Deep Yellow (ASX:DYL) has delivered a ‘robust’ upgraded Mineral Resource Estimate (MRE) for the Angularli deposit, which forms part of the Alligator River Project in the Northern Territory.
The company says the Angularli resource estimate has increased by 27% to 32.9 million pounds (Mlb) of triuranium octoxide (U3O8) for 1.37 million tonnes (Mt) @ 1.09% U3O8, using a cut-off grade of 0.15% U3O8.
Deep Yellow reports this MRE also demonstrates relative insensitivity to cut-off grade, still increasing to 31.5Mlb at a grade of 1.30% U3O8 and representing a 21.5% increase even when the cut-off grade is doubled to 0.3%.
The company notes the MRE upgrade is supported by 18 diamond holes completed in 2022 in addition to 30 historical diamond drillholes, with a key intercept of 41.5m @ 2.93% U3O8 from hole WRD0084. These results confirm the ‘high-grade’ nature of the Angularli deposit.
The drilling was conducted to identify up-dip extensions of mineralisation associated with the Angularli deposit.
In a recent interview with Mining.com.au, CEO John Borshoff outlines that ‘when you look for big fish’ much like Deep Yellow is doing, ‘you need big hooks’.
As such, as stated by Deep Yellow, this work at Angularli is continuing to grow the company’s ‘geographically diversified’ uranium portfolio, which includes its flagship Tumas Project and Omahola in Namibia, as well as the Mulga Rock Project in Western Australia.
The company also notes the 27% increase in contained metal was a result of a 50% increase in tonnage driven by a combination of shallower and lower-grade sandstone-hosted mineralisation in the up-dip portion of the deposit.
With the new upgraded MRE for Angularli now delivered, Deep Yellow announces ‘encouraging’ results were achieved in the 2022 drilling program in terms of the level and quality of upgraded resources returned at Angularli and in gaining an improved understanding of the deposit, with the identification of further targets requiring drilling.
Deep Yellow is an ASX-listed uranium explorer progressing a dual-pillar growth strategy in order to establish a globally diversified, tier-one uranium company to produce 10+Mlb per annum.
The company’s Alligator River Project is located in Arnhem Land within the Northern Territory and represents the largest granted uranium exploration package in the ‘world-class’ Alligator River uranium province.
Deep Yellow had $48.478 million cash at hand at the end of March 2023, as stated in its latest quarterly report released on 20 April 2023.
Write to Adam Drought at Mining.com.au
Images: Deep Yellow Ltd
