- Deep Yellow (DYL) has identified encouraging uranium mineralisation at the Barking Gecko prospect in Namibia
- Barking Gecko forms part of the joint venture agreement with Japan Oil Gas and Metals National Corporation (JOGMEC)
- JOGMEC may earn a 39.5 per cent interest in the Nova Project after spending $4.5 million on exploration
- Last month, a 2000-metre reverse circulation drilling program began and has intersected thick zones of uranium mineralisation
- These results have significantly upgraded Barking Gecko's potential
- Company shares are up 4.55 per cent and last traded for 23 cents each
Deep Yellow (DYL) has identified encouraging uranium mineralisation at the Barking Gecko prospect in Namibia.
Barking Gecko is part of joint venture agreement signed with Japanese agency, Japan Oil Gas and Metals National Corporation (JOGMEC), back in 2016.
In April this year, JOGMEC agreed to spend $392,300 as part of the full $4.5 million earn-in obligation, on exploration and development. Once completed, JOGMEC will earn a 39.5 per cent interest in the Nova Project.
Deep Yellow maintain 39.5 per cent, Toro Energy will hold 15 per cent and the remaining six per cent is held by Sixzone Investments.
On June 12, a 2000 metre reverse circulation (RC) drilling program began at Barking Gecko. This drilling is focused on further testing a four-kilometre-long and one-kilometre wide anomaly.
The company hoped to determine whether the uranium mineralisation could manifest into much thicker intersections and frequency to indicate the presence of alaskite-type basement deposits that are similar to the Rössing and Husab uranium orebodies.
Best intersections include two metres at 385 parts per million (ppm) equivalent triuranium octoxide from 32 metres, 10 metres at 326ppm equivalent triuranium octoxide from 63 metres, and 24 metres at 297ppm equivalent triuranium octoxide from 139 metres in hole TN236RC.
And in hole TN237RC, best intersections include 10 metres at 305ppm equivalent triuranium octoxide from 64 metres, and two metres at 339ppm equivalent triuranium octoxide from 113 metres.
A total of seven holes, for 1237 metres, was completed by July 1 and drilling is ongoing.
Deep Yellow is highly encouraged by these initial results at the Nova Joint Venture Barking Gecko prospect. The 200 metre-wide spacing leaves the mineralisation open both laterally and at depth.
Discovering thicker uranium intersections during this drilling supports Deep Yellow's highly under-explored basement-related deposits. These include Ongolo, MS7 and Inca and lie between 10 kilometres and 18 kilometres to the east-northeast of Barking Gecko.
Collectively, these deposits form the wholly-owned Reptile Project which contains 45.1 million pounds grading 420ppm triuranium octoxide.
Company shares are up 4.55 per cent and last traded for 23 cents each at 1:50 pm AEST.