Deep Yellow Identifies Significant Uranium Mineralisation In Basement Rocks Beneath The Tubas-Tumas Palaeochan

Published on Monday December 13 2010

Deep Yellow Limited (ASX:DYL) is pleased to announce that follow-up infill drilling at Tumas Zone 3 of the Tubas-Tumas palaeochannel in Namibia, by DYL's wholly-owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN), has identified high-grade uranium mineralisation in the basement rocks beneath the palaeochannel; mineralised Red Sand adjacent to the channel similar to the Tubas Red Sand (TRS) deposit material, as well as additional high-grade mineralisation within the palaeochannel.

Basement Hosted Mineralisation

In November 2010 RUN conducted follow-up infill drilling near Tumas Zone 3 of the Tubas-Tumas palaeochannel to investigate reverse circulation (RC) drilling results indicating the potential for basement mineralisation below a relatively high-grade section of the palaeochannel on RUN's EPL 3496.

The investigation confirmed that drillhole ORXR1 intercepted high-grade secondary uranium mineralisation hosted in granitic basement below the palaeochannel with a mineralised intercept of 

47 metres at 830 ppm cU3O8 from 29 metres.

Three scissor holes drilled on the ORXR1 section suggests the mineralisation in ORXR1 may be limited in extent in the immediate area, but provides evidence for and may provide a model for new basement hosted targets.

A 60 degree angle hole ORXR3 also returned basement intercepts of 

- 4 metres at 405 ppm cU3O8 from 30 metres

- 5 metres at 412 ppm cU3O8 from 43 metres

- 5 metres at 420 ppm cU3O8 from 53 metres

Mineralisation is carnotite in both holes.

The basement mineralisation appears to be associated with the contact zone between granite and gneiss (metasedimentary rocks). Microscopic studies show that the granite is a pegmatiticleucogranite phase (alaskite). Mineralisation is secondary carnotite. Diamond drilling will be carried out in 2011 to determine the potential of this contact zone.

Red Sand Mineralisation

Reverse Circulation infill drilling around ORXR1 also identified aeolian Red Sand hosted mineralisation with drill hole ORXR37 intercepting 8 metres at 516 ppm cU3O8 from 5 metres.

Mineralised aeolian red sand from ORXR37 has very similar characteristics to the Tubas Red Sand (TRS) deposit which is part of the Omahola Project located 20 kilometres to the west. The TRS deposit contains 13.9 million tonnes at 160 ppm U3O8 for 2,217 tonnes (4.9 million pounds) contained U3O8. This new discovery, on the flank of the palaeochannel, is consistent with mineralisation at the TRS deposit and further confirms the possible extent of this unique style of uranium mineralisation over 10's of kilometre of the main Tubas-Tumas palaeochannel system.

The red sand sample from 9 to 10 metres depth in ORXR37 assayed 249 ppm U3O8 and the TRS sample from 4 to 6 metres depth assayed 327 ppm U3O8.

Palaeochannel Mineralisation

Infill drilling on a 50 metre grid to the original reconnaissance drilling has outlined further highgrade palaeochannel mineralisation with an intercepts of 

- 8 metres at 614 ppm cU3O8 from 7 metres

- 11 metres at 1,097 ppm cU3O8 from 5 metres

- 7 metres at 782 ppm cU3O8 from 3 metres

The earlier reconnaissance holes are unlabelled. Significant mineralised intercepts are given in Table 1 (see link at the bottom of the release). The palaeochannel mineralisation remains open upstream (east).

Only 49 holes were completed in this restricted campaign and the various modes of mineralisation (palaeochannel, aeolian and primary) remain open in most directions and will be subjected to further evaluation by drilling in 2011.

Tumas Zone 3 Exploration Target Range

The Tumas Zone 3 reconnaissance drill data was evaluated by Hellman & Schofield (H&S) as part of the upgraded Tumas JORC Resource estimate (ASX 28 October 2010). Due to the broadly and irregularly spaced lines of drillholes at the time, the calcrete-hosted mineralisation in Zone 3 was determined to be too poorly defined for inclusion in resource estimates. However when combined with geophysical survey results, the drill results provide an indication of the orientation and extent of the mineralised zone. Consequently a conceptual exploration target range was estimated at 10 to 30 million tonnes at a grade of 300 to 400 ppm U3O8 at 200 ppm cut-off. H&S stated that it is uncertain if future exploration will result in the determination of a Mineral Resource.

