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Deep Yellow Ltd.
Summary
| Project: | Tumas | |
|---|---|---|
| Deposit: | Tumas | |
| Location: | Namibia | |
| Commodities: | Uranium | |
| Date: | 10/25/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 25-10-2016: Deep Yellow Ltd. announces a Resource Estimation report for its Tumas deposit at the Tumas project. Amended resource estimate, includes a Summary of Material Information. Deep Yellow Limited attaches an announcement in relation to the Mineral | |
| Resources: | (Resource, Total): 16.6Mt @ 366ppm U3O8 for 13.4Mlb U3O8 contained | |
| CP/QP: | [Resources]: Martin Hirush (Reptile Uranium Namibia Pty Ltd.) | |
| ABSTRACT: | Deep Yellow Limited attaches an announcement in relation to the Mineral Resource Estimate recently updated and announced (ASX 12 October 2016) at its Tumas Uranium Project. The original announcement has been amended to include a Summary of Material Information to comply with ASX listing rules. There is no change to the Mineral Resource Estimate as announced on 12 October 2016. Advanced stage uranium explorer Deep Yellow Limited (ASX: DYL) is pleased to announce a JORC 2012 compliant Mineral Resource Estimate (“MRE”) for its Tumas Project in Namibia. Apart from a 12% increase in metal content (at the same average grade and cut-off as the previous MRE) the confidence in the resource has been significantly enhanced with 62% now classified in the Measured Resource Category, 36% in Indicated and the remaining 2% in the Inferred Resource Category. Multiple sources of information were used to derive the MRE, including results from the original drilling program conducted between 2008 and 2010, more recent infill drilling in 2014 and a sophisticated geophysical modelling exercise in 2015. The recent highly successful U-pgradeTM metallurgical testwork program conducted on a bulk sample excavated from Tumas also provided complimentary geological data. Greg Cochran, DYL’s Managing Director, said “This is another step towards the ultimate development of the Tumas Project. This MRE will give us certainty for the critical first few years of production whilst the exploration target demonstrates the longer life potential of the Project.” He added “we are looking forward to completing the geometallurgical drilling program shortly which will further enhance our geological and metallurgical knowledge and commencing a fast PFS. With the recent milestones achieved it is no surprise that Tumas is rapidly becoming recognised as Namibia’s next uranium mine.” The MRE is presented in Table 1 below at a range of U3O8 cut-off grades whilst the previous (JORC 2004) MRE is shown in Table 2 for ease of comparison. Primarily, the change in resource size has been driven by an increase in the density assumption which was made possible by the recent work in that area. | |
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