- Deep Yellow (DYL) has entered a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until February 18 or when an announcement is made, whichever occurs first
- On February 12, Deep Yellow restarted drilling at the Barking Gecko Prospect in Namibia
- Work began in November to follow-up on thick uranium intersections discovered earlier in the year
- So far, up to 955 parts per million triuranium octoxide has been intersected with results confirming the potential for extensions to the mineralisation
- Drilling is continuing with work expected to be completed next month
- Shares in Deep Yellow last traded at 84.5 cents on February 15
Deep Yellow (DYL) has entered a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until February 18 or when an announcement is made, whichever occurs first.
Deep Yellow is yet to disclose how much it intends to raise or what it will do with the funds once received.
On February 12, Deep Yellow announced it had restarted drilling at the Barking Gecko Prospect in Namibia, southwest Africa.
In November, the company began a 3200-metre reverse circulation drilling program at the prospect to follow-up on thick uranium intersections discovered earlier in the year.
Four holes have been completed so far with a best result of 27 metres at 291 parts per million (ppm) triuranium octoxide from 36 metres including three metres at 955 ppm triuranium octoxide from 52 metres returned.
The results received so far have confirmed the potential for extensions to the existing mineralisation.
Drilling is continuing with work expected to be completed next month.
Shares in Deep Yellow last traded at 84.5 cents on February 15.