Tuesday, August 9, 2011

Deep Yellow Confirms Ongolo Alaskite Project MS7 Discovery

Published on Tuesday August 09 2011

Deep Yellow (ASX: DYL) has received more wide high grade intercepts from reverse circulation (RC) drilling along the Ongolo-INCA trend in Namibia, which could potentially join up with the Ongolo resource area.
Chemical assays at the MS7 Prospect include 36 metres at 536 parts per million (ppm) uranium (U3O8) from 142 metres, and 44 metres at 506 ppm U3O8 from 38 metres.

The MS7 main mineralised zone is now 400 metres long and 200 metres wide. Drilling is continuing to test the potential that MS7 may ultimately join up with the Ongolo Alaskite Resource area.

A shallow very high grade intercept from RC drilling at the INCA FS Prospect has also intersected 22 metres at 1,195 ppm U3O8 from 32 metres.

Greg Cochran, Deep Yellow's managing director, said “Ongolo MS7 is starting to look more and more like the Ongolo Deposit, although it may be structurally simpler which works in our favour.

"In addition, the possibility that it could join up with Ongolo means that we may have discovered a much larger higher grade alaskite deposit.”

On May 12 Deep Yellow achieved a maiden Indicated and Inferred Mineral JORC Resource estimate for the Ongolo Alaskite deposit, totalling 6.9 million tonnes (Mt) at 410 parts per million (ppm) for 6.2 million pounds (Mlbs) uranium (U3O8) at a 275 ppm cut-off.

The MS7 alaskite discovery is located about 2 kilometres to the west of the Ongolo deposit. The main mineralised zone extends about 400 metres along the strike and is up to 200 metres wide.

Seven RC rigs and two diamond rigs are now drilling in the Omahola Project area. A number of mineralised holes at Ongolo, MS7 and INCA FS, which also had high-grade downhole gamma logging results are still in the process of being assayed.

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