Deep Yellow (ASX:DYL) wraps up Phase 2 drilling campaign at Barking Gecko

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Deep Yellow (ASX:DYL) wraps up Phase 2 drilling campaign at Barking Gecko

Drill chip analysis, uranium project, DYL
Image source: DYL website

Highlights

  • Deep Yellow has wrapped up a 10-hole Phase 2 drilling program at Barking Gecko North.
  • All 10 holes returned mineralisation greater than 100ppm eU3O8 over 1m.
  • Downhole optical televiewer logging is being carried out on selected holes to define the structural trends.

Deep Yellow Limited (ASX:DYL| OTCQX:DYLLF) recently completed a 10-hole RC drilling campaign at the Barking Gecko North prospect at the Nova Joint Venture Project.

DYL’s fully owned subsidiary Reptile Mineral Resources & Exploration carried out the drilling operation to 2,272m on behalf of the consortium. Reptile holds a 39.5% interest in the JV and is the affiliated manager of the project.

Related read: Deep Yellow’s (ASX:DYL) merger with Vimy Resources to create AU$658M uranium behemoth

The other JV partners are JOGMEC (39.5%), Nova Energy (Africa) (15%) and Sixzone Investment (Pty) Ltd (6%). JOGMEC (Japan Oil, Gas and Metals National Corporation) has fulfilled its earn-in obligation for a 39.5% equity through an expenditure of AU$4.5 million.

Map, uranium project, DYL

Location of the JV project with EPLs 3669 and 3670 (Image source: Company update, 7 April 2022)

Drilling program focused on confirming the mineralisation extent

DYL focused the drilling operation on defining the spatial setting and possible extension of the mineralised alaskite intrusions identified earlier at the prospect.

All the 10 holes drilled hit uranium mineralisation greater than 100ppm eU3O8 over a minimum thickness of one metre. In addition to these 10 RC holes, one diamond tailed-RC hole was also drilled in Phase 2.

DYL reported the best intersection received during Phase 2 from the hole TN271RC. The drill bit hit six intersections between 10m and 94m at 174ppm eU3O8. Another hole, TN278RC, recorded an intercept of 10m greater than 100ppm at 573ppm eU3O8 over two intersections between the depth range of 95-133m.

The Company used in-house portable XRF for assaying the drill samples. The XRF identified a thorium component in this intersection, showing 10m at 324ppm eU3O8 and 88ppm Th. A uranium dominance has been confirmed by the bulk of the measurements in the Barking Gecko North mineralising system with an average U/U+Th ratio of 0.8.

Map, uranium project, DYL

Hole locations on Barking Gecko North prospect. The red ones show recent drilling locations, while the black ones show location of holes from previous campaign

(Image source: Company update, 7 April 2022)

Significant drill intercepts include:

Data source: Company update, 7 April 2022

In the previous drilling campaign, the holes were drilled along the central NW-SE trending drill line at the prospect with a hole spacing of 50 to 100m. The Phase 2 holes flanked this line with a 100m step-out both to the north-east and the south-west.

DYL reported that three holes did not reach the target depth to the limitations of the drilling rig. The data appear to limit the strike length of the mineralised intrusions to 300m and width to 200m. The results also indicate the possibility of strong mineralisation extending at depth trending to the northeast.

Drill section, uranium project, DYL

NW-SE drill section at Barking Gecko North

Next Steps

  • DYL is advancing with the analysis using the portable XRF.
  • Downhole optical televiewer logging (OPTV) is being run on selected drill holes. The data from the OPTV interpretation will be used to further define the structural trends.

DYL shares traded at AU$1.080 on 7 April 2022 with a market cap of AU$427.85 million.

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