Deep Yellow approve additional $1.1M budget to Reptile Project

Specialist advanced uranium exploration company, Deep Yellow Limited (ASX:DYL) announced the Board has approved an additional $1.1M budget to advance the Company’s Reptile Project (‘the Project’) in Namibia and determine its economic feasibility in a staged manner. The $1.1M is in addition to the existing FY20 Reptile Project budget of $1.65M.

The success of the exploration work undertaken by the Company on the Project over the past two years remains a major accomplishment, having delineated additional deposits containing Langer Heinrich-style uranium mineralisation in the grade range of 300ppm to 500ppm U3O8.

This has involved the discovery of significant additional near-surface calcrete-associated uranium resources, through identification of the highly prospective 125km long Tumas palaeochannel target zone, of which about 50% remains unexplored.

Innovative exploration undertaken by the Company has resulted in a remarkable three-fold increase in the resource base of this deposit type within the highly prospective Tumas palaeochannel to 86Mlb grading 310ppm U3O8. Importantly, with the Company’s stated Exploration Target1 there remains strong upside for further discovery with supportable expectation that this calcrete-associated uranium Mineral Resource could be increased to between 100Mlb and 150Mlb in the grade range 300 to 500ppm U3O8.

The positive results achieved so far at Reptile justify advancing the Project by completing a Pre-Feasibility Study (PFS). This work at Reptile will commence from 1 October 2019. A Scoping Study will be completed by December 2019 with the PFS activities scheduled to commence in early 2020, with completion expected late in the September quarter 2020.

Review Justifies Change of Scope at Reptile Project

Source / More : Deep Yellow Limited

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