By Hilary Mare
DEEP Yellow Limited (DYL) has received renewal confirmations for the Exclusive Prospecting Licences (EPLs) for both their Reptile and Nova JV uranium mining projects, the miner’s 2017 financial report has revealed.
The report outlines that renewal confirmations were received for EPLs 3496 and 3497, which are linked to the Reptile project, granting tenure for a further two-year statutory period, until 5 June 2019.
Renewal confirmations were also received for EPLs 3669 and 3670, which are linked to the Nova JV project, granting tenure until 19 November 2019.
The ASX-listed miner also highlighted that an application had been made for a mineral deposit retention licence (Yellow Dune JV project), to secure the Aussinanis uranium resource within EPL 3498.
DYL holds an interest in three key projects in Namibia: Reptile, the Nova Joint Venture (NVJ) and the Yellow Dune Joint Venture (YDJV) project. Reptile and the NJV are active exploration projects, while the YDJV is non-active.
Reptile Mineral Resources and Exploration (Pty) Ltd (RMR), which is a wholly owned subsidiary of Deep Yellow, is the manager of all the projects.
DYL Chief Executive Officer and Managing Director, John Borshoff, highlighted that the company has a large landholding in a uranium province, ripe for new discoveries, and that the work on the projects in Namibia has been very successful
“The company has a large landholding in a uranium province, ripe for new discoveries, where we are targeting palaeochannel and basement deposits of the Rössing, Husab and Langer Heinrich types. Towards this end, we made a significant discovery with the first drilling program we carried out on our 100 percent Reptile project at Tumas 3.”
“Work has delineated a 4km mineralised zone, still open at both ends, and where we have delineated 100km of highly prospective channel, still to be explored. Our other achievement has been on our Nova Joint Venture project, where we signed up with the highly reputable JOGMEC, which will spend US$4.5 million over four years to earn 39.5 percent, and we are the manager of this project,” he said.
Borshoff added that expansion of the resource base on the Namibian projects, and the clear objective to build a global uranium project pipeline, will give Deep Yellow diverse growth and production options.
“At Deep Yellow, we now have the right team, with proven performance, to position the company, and the right vision for optimal gain, at the next uranium cycle. We are doing this in the right environment, when the sector is in a downturn, so we can grow value, using contrarian investment principles,” he added.
In July 2017, a 10 000m drilling program was successfully completed at the newly discovered Tumas 3 prospect on EPL 3496. The RC drilling commenced in March and was completed in early July. A total of 400 holes, for 10 545m, were drilled.
Deep Yellow holds four key contiguous EPLs, covering 1 590km2 within the heart of what is a world-recognised, prospective uranium province of high significance. The tenements are strategically located amongst the major uranium mines of this region – 20km south of the Husab/Rössing deposits and 40km southwest of the Langer Heinrich deposit.
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