Deep Yellow reports significant increase in resource at Tumas 1 East
Uranium hopeful, Deep Yellow Limited recently announced an updated Mineral Resource Estimate (MRE) for the Tumas 1 East deposit, located within the Reptile Project.
The company in an announcement on the SENS platform said that resource extension drilling success at Tumas 1 East has produced an Inferred Mineral Resource Estimate of 24.8Mlb grading 319ppm eU3O8, which has delivered an impressive 34% increase in resource growth.
Commenting on the significant increase in resource at Tumas 1 East, Deep Yellow Managing Director and Chief Executive Officer, John Borshoff said, “We continue to successfully develop our Namibian project portfolio.
“Deep Yellow is focused on executing its unique and differentiated dual-pillar strategy, which includes building a project with significant size and scale in Namibia as a critical component of this strategy. We are fortunate enough to have a proven and experienced management team that understand the requirements of building a successful uranium operation – a factor that will continue to contribute to the remarkable turnaround in improving the potential offered by the Reptile Project. This has already enabled us to triple the resource at Reptile in a short space of time, importantly at a discovery cost of around $0.11/lb,” he said.
According to him, results to date strongly justify their increased effort both in exploration to further increase the resource base and in evaluating the economic potential of this project with the initiation of a Scoping Study due for completion in December 2019.
“We fully expect this to progress to commencement of a prefeasibility study in late January 2020,” he said.
The uranium mineralisation defined to date in the Tumas palaeochannel system occurs as three distinct mineralised bodies: the Tumas 1 and 2 deposits, now including the Tumas 1 East tributary extensions, the Tumas 3 deposit and the Tubas Red Sands/calcrete deposits.