- Deep Yellow (DYL) has recommenced drilling at the Barking Gecko prospect which is part of the Nova Joint Venture Project in Namibia
- The joint venture is held with Japan Oil Gas and Metals National Corporation earned a 39.5 per cent stake by spending $4.5 million on exploration
- The 3200-metre reverse circulation (RC) drilling program began in November to follow-up on previously identified uranium intersections
- So far, four holes have been completed — two of which have intersected thick uranium mineralisation
- Deep Yellow is encouraged by this initial result as it confirm the potential for extensions to thick uranium at the prospect
- Company shares have dropped 6.32 per cent and are trading at 81.5 cents
Deep Yellow (DYL) has recommenced drilling at the Barking Gecko prospect which is part of the Nova Joint Venture Project in Namibia.
The joint venture is held with Japan Oil Gas and Metals National Corporation (JOGMEC) who has completed its 39.5 per cent earn-in obligation by spending $4.5 million.
The 3200-metre reverse circulation (RC) drilling program began in November 2020. This aimed to follow-up on thick uranium intersections that were discovered earlier in the year.
So far, four holes, for 1001 metres, have been completed and the two most recent holes have intersected thick uranium mineralisation.
The first hole returned 27 metres at 291 parts per million (ppm) triuranium octoxide from 36 metres. The second hole was drilled 100 metres north-west from the first hole and returned six metres averaging 228 ppm triuranium octoxide from 56 metres and 11 metres averaging 214 ppm triuranium octoxide from 73 metres.
Deep Yellow is highly encouraged by these early results as they confirm the potential for extensions to existing thick uranium mineralisation.
Roughly 2200 remains to be drilled and the program is expected to be completed next month.
Company shares have dropped 6.32 per cent and are trading at 81.5 cents at 3:21 pm AEDT.