Deep Yellow finds thick high-grade uranium at Barking Gecko North

Deep Yellow ASX DYL uranium Barking Gecko North Nova join venture
Deep Yellow plans to begin RC drilling at the Namibian project next week.

Uranium explorer Deep Yellow (ASX: DYL) has identified thick high-grade uranium mineralisation during phase two drilling at the Barking Gecko North prospect in Namibia.

The initial diamond hole of this follow-up program was drilled to a depth of 266 metres in December.

It returned cumulative intersections of 188m at 352 parts per million uranium oxide from eight intercepts between 75m and 265m.

Best individual intersections include 9m at 954ppm uranium oxide from 88m, 60m at 304ppm from 150m and 30m at 382ppm from 235m.

To date, this zone has only been tested by reverse circulation (RC) drilling. The purpose of the diamond hole was to acquire critical core sample material for detailed geological and structural logging to assist with the clarification of 3D setting of the highly prospective, strongly mineralised zone discovered at Barking Gecko North.

Results to be integrated with phase one results to plan RC drilling

Deep Yellow completed a phase one drilling program last October comprising 14 holes for 3,561m. It returned encouraging results with 13 of the 14 holes intersecting uranium mineralisation.

The best result was 70m at 503ppm uranium oxide contained within four intersections over an 83m thick zone from a depth of 178m.

The company said the latest diamond drilling results will be integrated with the phase one drilling results to identify the optimal positioning of RC holes planned for the next stage of phase two drilling.

This stage is scheduled to begin at the start of next week and will comprise 10 RC holes for about 2,500m. Results are anticipated by early to mid-March.

Nova joint venture

The Barking Gecko prospect is located within Namibian exploration licence EPL 3369 forming part of the Nova joint venture which is operating by a Deep Yellow subsidiary with a 39.5% interest.

Japan Oil, Gas and Metals National Corporation (JOGMEC) completed its 39.5% earn-in obligation in the joint venture through expenditure of $4.5 million in 2020.

Other participants include a 15% stake held by Toro Energy’s (ASX: TOE) subsidiary Nova Energy and a 6% carried interest by Namibian company Sixzone Investments.

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