Deep Yellow releases quarterly activity report on two local mining projects
Deep Yellow Limited this week in a report on the quarterly activities ended 30 June said that work on the two local projects continued; Reptile Project (EPLs 3496 and 3497) and the Nova Joint Venture Project (EPLs 3669 and 3670).
Deep Yellow in their analysis in a statement said that Reptile Project which is 100% owned by Deep Yellow in the June 2018 quarter, saw the completion of the third drilling campaign undertaken since change in strategic direction of the company in November 2017.
“The drilling again produced successful overall results, confirming that the previously discovered Tumas 3 mineralisation can be expanded,” they said.
According to the mining company, the work to date not only shows the ability to add to the current uranium resource base of this project but, as importantly, emphasises the strong exploration potential of the uranium-fertile, extensive palaeochannel system within which the expanding Tumas 3 discovery occurs.
“There are now 4 distinct mineralised zones (Tumas 1 & 2, Tumas 3 and Tubas Red Sand/calcrete deposits) identified within the 125km of palaeochannels which occur within the Reptile project tenements. Some 70%, or approximately 85km, of these palaeochannels remain to be adequately tested,” said Deep Yellow.
Meanwhile, the Nova JV, Namibia(EPLs 3669, 3670) where Deep Yellow owns 65%, in April reported that Japan Oil, Gas and Metals National Corporation (JOGMEC), who are sole funding the Nova Joint Venture (Nova JV) in Namibia, approved a programme and budget of US$1.3 million over the next 12 months for the period ending 31 March 2019.
“JOGMEC is currently earning a 39.5% equity interest in the Nova JV to be achieved after US$4.5 million has been spent by them over a four-year period,” the statement read.
Meanwhile work on the Nova JV is focusing on target definition and drilling to test for both basement- related uranium targets (Rössing/Husab style deposits) and palaeochannel/calcrete associated uranium targets (Langer Heinrich style deposits).
Caption: The full report can be found on the Company website at www.deepyellow.com.au at http://deepyellow.com.au/wp-content/uploads/2018/07/June2018QuarterlyActivityReport18Jul18.pdf.