THE BOURSE WHISPERER: Deep Yellow (ASX: DYL) has announced an updated Mineral Resource estimate for the company’s Ongolo Alaskite deposits in Namibia.
The upgrade of the Ongolo Resource includes for the first time a contribution from the satellite Ongolo South Deposit of 3.1 Mt at 364 parts per million uranium for 2.5 million pounds of uranium.
“This is an outstanding result” Deep Yellow managing director Greg Cochran said in the company’s announcement to the Australian Securities Exchange.
“A 39 per cent increase in metal content as well as the improvement in confidence is exactly what we were aiming for and brings us significantly closer to our 50 million pound uranium short term project resource target.
“Despite the minor reduction in deposit grade we are pleased to see that the project’s average grade remains significantly higher than our Namibian exploration peers.
“Whilst drilling continues we are also conducting a review to identify new targets to ensure that we continue to grow the Project’s high grade resource base.”