- Uranium developer Deep Yellow (DYL) updates its mineral resource estimate (MRE) for the Tumas 1 East deposit in Namibia
- The updated MRE calculates an indicated mineral resource of 19.6 million pounds at 245 parts per million triuranium octoxide
- Notably, there is further potential has 65 per cent of existing Tumas 1E mineral resource has been tested
- On the market, Deep Yellow is up 2.48 per cent and trading at 82.5 cents per share
Deep Yellow (DYL) has updated its mineral resource estimate (MRE) for the Tumas 1 East deposit in Namibia.
Last month, the uranium developer successfully completed a reverse circulation drilling program at the Tumas 1E deposit.
The updated MRE has delivered a maiden resource indicated mineral resource of 19.6 million pounds at 245 parts per million triuranium octoxide.
Notably, there is further potential has 65 per cent of existing Tumas 1E mineral resource has been tested.
Deep Yellow said the success of Tumas drilling program has boosted its confidence in achieving a 20-year mine life.
Managing Director John Borshoff said the results demonstrate “the great potential of Tumas to develop into a tier-one uranium deposit”.
“We are delivering continued value and growth through targeted exploration and development,” he said.
“The large amount of inferred and indicated resources that have been identified through the latest program […] provides the team with great confidence that we have identified enough resources to proceed with evaluation of a 20+ year life of mine operation in the Tumas DFS.”
On the market, Deep Yellow shares were up 2.48 per cent and trading at 82.5 cents per share at 12:21 pm AEST.