Deep Yellow shares rise on Tumas project upgrades
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The news: Shares in Deep Yellow rose on the ASX after the uranium explorer upgraded its mineral resource estimate at its flagship Tumas project in Namibia.
The numbers: Deep Yellow shares rose 3% to $1.03 by 12:10pm AEST.
The Perth-based miner said measured mineral resource at Tumas 3 has been upgraded to 22.5 million pounds (Mlb) at 300 parts per million (ppm) uranium. Tumas 1, 2 and 3 have been upgraded to 38.5 Mlb at 253ppm uranium.
The context: The deposit, located in the Erongo region of Namibia, is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia.
Deep Yellow said the mineral resource status upgrade is required to enable the definition of sufficient proven mineral reserves for the first six years of operation and to support project financing.
The miner said it is confident that the reserve update will extend the operating life of Tumas to over 35 years.
What they said: "Delivery of the Tumas mineral resource upgrade across the areas earmarked for the initial six years of mining highlights the potential of the mineralised system identified at Tumas to deliver quality uranium resources," said Deep Yellow managing director John Borshoff.
The source: ASX announcement
