Uranium developer Deep Yellow [ASX:DYL] posted a successful follow-up drill programme on Phase 3 of its Nova Joint Venture Project (NJV), co-owned with the Japan Organization for Metals and Energy Security (JOGMEC).
The programme was arranged around 13 RC holes and one RC pre-collared diamond-cored hole, totalling 1,597 metres. Looking further into Barking Gecko North and East, Iguana, and Turtle’s Neck prospects.
DYL was moving up a subtle 2% by the early afternoon on Friday, trading for around 56 cents a share at the time of writing.
However, even with a 7.5% rise in share value over the past week, DYL has not been a market favourite in the year, having dipped 45% over the past 12 months:
Source: tradingview.com
Deep Yellow outlines Nova JV drilling
The uranium developer chose to broadcast results from its follow-up drill programme on the Nova Joint Venture Project (NJV) in Namibia, which was officially completed on 21 February 2023.
The programme was arranged around 13 RC holes and one RC pre-collared diamond-cored hole, totalling 1,597 metres. Looking further into Barking Gecko North and East, Iguana, and Turtle’s Neck prospects.
These were the highlights of the drilling results at Barking Gecko North:
TN292DDT –
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‘18m at 427ppm eU3O8 from 74m
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‘10m at 821ppm eU3O8 from 115m
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‘12m at 126ppm eU3O8 from 128m’
TN274RC –
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‘9m at 192ppm eU3O8 from 145m
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‘9m at 191ppm eU3O8 from 203m
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‘7m at 355ppm eU3O8 from 246m
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‘7m at 333ppm eU3O8 from 273m’
The miner also reported that its venture partner JOGMEC completed its 39.5% earn-in obligation in October 2020 through an expenditure of AU$4.5 million.
Courting all investment partners, the investment tally, so far, stands at 39.5% for Deep Yellow’s managing subsidiary Reptile Mineral Resources & Exploration, JOGMEC at equal standing with 39.5%, Nova Energy (Toro Energy’s subsidiary) at 15% and Sixzone Investments at 6% (carried interest).
On 7 April 2022, results from Phase 2 RC drilling at the Barking Gecko North prospect showed a lateral restriction in the size of the prospective area, with the suggested potential to continue the mineralisation at depth.
Further evaluation showed the possibility of extending the mineralisation to the east of Barking Gecko and to the north towards the Iguana prospect, and after the drilling was completed on 21 February, structural data identified the possibility of the high-grade mineralised zone extending at depth to the northeast.
This resulted in RC holes (TN273RC and TN274RC) extending at depth and confirmed uranium dominant mineralisation with an average U/(U+Th) ratio of 0.75.
Although the size of the prospective area at Barking Gecko includes high-grade and thick uranium, DYL says mineralisation appears to be restricted.
While the continuation of mineralisation at depth to the northeast has been confirmed, follow-up RC drilling at Barking Gecko East failed to identify any extension of the mineralisation to the east of Barking Gecko.
A review of all exploration data and results is currently underway, and at this stage, DYL wishes to abstain from further drilling at Turtle’s Neck and Iguana.
Source: DYL
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