Deep Yellow has made progress across its uranium exploration projects in Australia and Namibia.
The company announced highly encouraging results from ongoing metallurgical testwork at its Mulga Rock project in Western Australia.
Deep Yellow acquired Mulga Rock in August 2022 following its merger with Vimy Resources.
Testwork results showed potential for a jump in the uranium resource estimate at the site, as well as an expansion of its critical minerals suite.
Overall uranium recovery was found to be over 90 per cent, with 70 per cent for critical minerals.
The company will now progress to next steps, including a revised Mulga Rock mineral resource estimate and definitive feasibility study.
Over in the Northern Territory, studies are ongoing at the company’s Alligator River project, with the results of a heritage survey pending.
Overseas, Deep Yellow’s Nova joint venture project in Namibia is gearing up to expand its resource estimate after a drilling program revealed promising results. The company shares Nova with Japanese Government agency JOGMEC.
The Namibian Ministry of Mines and Energy recently issued a mining licence to Deep Yellow for its flagship Tumas project, which is set to span 20 years.
The company recently achieved a 11 per cent increase in its uranium resource estimate for Tumas, which now totals 108.5 million pounds.
Deep Yellow said the project’s recent definitive feasibility study validated the commercial viability of Tumas as a long-term, high-margin, globally significant uranium operation.
“The results provide the company with a strong platform to proceed with project financing, detailed engineering work, and maintain the timeline for final investment decision to be made in Q3 2024,” the company said.
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