Metallurgical Testwork Program Completed
Perth, July 1, 2016 AEST (ABN Newswire) - Advanced stage uranium explorer Deep Yellow Limited (
ASX:DYL) (DYLLF:OTCMKTS) is pleased to confirm the completion of the metallurgical testwork program that was conducted on bulk samples from the Company's Tumas Project located in Namibia. (Refer ASX releases 20 May and 31 May 2016.) The final report is due by the end of July 2016.
KEY POINTS
- The metallurgical testwork program on bulk samples from the Tumas Project in Namibia has been completed on schedule and the final report is expected within one month.
- The results indicate that processing Tumas ore through Marenica's U-pgradeTM process has the potential to reject up to 98% of the mass whilst recovering over 82% of the uranium.
- This implies that the project could produce a high grade concentrate in excess of 13,000 ppm U3O8 from Tumas ore which has a resource grade in excess of 350 ppm U3O8.
- The high grade concentrate could be processed in an on-site acid leach circuit to produce yellowcake or sent to an existing uranium operation for final processing; the latter option would enable comparatively lower capital costs and a faster development schedule.
The tests, conducted at the CSIRO and Nagrom Laboratories in Perth, were under the supervision of Marenica Energy Ltd (Marenica) and DYL's consulting metallurgist Mr Martin Errington.
DYL's Managing Director Greg Cochran said "I am pleased to be able to announce the on-time completion of this test work program which has delivered results in line with our expectations. I'd like to acknowledge the role of Marenica and our technical consultant in getting us to this point and we are looking forward to the next phase of this exciting project."
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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