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Deep Yellow Intercepts High-Grade 1,064ppm Initial Drill Result At Inca-South

Published on Wednesday Nov 17 2010

Perth, Nov 17, 2010 (ABN Newswire) - Deep Yellow Limited (ASX:DYL) is pleased to announce early success from reconnaissance drilling on new INCA-Type uranium mineralisation targets within the Omahola Project area in Namibia, held and operated by DYL's wholly-owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN).

Drillhole INCR388 is a 60 degree angle reverse circulation (RC) drillhole on a line of reconnaissance drilling across magnetic target IT-3, which is the first of 10 such targets recently interpreted within RUN's EPL 3496 to be drill tested. INCR388 returned a gamma log intercept of 11 metres at 1,064 ppm eU3O8 from 84 metres

Target Generation

DYL/RUN embarked on an iterative process of reviewing and interpreting RUN's extensive airborne geophysical data to determine if a 'fingerprint' of the INCA deposit could be identified in the complex magnetic structure at INCA. The goal was to use that fingerprint to identify other magnetic anomalies for targeted reconnaissance drilling. This work has led to DYL's geophysical consultants Resource Potentials (Perth) identifying ten priority INCA-Type (IT) targets (IT-1 to IT-10) based on the geophysical signature ('fingerprint') of INCA.

Target IT-3, located 3 kilometres southwest of INCA was selected as the first drill target as it was on a continuation of the INCA 'magnetic unit' along a magnetic feature through the previously drilled INCA South Prospect located 1 km southwest of INCA. INCA South was drilled as a reconnaissance target in 2008 as an initial test of the extension of uranium mineralisation based on magnetics, and, as previously reported, vertical diamond drillhole INCD15 intersected 27 metres at 1,471 ppm cU3O8 from 39 metres depth. INCA South has yet to be drilled out in detail.

Based on the early success at IT-3 and prior success at INCA South, one RC rig has been dedicated to systematically test the nine other IT targets with reconnaissance lines to determine the potential extent of INCA-Type uranium mineralisation within EPL 3496.

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Global X Uranium ETF Fund Holdings Overview

 

New York-based ETF provider, Global X Funds, has added Uranium ETF to its cleantech fund range. The Global X Uranium ETF tracks the performance of the Solactive Global Uranium Index.

The index tracks the performance of the largest and most liquid listed companies globally in the Uranium Mining Industry. Its three largest components are Cameco, Paladin Energy and 

Uranium One, as of Nov. 1, 2010. 

Global X Uranium ETF (URA) began trading November 5, 2010 as the first ETF to track companies involved in uranium mining. Listed below are the 23 listed Uranium plays that make up this newly listed Uranium ETF.
 

(Complete list of 23 holdings).

% of Net                        Company  Name

Assets

	18.10%	CAMECO CORPORATION
	13.44%	URANIUM ONE INC
	11.91%	PALADIN RESOURCES LIMITED
	4.95%	EXTRACT RESOURCES LTD
	4.94%	DENISON MINES CORP
	4.52%	URANIUM ENERGY CORP
	4.49%	KALAHARI MINERALS PLC
	3.92%	HATHOR EXPLORATION LTD
	3.86%	USEC INCORPORATED
	3.69%	ENERGY RESOURCES OF AUST
	3.01%	URANERZ ENERGY CORP
	2.84%	FIRST URANIUM CORP - CAD
	2.81%	FORSYS METALS CORP
	2.31%	MANTRA RESOURCES LTD
	2.24%	URANIUM RESOURCES INC
	2.22%	UEX CORP
	2.19%	GREENLAND MINERALS LTD
	1.98%	MEGA URANIUM LTD
	1.66%	BERKELEY RESOURCES LTD
	1.58%	BANNERMAN RESOURCES LTD
	1.17%	DEEP YELLOW LTD
	1.14%	LARAMIDE RESOURCES
	0.99%	TORO ENERGY LTD

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Deep Yellow Limited (ASX:DYL) Discovers Significant Uranium Intercepts in Alaskite in Namibia

Perth, Aug 2010 (ABN Newswire) - Deep Yellow Limited (ASX:DYL) (PINK:DYLLF) is pleased to announce new drill results with additional significant uranium intercepts from follow-on reconnaissance drilling for alaskite-hosted uranium mineralisation at its Tubas Alaskite project area in Namibia, with exploration conducted by wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN).

