Deep Yellow Limited (ASX:DYL) Omahol Drilling Yields Positive Results

Omahola drilling yields positive results

Perth, 21 October 2022 AEST (ABN Newswire) – Deep Yellow Limited (ASX: DYL) (JMI: ENG) (DYLLF:OTCMKTS) is pleased to provide an update on its 10,000m two-stage follow-up RC drilling and coring program at the Omahola Project (Omahola), which sits adjacent to the Tumas Project (see Figure 1*) .

STRONG POINTS

– Two-stage follow-up 10,000m RC drilling program at Omahola progressing well and generating positive results

– Phase two of the program is underway with 43 holes for 2,950m completed. 30 holes remain to be drilled

– 3 resource definition holes for 924m completed at Ongolo confirming continuity of ore grade

o OMH0277: 14 m at 381 ppm eU3O8 from 204 m
o OMH0282: 36 m at 172 ppm eU3O8 from 61 m and 27 m at 175 ppm eU3O8 from 146 m

– The best shallow drill results were identified at MS7 west and include:

o OMH0298: 29 m at 189 ppm eU3O8 from 33 m
o OMH0299: 28 m at 190 ppm eU3O8 from 36 m

– Omahola holds a measured, indicated and inferred resource base of 125.3 million pounds at 190 ppm U3O8 at a cut-off of 100 ppm U3O8 in the Ongolo, MS7 and Inca deposits, with potential for exciting exploration for new discoveries

Omahola comprises the Ongolo, MS7 and Inca subsurface related deposits and is located on EPL 3496, owned by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd.

Uranium mineral resources at a cut-off of 100 ppm U3O8 at Omahola comprise a measured, indicated and inferred mineral resource base totaling 125.3 million pounds at 190 ppm U3O8. At a cut-off of 150 ppm U3O8, the deposits contain a combined total of 82.9 Mlb of U3O8 at 269 ppm (Appendix 1*, JORC resource).

Deep Yellow Limited (Deep Yellow or Company) is pleased to provide an update on its 10,000m two-stage follow-up RC drilling and coring program at the Omahola Project (Omahola), which is adjacent to the project. Tumas (see Figure 1*).

Omahola comprises the Ongolo, MS7 and Inca subsurface related deposits and is located on EPL 3496, owned by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd.

Uranium mineral resources at a cut-off of 100 ppm U3O8 at Omahola comprise a measured, indicated and inferred mineral resource base totaling 125.3 million pounds at 190 ppm U3O8. At a cut-off of 150 ppm U3O8, the deposits contain a combined total of 82.9 Mlb of U3O8 at 269 ppm (Appendix 1*, JORC resource).

Regional prospective area (shallow drill target)

The Omahol prospective area extends approximately 50 km in strike length.

A shallow drill program of 220 holes for 7,426 m was completed at the end of 2021 (reported on December 22, 2021) and tested 16 km of this target. 104 holes, or 47% of the holes drilled, returned > 50 ppm eU3O8 over 1 m, as previously reported. Based on orientation studies carried out during drilling on existing basement-bound uranium deposits, this cut-off was found to be anomalous with respect to identifying the potential for mineralization discovery at depth. Earlier this year, deep follow-up drilling identified high potential at Inca South.

Continuous shallow drilling program

The second phase of the current two-stage 10,000m follow-up drilling program commenced in September 2022 and as of mid-October, 43 holes for 2,950m have been completed. 30 holes remain to be drilled in this program.

Drilling focused on the south side of the prospective corridor between MS7 and Inca (see Figure 2*) and west of Ongolo South.

The best results from the current shallow drill program were obtained in a new zone 2 km north of Inca and west of MS7 (see Figure 2*). These hubs include:

– OMH0298: 29m at 189ppm eU3O8 from 33m
– OMH0299: 28m at 190ppm eU3O8 from 36m

These two mineralized holes open a new prospective zone and extend the fertile zones of the Omahola project by 2 km. Downhole OPTV drilling has confirmed the presence of thick leucogranite which is the primary host for uranium mineralization.

Drilling west of Ongolo South targeted a tight pleated structure. Although shallow drilling did not intercept any mineralization, it showed abundant leucogranite intrusions. Nearby, a distinct magnetic anomaly was targeted with hole OMH0309 and produced intermittent mineralization with the best intersections of:

– 2m at 282ppm eU3O8 from 10m
– 3m at 211ppm eU3O8 from 22m
– 5m at 285ppm eU3O8 from 72m
– 8m at 418ppm eU3O8 from 149m

The lithological exploitation confirmed the semi-massive alteration in magnetite and biotite within the gneisses of the Khan formation and the leucogranites.

The drilling program continues to test the prospective zone between MS7, Inca and Inca South.

Shallow drilling of the Omahola prospect will be completed to cover an additional 3 km of untested length. This program is expected to be finalized during the fourth quarter of CY22.

Resource definition drilling on existing subsurface deposits

One deep RC drill (OMH0282) and two diamond drill holes (OMH0276 and OMH0277) targeted extensions at depth and filled gaps at Ongolo. All three holes intersected mineralized leucogranites with typical grades of approximately 100 ppm to 400 ppm eU3O8 (see Table 2 in Appendix 2*). Drilling also confirmed continuity of mineralization at depth, similar to previously reported results from the MS7 deposit.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/H2XN41L3

About Deep Yellow Limited

Dark Yellow Limited ASX DYLDeep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is an advanced and differentiated, pre-development uranium exploration company, implementing a contrarian strategy to increase shareholder wealth. This strategy is based on growing existing uranium resources at the Company’s uranium projects in Namibia and pursuing accretive and counter-cyclical acquisitions to build a global and geographically diverse portfolio of assets. A PFS was recently completed on its Tumas Project in Namibia and a DFS commenced in February 2021. The Company’s series of fundamental projects in Namibia are located in a leading African mining destination in a jurisdiction that has a long considered to develop and regulate in a safe and efficient manner its considerable uranium mining industry.

Related companies

Limited Deep Yellow




Comments are closed.