Deep Yellow drills uranium

THE DRILL SERGEANT: The wholly owned subsidiary company of uranium explorer Deep Yellow has received chemical assay results from its ongoing drilling program at the Ongolo Alaskite deposit and its satellite MS7 in Namibia.

Deep Yellow said the results achieved by Reptile Uranium Namibia had confirmed additional high-grade intercepts.

“In just over a month we have more than doubled MS7’s area with these high-grade, wide intersections,” Deep Yellow managing director Greg Cochran said in the company’s announcement to the Australian Securities Exchange.

“Clearly, the possibility that MS7 may ultimately join up with Ongolo is steadily increasing.

“However, as a result of the success at both locations, we have decided to delay the update of the Ongolo Resource in order to continue Phase 2 drilling and also to first complete a maiden JORC compliant resource estimate for MS7.”

The drill program at the Ongolo Alaskite deposit continues despite missing the scheduled cut-off date for the next JORC Resource update 0n 23 September.

Step-out reconnaissance drilling over two kilometres strike from Ongolo to the MS7 prospect will now continue through to the summer break in mid-December.

Results from drilling so far include:

  • 10 metres at 853 parts per million uranium from 72 metres and 9 metres at 824 parts per million uranium from 127 metres;
  • 30m at 727ppm uranium from 109m;
  • 15m at 696ppm uranium from 137 metres; and
  • 18m at 429ppm uranium from 41m and 12m at 417ppm uranium from 132m.

Deep Yellow has submitted the results of RC drilling carried out to date at the MS7 prospect for a maiden JORC Resource estimate, which it anticipates to be completed before the end of September.

“Drilling has returned consistently good results with growing recognition that the geology of the prospect closely replicates the main Ongolo resource area and may, with further drilling, join up with it,” Deep Yellow said.

“From regional geology it is believed that the uranium bearing alaskites are within the Khan formation and mineralisation usually seems to be concentrated when the marble acts as an impermeable layer.”

Results from the RC drilling include:

  • 18 metres at 491 parts per million uranium from 48 metres and 12 metres at 563 parts per million uranium from 78 metres;
  • 5m at 446ppm uranium from 5m; and
  • 5m at 434ppm uranium from 111m.

The company said it intends to continue resource and delineation drilling at the Omahola project area utilising both RC and diamond drilling.

A vertical diamond hole will be drilled at MS7 for later geotechnical and metallurgical testing.