Deep Yellow (ASX:DYL) says its 630-hole for 37,000m aircore (AC) drilling program is 70% complete and is delivering ‘positive’ results at the Mulga Rock Project in Western Australia.
The $526.69 million market capitalisation company says the program is focused on 2 areas, grade variability, and resource infill drilling.
This drilling program is primarily focused on increasing the understanding of the grade variability of uranium and critical minerals at Mulga Rock, alongside a resource upgrade, and providing further material for metallurgical analysis.
About 223 drillholes have been assayed on a preliminary basis using a portable XRF instrument and logged downhole for gamma radioactivity, density, chargeability, and deviation. All samples are being prepared for submission to a laboratory for standard chemical analyses.
Deep Yellow says 230 holes for 12,294m of the 399-hole phase two AC drill program have been completed to date.
The full drilling program is on track to be completed in Q3 2023. Following assessment of results, the company expects to release an updated Mineral Resource Estimate (MRE) in Q4 2023, which will include uranium and critical minerals.
Deep Yellow adds that further work may require some 5m by 5m spaced drilling for verification purposes.
Deep Yellow is an ASX-listed company, with an extensive portfolio which contains the ‘largest’ uranium resource base and its projects provide geographic and development diversity.
As of 31 March 2023, the company had $48.478 million cash and cash equivalents, according to its latest quarterly report published on 20 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Deep Yellow Limited