On 29 April 2010, DYL announced drill results from discovery hole ALAR13 which returned 89 metres at 400 ppm cU3O8 from 128 metres. Since then, follow-on drilling has continued and significantly, four consecutive drillholes on Reconnaissance Line 3 have returned chemical assays of approximately 400 ppm cU3O8 and greater, indicating a potential width of significant mineralisation across strike of at least 300 metres.

Reverse circulation (RC) drillholes ALAR61 through ALAR64, spaced at 90-100 metres, have returned the following uranium intercepts:

ALAR61
- 8 metres at 392 ppm cU3O8 from 83 metres, and
- 8 metres at 401 ppm cU3O8 from 132 metres

ALAR62
- 7 metres at 394 ppm cU3O8 from 62 metres, and
- 15 metres at 449 ppm cU3O8 from 110 metres, and
- 29 metres at 422 ppm cU3O8 from 138 metres

ALAR63
- 10 metres at 411 ppm cU3O8 from 198 metres

ALAR64
- 13 metres at 412 ppm cU3O8 from 179 metres, and
- 7 metres at 402 ppm cU3O8 from 199 metres

Discovery hole ALAR13 was located on Reconnaissance Line 2 which was drilled perpendicular to the strike of a northeast to southwest trending prospective horizon comprising alaskite, granitic gneiss and magnetite. Line 2 is located parallel to and approximately 550 metres southwest of Line 1, and the latest Line 3 is parallel and located approximately 450 metres southwest of Line 2 (Figure 1 - To view all figures and appendix in this announcement, please refer to the link at the bottom of this release). To date a total of 76 holes for 16,029 metres of drilling have been completed on the first three reconnaissance lines. Bar graphs of downhole grade intervals for individual holes in the interpreted mineralised zone on Reconnaissance Lines 1, 2 and 3 are shown in Appendix Figures 5, 6 and 7 respectively.

Figure 2 is a location map for the Tubas Alaskite discovery area relative to RUN's other projects and EPLs and the locations of other alaskite hosted uranium deposits such as at the Rossing Uranium Mine, Extract Resources' Rossing South and Ida Dome Projects and Bannerman's Etango Project. Figure 3 is an aeromagnetic image showing the prospective Alaskite zone trending from the northeast to the southwest and delineated in part by adjacent magnetic strata.

Mineralised intercepts returned from holes ALAR61 through ALAR64 (Table 1 and Appendix Figure 7) and adjacent holes provide confidence in the interpretation of the orientation and continuity of the mineralized trend within the alaskite body between drillholes within a reconnaissance line. In addition, the potential continuity of mineralisation between Reconnaissance Line 2 and 3 can be inferred based on interpreted strike trend.

Additional drilling was also conducted around discovery hole ALAR13 to better understand the lithology and orientation of the mineralised alaskite trend (Table 1 and Appendix Figure 6). The conclusion reached from the detailed drilling is that ALAR13 may have been drilled partially or wholly down-dip of the mineralised occurrence and this may have biased the true width of mineralisation. As a result, in an effort to more accurately represent true widths, subsequent drillholes starting on Reconnaissance Line 3 were drilled in the opposite direction to ALAR13 which was drilled at a 60 degree angle to the northwest.

Presently there are 3 RC rigs and one diamond rig actively drilling on this project. Two additional RC rigs will be added as detailed resource drilling at RUN's INCA Project winds down.

Figure 4 is a graphic comparison between downhole chemical assay grade intervals (cU3O8) and downhole gamma log data (eU3O8) for holes ALAR61 and ALAR62. In general, eU3O8 values are higher than cU3O8 values. Samples were taken and submitted to ANSTO for disequilibrium analyses. Results showed the uranium to be in secular equilibrium. However, RUN has yet to determine suitable statistical factors to apply to downhole logging results to ensure the eU3O8 data is accurate. Consequently, RUN continues to chemically assay all zones of mineralisation as determined from logging and other radiometric tests. To date more than 3,000 chemical assays have been completed on alaskite drill samples.

