Deep Yellow Limited: December Quarterly Activities Report

Perth, Australia - In November 2019, Deep Yellow Ltd. (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) announced an updated Mineral Resource Estimate (MRE) for the Tumas 1 East deposit (Tumas 1 East), located within the Reptile Project.

Successful resource extension drilling resulted in a 34% increase in resource growth at Tumas 1 East, with Inferred Mineral Resources now 24.8Mlb at 319ppm eU3O8 (at a 200ppm eU3O8 cut-off).

Total combined measured, indicated and inferred calcrete resources in the Tumas palaeochannel (Tumas 1 East, 1, 2, 3 and Tubas Red Sand/calcrete deposits) now stand at 92.5Mlb at 303ppm eU3O8. (Figure 1*).

The uranium mineralisation defined to date in the Tumas palaeochannel system occurs as three distinct mineralised bodies: the Tumas 1 and 2 deposits, now including the Tumas 1 East tributary extensions, the Tumas 3 deposit and the Tubas Red Sand/Calcrete deposits.

These deposits occur on EPLs 3496 and 3497, held by Deep Yellow's wholly owned subsidiary, Reptile Uranium Namibia (Pty) Ltd.

With the combined overall Tumas palaeochannel resource totalling 92.5Mlb eU3O8 at 303ppm over EPLs 3496/97 (see Table 1*), the overall total surficial calcrete-related Mineral Resources across the Company's Namibian projects, including the Aussinanis Deposit on EPL3498, have more than doubled since 2017 to 110.5Mlb U308.

Resource extension RC drilling programs succeeded in closing off the Tributary 5 deposit in the Tumas 1 East area (Figure 4*), with Deep Yellow also completing some limited infill drilling within the Tributary 4 channel. A total of 591 RC holes were drilled for 6,281m during the Tumas 1 East drilling campaigns, with 291 holes returning positive results, a pleasing overall success rate of 50%.

*To view the quarterly report, please visit:
https://abnnewswire.net/lnk/KFYDA1C8

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