HIGHLIGHTS
- Exploration has commenced to unlock further value at the
- Previous exploration between 2009-2013 at Omahola established a Measured, Indicated and Inferred Resource base of 45Mlb at 420ppm U3O8, at a cut-off of 250ppm U3O8 which was reported at the time as JORC (2004) (ASX release
- A thorough review of the Omahola resources base found the underlying data and previous Mineral Resource Estimates (MRE) sound and of sufficient quality to upgrade the resources to JORC (2012)
- The upgraded MRE includes a Measured, Indicated and Inferred Resource base of 125.3Mlb at 190ppm U3O8, at a 100ppm U3O8 cut-off
o Using a 150ppm cut-off, the MRE stands at 82.9Mlb U3O8 at 269ppm
- A shallow 7,100m, 200-hole RC drilling program commenced on 5 October, aimed at identifying new mineralised areas outside existing deposits for follow-up drilling
From 2009 to 2013, previous management of Deep Yellow identified significant uranium mineralisation in basement lithologies, having alaskite geology similar to the Rossing and Husab deposits. Three discrete deposits were discovered, collectively called the
The updated MRE is now reported to the JORC (2012) Code at a 100ppm U3O8 cut-off including a Measured, Indicated and Inferred Mineral Resource base of 125.3Mlb at 190ppm U3O8. At a 150ppm U3O8 cut-off the deposits contain a combined 82.9Mlb U3O8 at 269ppm.
Since late 2016, Deep Yellow under current management has experienced excellent growth through successful execution of exploring and developing shallow targets occurring within the
OMAHOLA BASEMENT PROJECT
As previously reported at a 250ppm cut-off, Omahola (Figure 1) has a current Measured, Indicated and Inferred Mineral Resource base of 45Mlb U3O8 at 420ppm, conforming to the JORC (2004) Code, occurring from a depth of 20m to 250m, which is typical for these types of deposits. This mineral resource has now been upgraded to the JORC (2012) Code and at a 100ppm U3O8 cut-off, includes 125.3Mlb U3O8 at 190ppm.
Omahola provides Deep Yellow with another significant exploration target, which the Company has now started to progress through a shallow 7,100m, 200-hole RC drilling program, as announced on
During planning for the recently commenced exploration program, the current MREs within Omahola (the Ongolo, MS7 and Inca deposits), were extensively reviewed by Mr
Omahola occurs within the highly prospective "
Uranium mineralisation at Omahola occurs across three deposits including Ongolo, MS7 and Inca and previously amounted to a Measured, Indicated and Inferred Mineral Resource base of 45.1Mlb U3O8 at 420ppm, using a 250ppm cut-off.
The upgraded MRE, at a 100ppm U3O8 cut-off, includes a Measured, Indicated and Inferred Resource base of125.3Mlb U3O8 at 190ppm. At a 150ppm U3O8 cut-off, the deposits contain a combined 82.9Mlb U3O8 at 269ppm.
Details of the current JORC Mineral Resource status of Omahola are listed in Appendix 1*.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/DU29F081
About
Contact:
Managing Director/CEO
T: +61-8-9286-6999
Email: john.borshoff@deepyellow.com.au
www.deepyellow.com.au
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