Deep Yellow (ASX:DYL) is assessing the economic potential of its Nova Joint Venture Project in Namibia after its latest phase of follow-up drilling uncovered further extensions to uranium mineralisation at the Barking Gecko prospect.
The 8-hole reverse circulation (RC) program — totalling 1,558m — is the fourth follow-up campaign at Barking Gecko. It was designed to test mineralised extensions to the north and northeast towards the Iguana prospect, as well as potential extensions to the west of Barking Gecko.
In that western region, mineralisation was ultimately closed off after two holes hit predominantly country rock. Several small veinlets hosting isolated low-grade mineralisation were intersected, but no interval exceeded one metre in thickness.
Deep Yellow noted that “favourable host rock lithologies appear to thin out” in this western area, and no further prospecting will be undertaken here.
Drilling to the north and northeast was more successful, with a number of low-grade intervals — less than 200 parts per million (ppm) triuranium octoxide equivalent (eU3O8) — found in thin leucogranitic sheets. However, better grades, including 9m at 382ppm eU3O8, were found in altered equivalents of these sheets, commonly with hematite and epidote present.
“The results of the most recent follow-up RC drill program confirmed the continuation of the mineralisation to the northeast for a further 100m towards the Iguana prospect,” Deep Yellow said in a statement to the ASX.
“As such, the area remains prospective, with a moderately strong mineralisation associated and therefore with the possibility of further discovery.”
“The results … confirmed the continuation of the mineralisation to the northeast for a further 100m towards the Iguana prospect”
Uranium prices have enjoyed a strong run in recent years, hitting a 15-year high in November of US$80.25 a pound as decarbonisation efforts, particularly in the European Union, gain traction.
In an effort to capitalise on the buoyancy of the uranium market, Deep Yellow says its next steps will be to evaluate the possible economic value of the mineralisation at Barking Gecko.
Write to Oliver Gray at Mining.com.au
Images: Deep Yellow