Uranium exploration business Deep Yellow (ASX:DYL) has returned ‘strong’ uranium results through its 2022 diamond drilling program completed at the Angularli deposit, within the Alligator River Project in the Northern Territory.
The company reports the results of the drill program combined with a bulk density sample analysis will support an updated Mineral Resource Estimate (MRE) for Angularli, expected to be released in mid-Q2 2023.
Additionally, the previously advised desktop evaluation program reported on 5 April 2023 which focused on delineating the prospective corridors within the Alligator River tenement block is continuing. Results from the evaluation program will be utilised to develop the broader exploration model and applied in parallel with follow-up, more focused investigations on the existing mineralised targets.
Deep Yellow reports the drill program comprised 18 holes for 6,339m and was completed between 28 June and 22 October 2023. The company says this drilling extended Angularli through the identification of further mineralised fault corridors located close to the current mineral resource, which totals 25.9 million pounds @ 1.29% U3O8 at a cut-off grade of 1,500 parts per million (ppm) eU3O8.
The company says the primary focus of the 2022 diamond drill program was to identify up-dip extensions of mineralisation associated with the Angularli inferred MRE, and to determine the broader extent of the mineralised system.
Deep Yellow reports a 12% positive bias in the chemical assays relative to equivalent uranium grades relates to the ‘high-grade’ portions of the intercepts reported, typically above 1% U3O8. The company says this commonly results in undercounting associated with the downhole gamma probe used to derive equivalent uranium grades.
an updated analysis of bulk densities and mineralised trends relevant to the upcoming MRE has also been completed, along with updates to the geological model of the Angularli deposit
Additionally, a ‘rigorous’ quality assurance and control program completed during the drill, sampling, and analytical works provides a ‘high’ level of confidence in these results.
Deep Yellow says an updated analysis of bulk densities and mineralised trends relevant to the upcoming MRE has also been completed, along with updates to the geological model of the Angularli deposit.
Deep Yellow is a uranium exploration business focused on its early stage and advanced uranium projects in Australia and Namibia. The company’s portfolio includes the Alligator River Project in the Northern Territory, and the Mulga Rocks Project in Western Australia, as well as the Omahola, and Tumas projects in Namibia.
The Angularli deposit is located about 380km by road east-northeast of Darwin and hosts an inferred MRE of 0.91 million tonnes @ 1.29% U3O8, containing 25.9 million pounds of U3O8.
Images: Deep Yellow Limited
