Tuesday, November 8, 2011

Deep Yellow Triples Ongolo Alaskite Resource In Namibia

Published on Tuesday November 08 2011

PERTH (miningweekly.com) - Uranium developer Deep Yellow has tripled its Joint Ore Reserves Committee-compliant resource for its Ongolo Alaskite deposit, in Namibia.

The indicated and inferred mineral resource estimate has been tripled to 20.5-million tons, at 400 parts per million (ppm) uranium oxide (U3O8) for 18-million pounds of U3O8.

This has increased the total Omahola project resource base to 38.6-million pounds of U3O8 at an average grade of 338 ppm, and Deep Yellow’s total Namibian resource base to 107-million pounds U3O8.

“We have concentrated our exploration efforts primarily along the Inca-Ongolo trend and have been consistently rewarded with wide, high-grade intersections,” said Deep Yellow MD Greg Cochran.

“These have now been included to give us a tripling of the Ongolo resource, which remains open along strike. We can expect more success from this region, including a resource upgrade on the satellite MS7 deposit, before the end of the year,” he added.

Deep Yellow recently submitted an environmental impact assessment for the Inca and Red Sands areas, which make up the Omahola project.

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