Deep Yellow Ltd. reported a 12% increase in metal content and an upgrade in the confidence of the Tumas uranium deposit, part of its Omahola property in Namibia.
The JORC-compliant estimate now comprises measured, indicated and inferred resources totaling 16.6 million tonnes at 366 parts per million uranium for 13.4 million pounds of uranium, the company said Oct. 12. The estimate uses a cutoff grade of 200 ppm uranium and comprises zones 1 and 2 at Tumas.
The company noted that 62% of the resource is classified as measured, with 36% in the indicated category and only 2% classified as inferred.
Deep Yellow also said zone 3 at Tumas could more than double the resources at the project. Zone 3 hosts an exploration target in the range of 20 million tonnes to 30 million tonnes grading about 200 ppm to 250 ppm uranium, using the same cutoff grade of 200 ppm.
The company will undertake a pre-feasibility study on the Tumas project as well as a two-phase, 600-meter geometallurgical drill program.
In September, Marenica Energy Ltd. agreed to provide its U-pgrade technology — a proprietary method of processing surficial uranium deposits — and expertise to Deep Yellow for the development of the Tumas project.