Deep Yellow Limited: Positive Results from Tumas 3 East West and Central Drilling

Perth, Australia - Deep Yellow Ltd. (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) is pleased to report the completion of the exploration and resource drilling in the Tumas 3 East, West and Central palaeochannel. Importantly, exploration drilling has better defined the uranium mineralisation at Tumas 3 East and West and closed off the previously discovered mineralisation at Tumas Central all on EPL 3496.

EPL 3496 is held by Reptile Uranium Namibia (Pty) Ltd (RUN), part of the group of companies wholly owned by Deep Yellow.

As advised in the 21 August announcement, the first phase of drilling for the FY19 program at Tumas 1 East Tributaries 1, 2, 4, 5 and 8 concluded in mid-August with new resources identified which are now the subject of a new Mineral Resource Estimate due to be released in early November. Total RC drilling in this program included 118 RC holes for 895m.

This program was followed in late August by exploration drilling at Tumas 3 East, West and resource drilling at Tumas Central. By 12 October a total of 144 RC holes for 3214m were completed.

The drilling focus has now been moved further west in the Tubas area.

All figures and appendix can be viewed in the link at the end if this release.

Tumas 3 Drilling

Drilling started in late August at the south-eastern end of Tumas 3 East close to Tumas 2 where 26 holes for 485m were completed. The objective was to close off the mineralisation at the south-eastern end. Four holes in the area returned greater than 100ppm eU3O8. As the drill cross-section in figure 3 shows however, the mineralisation remains open and some additional resource drilling is planned for a later date for this area. Figure 2 shows the drill hole locations. The average grade above cut-off was 214 ppm eU3O8 with an average thickness of 3.6m. The mineralisation does not show any surface radiometric expression.

Four RC holes were drilled for 85m in the centre of the Tumas 3 deposit to prepare siting of the diamond drilling which started 10 October. All these holes were mineralised with an average grade of 332ppm eU3O8 at and an average thickness of 5m. Figure 4 shows a crosssection centred on one of these holes.

At Tumas 3 West, 81 RC holes were completed for 2,088m to identify possible extensions of the currently defined Tumas 3 and to properly close off this deposit. The results show that although the uranium mineralisation persists, grade and thicknesses in that area are reduced indicating the western boundary of Tumas 3 West is now identified. Figure 5 shows a cross section through the area showing the persisting but diminished mineralisation in that area.

Tumas Central Drilling

RC drilling at Tumas Central was targeted at defining the boundaries of the previously identified mineralisation at the southern side of the Tumas palaeochannel. A total of 33 holes for 589m were drilled from which 13 of the holes returned greater than 100ppm eU3O8 average grade. This mineralisation is now defined along 2km of the palaeochannel and is ready for resource infill drilling, which is planned for H1 in 2020.

Equivalent uranium oxide (eU3O8) values as reported here have been determined by Deep Yellow personnel and validated for resource estimation purposes. The equivalent uranium values are based on down-hole radiometric gamma logging carried out by a fully calibrated Aus-Log gamma logging system. Radioactively anomalous drill samples are now routinely analysed by hand-held XRF instruments for further confirmation of uranium grades.

Mineralised intersections that are above the 100ppm eU3O8 over 1m cut-off are tabulated in Table 1, Appendix 1. All drill hole locations are listed in Table 2, Appendix 1.

Conclusions and Analysis

The results of the exploration and resource drilling continue defining additional uranium mineralisation maintaining the highly encouraging prospectivity of the Tumas Palaeochannel system.

The Tumas 3 East uranium mineralisation remains open and limited resource infill drilling is planned for that area later. The Tumas 3 West uranium mineralisation is now more clearly defined and Tumas 3 is prepared for the diamond drilling program which started 10 October.

The Tumas Central area is ready for resource infill drilling in 2020. Drilling with a second RC drill rig is planned to start on 21 October to advance the data gathering and resource upgrades required for the prefeasibility study planned in 2020.

Appendix 1, Table 1 lists the 38 exploration drill holes from the current drilling program at Tumas 3 and Tumas Central returning uranium intersections above cut-off and showing equivalent uranium values in ppm and thickness with hole depth and coordinates provided.

Table 2 in Appendix 1 lists all 144 drill holes completed in between 16 August and 12 October 2019 from the current drilling program which are the subject of this release.

It is planned that drilling will continue in the in the December 2019 quarter with emphasis now changing towards testing the Tubas Red Sand area.

To view tables and figures, please visit:
https://abnnewswire.net/lnk/UR24GQV9

About Deep Yellow Limited:

Deep Yellow Ltd. (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is a specialist differentiated uranium company implementing a new contrarian strategy to grow shareholder wealth. This strategy is founded upon growing the existing uranium resources across the Company's uranium projects in Namibia and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. The Company's cornerstone suite of projects in Namibia is situated within a top-ranked African mining destination in a jurisdiction that has a long, well regarded history of safely and effectively developing and regulating its considerable uranium mining industry.

Source:

Deep Yellow Ltd.

Contact:

John Borshoff Managing Director/CEO T: +61-8-9286-6999 Email: john.borshoff@deepyellow.com.au www.deepyellow.com.au