June 2023 Quarterly Activities Report
Perth, July 24, 2023 AEST (ABN Newswire) - Deep Yellow Limited (
ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to provide a summary of key activities completed in the June 2023 quarter.
TUMAS PROJECT
- Commencement of two-phase 340-hole, 9,500m reverse circulation drill program
- Primary focus of the program is to expand the resource base from the current 22.5-year Life of Mine (LoM) to greater than 30 years:
o Phase 1 completed with 103 holes for 3,973m and targeted areas west of Tumas 3
o Phase 2 underway and will comprise of 125 RC holes for 4,500m, with infill drilling focused on Tumas 3 West and Tumas Central
o An updated Mineral Resource Estimate (MRE) can be expected in late Q3 2023
- Front End Engineering Design (FEED) commenced, with design assumptions of the Definitive Feasibility Study (DFS) being materially confirmed
- Metallurgical test work commenced to test ore variability and further optimise beneficiation, membrane concentration, metal recovery and reagent recycling
- Environmental Impact Assessment (EIA) submitted to the Environmental Commissioner for consideration
- Discussions and negotiation for water and power supply to the Project area are ongoing
MULGA ROCK
- Commencement of two-phase 630-hole 37,000m air core drill program
- Post quarter end, 70% of program completed and delivering positive results
- Phase 1 grade variability drill program completed comprised of 233 holes for 14,794m
o Program developed to gain a clearer understanding of reserve/resource variability, ore grade control parameters and distribution of critical minerals
- Phase 2 resource infill drilling underway with program 60% complete and focused on:
o Resource upgrade and classification of uranium and critical minerals.
o Providing additional material for metallurgical testing
- Initial resource evaluation on a "whole-of-ore basis" indicates a potential uplift in Project value when critical minerals are considered in conjunction with uranium
- Full air core program on track to be completed in Q3 CY2023
o Following assessmentof results, Deep Yellow expects to release an updated MRE in Q4 CY2023, which will include both uranium and the critical minerals.
ALLIGATOR RIVER
- 27% increase in Inferred Mineral Resource for the Angularli deposit
- Inferred Mineral Resource for the Angularli deposit now stands at 32.9Mlb U3O8, for 1.37Mt at 1.09% U3O8 using a cut-off grade of 0.15% U3O8
CORPORATE
- Appointment of Tim Lindley as Non-Executive Director
- Cash position at end of June 2023 $40.8M
- Anticipated additional funds with receipts of approximately $8M in Q1 & 2 FY 2024, majority relating to R&D reimbursement
To view the full quarterly report, please vist:
https://abnnewswire.net/lnk/V20L984H
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.
| ||
|
