- Deep Yellow (DYL) gets new results from drilling at the Barking Gecko North prospect in Namibia
- The 10-hole drilling program successfully intersected uranium mineralisation greater than 100 ppm triuranium octoxide equivalent
- While the results have continued to indicate the presence of a mineralised system, the company says the results haven’t replicated high-grades from previous drilling
- An evaluation of structural data is currently underway and further drilling may be undertaken to test the true extent of mineralisation
- Company shares end the day 2.26 per cent in the red to close at $1.08
Deep Yellow (DYL) has recently completed a phase two reverse circulation (RC) drilling program at the Barking Gecko North prospect in Namibia.
The prospect lies within the Nova joint venture (NJV) project which is part of an earn-in deal with Japan Oil, Gas and Metals National Corporation (JOGMEC).
JOGMEC now owns a 39.5 stake in the project as it has satisfied its earn-in obligation of spending $4.5 million on expenditure.
The phase two reverse circulation (RC) drilling program included 10 holes — all of which intersected uranium mineralisation greater than 100 parts per million (ppm) triuranium octoxide equivalent.
According to the company, the best results included 57 metres greater than 100 ppm triuranium octoxide equivalent at 174 ppm triuranium octoxide over six intersections in TN271RC between 10 and 94 metres.
A separate hole intersected 573 ppm triuranium octoxide equivalent over two intersections which included a thorium component of 88 ppm.
Despite the latest results at the Barking Gecko North prospect continuing to indicate the presence of a mineralised system, the company said they didn’t replicate the high grades from previous drilling.
Deep Yellow is currently evaluating structural data to potentially identify the key trend controlling the high-grade mineralised zone. The company may also undertake further drilling to test the true extent of mineralisation.
Company shares ended the day 2.26 per cent in the red and closed at $1.08.