Deep Yellow Limited’s subsidiary Reptile Uranium Namibia has announced maiden mineral resource estimate (MRE) for the Tumas 3 discovery.
Reptile Uranium Namibia said the MRE is encouraging at a 200ppm eU3O8 cut-off, comprises 23.5Mlb inferred mineral resources at a grade of 382ppm eU3O8.
The results come after a three month drilling program at Tumas 3 was completed in July 2017.
John Borshoff, Managing Director for Deep Yellow Limited said undertaken using various cut-off grades by means of a minimum thickness of 1m, the MRE conform to the 2012 JORC Code of Mineral Resource Reporting.
He said the drilling outlined a 4.4km long zone of continuous calcrete uranium mineralisation, of the total 400 holes drilled (for 10,545m) and 284 returned positive results – an overall 71% success rate.
Borshoff said mineralisation remains open both west and east and will be the subject of further drilling.
“The Tumas 3 discovery has significantly increased the company’s surficial calcrete palaeochannel mineral resource base on this project by 47% which now totals 73.6Mlb U3O8,” said Borshoff.
“The mineralisation at Tumas 3 occurs as a distinct mineralised body separate from the other uranium mineral resources the company has previously identified elsewhere within these palaeochannels in its Tumas 1 & 2 and Tubas Red Sands/Calcrete deposits,” he added.
Borshoff said the palaeochannels at Tumas 3 has only been sparsely drilled along widely spaced regional lines with large sections completely untested.
Meanwhile Deep Yellow has identified 100km of palaeochannel targets with large sections remaining to be tested.
According to the company the very encouraging results at Tumas 3 from drilling over 4.4km gives the management team confidence that the company has notably advanced towards reaching its stated total exploration target 1 of 100 – 150Mlb at a grade range of 300ppm – 500ppm for this type of uranium mineralisation.