Omahola Drilling Delivering Positive Results
Omahola Drilling Delivering Positive Results

Perth, Oct 21, 2022 AEST (ABN Newswire) - Deep Yellow Limited (ASX:DYL) (JMI:FRA) (DYLLF:OTCMKTS) is pleased to provide an update on its two-stage,10,000m follow-up RC and core drilling program at the Omahola Project (Omahola), which lies adjacent to the Tumas Project (see Figure 1*).

HIGHLIGHTS

- The two-stage, 10,000m follow-up RC drill program at Omahola is progressing well and generating positive results

- Phase Two of the program is underway with 43 holes for 2,950m completed. 30 holes remain to be drilled

- 3 resource definition holes for 924m completed at Ongolo confirming ore grade continuity

o OMH0277: 14m at 381ppm eU3O8 from 204m
o OMH0282: 36m at 172ppm eU3O8from 61m and 27m at 175ppm eU3O8 from 146m

- Best results from shallow drilling were identified at MS7 west and include:

o OMH0298: 29m at 189ppm eU3O8 from 33m
o OMH0299: 28m at 190ppm eU3O8 from 36m

- Omahola holds a Measured, Indicated and Inferred Resource base of 125.3Mlb at 190ppm U3O8 at a 100ppm U3O8 cut-off across the Ongolo, MS7 and Inca deposits, with exciting exploration upside potential for new discoveries

Omahola comprises the Ongolo, MS7 and Inca basement-related deposits and is located on EPL 3496, held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd.

Uranium Mineral Resources at a 100ppm U3O8 cut-off at Omahola include a Measured, Indicated and Inferred Mineral Resource base total 125.3Mlb at 190ppm U3O8. At a 150ppm U3O8 cut-off the deposits contain a combined 82.9Mlb U3O8 at 269ppm (Appendix 1*, JORC Resource).

Deep Yellow Limited (Deep Yellow or Company) is pleased to provide an update on its two-stage,10,000m follow-up RC and core drilling program at the Omahola Project (Omahola), which lies adjacent to the Tumas Project (see Figure 1*).

Omahola comprises the Ongolo, MS7 and Inca basement-related deposits and is located on EPL 3496, held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd.

Uranium Mineral Resources at a 100ppm U3O8 cut-off at Omahola include a Measured, Indicated and Inferred Mineral Resource base total 125.3Mlb at 190ppm U3O8. At a 150ppm U3O8 cut-off the deposits contain a combined 82.9Mlb U3O8 at 269ppm (Appendix 1*, JORC Resource).

Regional Prospective Zone (shallow drilling target)

The prospective zone at Omahola extends for ~50km of strike length.

A shallow drilling program of 220 holes for 7,426m was completed in late 2021 (reported 22 December 2021) and tested 16km of this target. 104 holes, or 47% of holes drilled, returned results of >50ppm eU3O8 over 1m as advised previously. From orientation studies carried out on drilling over existing basement-related uranium deposits, this threshold was found to beanomalous with regard to identifying potential for discovery of mineralisation at depth. Earlier this year, deep follow-up drilling identified high potential at Inca South.

Continued Shallow Drilling Program

The second phase of the current two-stage, 10,000m follow-up drill program commenced in September 2022 and by mid-October, 43 holes for 2,950m have been completed. 30 holes remain to be drilled in this program.

The focus of drilling has been on the southern side of the prospective corridor between MS7 and Inca (see Figure 2*) and to the west of Ongolo South.

Best results from the current shallow drill program were obtained from a new area 2km north of Inca and west of MS7 (see Figure 2*). These intersections include:

- OMH0298: 29m at 189ppm eU3O8 from 33m
- OMH0299: 28m at 190ppm eU3O8 from 36m

These two mineralised drillholes open a new prospective area and extend the fertile zones of the Omahola Project by 2km. Downhole OPTV surveys have confirmed the occurrence of thick leucogranite which is the primary host of uranium mineralisation.

Drilling west of Ongolo South targeted a tight fold structure. While the shallow drilling did not intercept mineralisation, it showed abundant leucogranite intrusions. Nearby, one distinct magnetic anomaly was targeted with hole OMH0309 and yielded intermittent mineralisation with best intercepts of:

- 2m at 282ppm eU3O8 from 10m
- 3m at 211ppm eU3O8 from 22m
- 5m at 285ppm eU3O8 from 72m
- 8m at 418ppm eU3O8 from 149m

Lithological logging confirmed semi-massive magnetite and biotite alteration within gneisses of the Khan formation and leucogranites.

The drill program is continuing to test the prospective zone between MS7, Inca and Inca South.

Shallow drilling of the prospective zone at Omahola will be carried out to cover a further 3km of untested strike length. This program is planned to be finalised during Q4 of CY22.

Resource Definition Drilling on Existing Basement Deposits

One deep RC hole (OMH0282) and two diamond core holes (OMH0276 and OMH0277) targeted depth extensions and closing gaps at Ongolo. All three drillholes intersected mineralised leucogranites with typical grades of ~100ppm - 400ppm eU3O8 (see Table 2 in Appendix 2*). Drilling also confirmed the continuity of mineralisation at depth, similar to the previously reported results from the MS7 deposit.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/H2XN41L3


About Deep Yellow Limited

Deep Yellow Limited ASX DYLDeep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is a differentiated, advanced uranium exploration company, in predevelopment phase, implementing a contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company's uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. A PFS has recently been completed on its Tumas Project in Namibia and a DFS commenced February 2021. The Company's cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well-regarded history of safely and effectively developing and regulating its considerable uranium mining industry.

   


Contact

John Borshoff
Managing Director CEO
T: +61-8-9286-6999
Email: john.borshoff@deepyellow.com.au
www.deepyellow.com.au



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