During the March 2020 quarter, Deep Yellow Limited (
HIGHLIGHTS
- Commencement of the Tumas PFS following the successful completion late January of the Tumas Scoping Study
- Tumas PFS progressing well with positive results being achieved:
o 117m diamond drilling completed, collecting 460kg of mineralised core sample material this quarter
o 14 groundwater bores completed for the required hydrogeological baseline study
o First-pass metallurgical test work showing encouraging results that confirm the validity of the beneficiation and leach parameters assumed in the Scoping Study, with further confirmatory work underway
- Successful completion of infill drilling program at Tumas 3 with 246 holes drilled for 5,154m
- Drilling focussed on converting 50% of the existing Inferred Resource base to eventual Indicated Resource status. Key results include:
o Drilling confirms continuity of mineralisation across the 2.5km tested within the 7km long Tumas 3 deposit
o Importantly, 85% of the 246 holes drilled returned greater than 100ppm eU3O8, with an overall 4.5m average thickness at an average grade of 364ppm eU3O8
o Results provide a high level of confidence that the conversion rate from Inferred to Indicated JORC resource status to complete the PFS can be achieved
- An updated Tumas 3 Mineral Resource Estimate is expected in early May
- Following a complete review of operations, current workstreams were adjusted to safeguard key assets against COVID-19. The revised work program will preserve the Company's strong balance sheet, whilst maintaining and advancing core objectives
- Uranium price beginning to show early signs of recovery
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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.
Contact
John BorshoffManaging Director/CEO
T: +61-8-9286-6999
Email: john.borshoff@deepyellow.com.au
www.deepyellow.com.au
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