Deep Yellow picks development path for Namibia project
PERTH (miningweekly.com) – Uranium hopeful Deep Yellow has flagged a heap leach development as the preferred process route for its Omahola project, in Namibia.
“We are pleased with the results obtained in this in-house preliminary economic analysis (PEA), which have confirmed that the Omahola project is better suited to a heap leach development strategy,” said Deep Yellow MD Greg Cochran.
“While further refinements could still be made, we now have a foundation on which we can build, and the next step of re-evaluating the resource base at a lower cutoff grade is clear.”
The Omahola resource currently stood at 48.7-million tonnes, at an average grade of 420 parts per million (ppm), for 45.1-million pounds of uranium oxide. However, the resource would now be re-evaluated at a lower cutoff grade, likely to be 100 ppm.
The ASX-listed company said on Wednesday that the internal PEA had also indicated that drilling at the MS7 deposit, which was currently open at depth, could be economically justified, and could further extend the resource potential.
Meanwhile, Deep Yellow on Wednesday also announced that it was undertaking a one-for-eight nonrenounceable entitlement offer, in the hopes of raising some A$3.3-million.
The shares would be priced at 1.65c each, which represented a discount of 29.8% on Deep Yellow’s volume-weighted average price over the last 30 days.
The funds raised in the entitlement offer would be used to progress the Tubas Sands project, also in Namibia, and to undertake additional low-level exploration work, as well as for general working purposes.
Deep Yellow is hoping to complete an expansion and infill drilling programme at Tubas Sands, conduct metallurgical testwork and to complete a prefeasibility study. It also intends to start work on a feasibility study.
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