Diamond core and continuing statistical evaluation will resolve this in time to allow the effective use of the gamma logging data which is collected immediately upon completion of each hole. In the interim, all anomalous zones will be chemically analysed, which may, in the shorter term, slow reporting on this exciting project.

Targeted (resource) drilling on a nominal 100 by 100 metre grid around well mineralised areas such as surrounding, and between, holes ALAR1, 13 and 62 will commence following redeployment of rigs from other project areas.

Another positive observation from the alaskite drilling to-date is the significant amount of sulphides (predominantly pyrite with lesser pyrrhotite) present both within and peripheral to the uranium mineralisation which reaches a visual maximum of approximately 15% (with 5% being common) as depicted in the core photograph below. This has potential economic importance as a source for the generation of sulphuric acid for use in any acid leach uranium plant in the area. The smoky quartz seen in the diamond core is alteration resulting from intense irradiation from high-grade uranium mineralisation, and serves as an indicator of such when diamond core or RC chip samples are geologically logged.

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Deep Yellow Limited Expands JORC Resource Estimate At INCA Uranium Deposit In Namibia

Perth, July 28, 2010 Deep Yellow Limited (ASX:DYL)

Is pleased to announce an upgrade and expansion of the Mineral Resource estimate at its INCA uranium deposit in Namibia. INCA is part of the Omahola Project controlled by DYL's wholly-owned subsidiary Reptile Uranium Namibia Pty Ltd (RUN).

On 22 April 2010, DYL announced the initial Indicated and Inferred Mineral Resource estimate in accordance with the JORC Code at INCA of 16 million tonnes at 400 ppm eU3O8 for 6,366 tonnes (14 Mlb) eU3O8 (as part the Omahola Project). This initial resource estimate was derived from an area approximately 500 x 500 metres. This area is now referred to as the 'INCA Main Resource Area'.

Since the time the initial resource drilling was completed, additional deep reverse circulation (RC) holes were drilled, diamond tails were completed on select holes, and downhole directional survey data was collected and processed. This new information was provided to The MSA Group of South Africa (MSA) to allow MSA to complete an updated Mineral Resource estimate within the INCA Main Resource Area. This updated Mineral Resource estimate has increased total resources at INCA by approximately 17% to 17.1 million tonnes at 436 ppm eU3O8 for 7,429 tonnes (16.4 Mlbs) of U3O8 at 200 ppm cut-off.

In addition to increasing total resources, the updated Mineral Resource estimate also upgrades the classification of a large quantity of Inferred Resources to Indicated Resources. The initial Mineral Resource estimate (22 April 2010) contained 6.0 million tonnes at 392 ppm eU3O8 for 2,300 tonnes (5.0 Mlbs) of U3O8 at 200 ppm cut-off and the updated Mineral Resource estimate contains 10.9 million tonnes at 414 ppm eU3O8 for 4,516 tonnes (10.0 Mlbs) of U3O8 at 200 ppm cut-off, thereby doubling the quantity of U3O8 classified as Indicated Resources in accordance with the JORC Code.

As announced to the ASX on 20 May 2010, results from continued drilling outside the INCA Main Resource Area have extended the main area of mineralisation from approximately 500 x 500 metres to approximately 1,500 x 500 metres and have identified further extensions of mineralisation to the north, east and south. Drilling, geological interpretation and structural interpretation continue, and a further update to the Mineral Resource estimate, to include the extended areas of continuous mineralisation, is expected by the end of the September quarter.

The Omahola Project consists of the INCA deposit and the Tubas Red Sand (TRS) deposit. The updated Mineral Resource estimate at INCA and the previously announced TRS Mineral Resource estimate (ASX - 22 April 2010) have served to increase the combined Mineral Resource estimate for the Omahola Project to 31 million tonnes at 311 ppm eU3O8 for 9,646 tonnes (21.3 Mlbs) eU3O8.