Deep Yellow reports positive results from Namibian drill campaign
THE DRILL SERGEANT: Deep Yellow Limited (ASX: DYL) has released Fusion XRF chemical assay results from recent resource drilling conducted at the Ongolo Alaskite deposit in Namibia.
The drilling was carried out by the company’s wholly-owned subsidiary company Reptile Uranium Namibia.
Resource outlines and drilling – Omahola project area. Source: Company announcement
Deep Yellow said the drill program had been designed to increase both the size and confidence levels of the resource.
Results from the drilling include:
– 5 metres at 480 parts per million uranium from 49 metres and 9 metres at 3,158 parts per million uranium from 96 metres;
– 6m at 849ppm uranium from 70m;
– 17m at 677ppm uranium from 101m;
– 35m at 402ppm uranium from 147m;
– 25m at 542ppm uranium from 149m; and
– 12m at 2,214ppm uranium from 207m.
Deep Yellow claim chemical assay results have confirmed equivalent uranium (eU) results the company achieved during drilling operations, which were subsequently used in a recent resource update of the Ongolo deposit.
“We are cautious in our approach to using eU numbers in resource estimation but these results demonstrate once again that at Ongolo this information is reliable which may in future allow us to reduce our reliance on chemical assays,” Deep Yellow Limited managing director Greg Cochran said in the company’s announcement to the Australian Securities Exchange.
“With the completion of the Ongolo program we are now drilling in the Ongolo South area whilst we review all available information in our exploration database as we look to generate new high-grade targets to rapidly grow the Omahola project resource base.”
The new Ongolo JORC resource, as at 4 February, totals 29.6 million tonnes at 384ppm uranium for 25.1 million pounds of uranium at a 250ppm uranium cut-off.
Contained uranium increased by 39 per cent (7.1 million pounds) with 58 per cent of the resource being classified as Measured and Indicated.