources to the Indicated Resource (JORC, 2012) status.
The DDH drilling program is required to confirm the current geological model of the Tumas paleochannel uranium mineralisation in detail and provide sufficient sample material to complete a metallurical test program for the planned Pre Feasibility Study in 2020.
DDH drilling commenced 10 October and the second RC rig started on 16 October. Drilling in 2019 is anticipated to be completed by early December .
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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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