Deep Yellow Limited says its recent drilling efforts at the Tumas uranium project in Namibia have significantly increased the project’s reserves, extending its projected mine life to over 30 years.
The drilling programme was aimed at converting resources from indicated to measured category and increasing overall uranium reserves for its Tumas uranium project in the Erongo Region.
The drilling campaign, completed in June involved 660 reverse circulation holes totalling 12,727 metres and six diamond core holes for density determinations.
The intensive program focused on the Tumas 3 deposit, which resulted in a measured mineral resource upgrade to 22.5 million pounds (Mlb) of uranium oxide (eU3O8) at a grade of 300 parts per million (ppm) using a 100 ppm cut-off.
“Delivery of the Tumas Mineral Resource upgrade across the areas earmarked for the initial six years of mining highlights the potential of the mineralised system identified at Tumas to deliver quality uranium resources,” said Deep Yellow Managing Director John Borshoff.
Subsequently, combined with upgrades at Tumas 1 and 2, the total Measured Mineral Resources for Tumas 1, 1 East, 2, and 3 now stands at 38.5 Mlb at 253 ppm eU3O8.
Including Indicated Mineral Resources of 63.6 Mlb at 278 ppm eU3O8, the project’s total Measured and Indicated Mineral Resources have reached 102.1 Mlb at 268 ppm eU3O8.
“Tumas is a standout, Tier-1, long-life Project and the team continues to tick all the boxes as we progress with project financing and marketing ahead of a final investment decision later this year,” Borshoff said
He further explained that the resource upgrade is pivotal for defining sufficient Proven Mineral Reserves to support the first six years of operation and facilitate project financing.
It enables the company to revise the Ore Reserve Estimate based on the upgraded MRE, incorporating metrics from the Definitive Feasibility Study (DFS) and its upcoming review in December 2023.
Looking ahead, Deep Yellow plans to conduct further drilling west of Tumas 3 in fiscal year 2025, aiming to identify an additional 30 Mlb of uranium resources.
The effort is expected to extend the mine’s lifespan beyond 35 years. The under-explored western Tumas palaeochannel presents significant upside potential for increasing the resource base.
The Tumas project is held by Reptile Uranium Namibia (Pty) Ltd, a wholly owned subsidiary of Deep Yellow Limited, and is located on Mining Licence 237 (ML237).
Uranium mineralisation at Tumas is associated with calcrete formations in sediment-filled palaeovalleys, which have shown promising prospects for resource expansion.
