Deep Yellow Limited: Thick Mineralisation Identified at Barking Gecko

Perth, Australia - Deep Yellow Ltd. (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) is pleased to announce that the Phase 1 follow-up drill program, which comprises 14 holes for 3,500m at the Barking Gecko North prospect (EPL3669) commenced on 12 July 2021 anticipated to be completed mid-September.

Phase 2 will be a similar drilling program to follow once the results of Phase1 drilling are fully determined.

Barking Gecko is part of the Nova Joint Venture project (NJV) in Namibia, located within EPL 369. Japan Oil, Gas and Metals National Corporation (JOGMEC) completed its 39.5% earn-in obligation through expenditure of A$4.5M.

The parties now jointly contributing and the NJV equity holdings are listed in the link below*.

The drill program is focused on defining the 3D setting of the mineralised alaskite intrusions and testing extensions of the strong mineralisation discovered at Barking Gecko North in 2020 and confirmed with the follow-up drilling in March as reported to ASX on 19 April 2021, see Figure 1*.

As of July 25, 4 holes have been completed for 1,012m.

The Company and its JV partners are highly encouraged by the early results of the program, with all four holes intersecting uranium mineralisation. The standout highlight from the first set of results is from hole TN258RC, which intersected 62m at 537ppm eU3O8 contained in four intersections over 75m from 178m depth, resulting in the best mineralised interval to date at this Project, displacing the previous best intersection of TN253RC (Figure 2*).

TN258RC ended in mineralisation at 253m depth and could not be continued due to the lack of drilling rods available on site. Drilling will extend this hole at a later date, when drilling rods become available

The NW-SE orientated drill line at Barking Gecko North is drilled with holes 100m apart, continuing from the March drilling program, infilling to 50m hole spacing with TN256RC and TN258RC at the south-eastern end. This area of the prospect has delivered the best drill results, which are shown as cross-sections in Figure 3*. In this program, two RC holes (TN257RC and TN259RC) were drilled 50m to the southwest and northeast of TN253RC, respectively (Figure 2*), to better define the 3D structural setting of the well mineralised alaskite intrusions encountered in the initial discovery hole TN253RC.

Structural interpretation of televiewer downhole logging technology (OPTV) indicated that the main structural trend of the mineralised intrusions is northeast-southwest and the current drilling seems to confirm this trend. However, final confirmation is expected from OPTV surveys to be conducted on selected drill holes once the current program is completed.

In-house portable XRF (pXRF) assaying was carried out on all one metre samples of TN256RC and TN257RC, totalling 506 samples, and showed that mineralisation is uranium dominant, with minor thorium associated. U/(U+Th) ratios average at 0.8 and underpin previous pXRF results from the March drilling campaign. Three thin thorium-dominated intersections were removed from the quoted intersections.

The mineralised eU3O8 intersections are shown in Table 1 of Appendix 1*.

Locations of all the RC drill holes drilled in this update are listed in Table 2, Appendix 1*.

CONCLUSION

The results from the first four holes drilled on the NJV Barking Gecko North Prospect are highly encouraging, with the prospective nature of the Barking Gecko North zone being confirmed.

The size of the prospective area at Barking Gecko North is estimated to be 2km by 1km and results indicate the potential for continuation of the mineralisation to the southeast and at depth.

Further drilling is currently progressing to test the extension of the mineralisation to the southeast and this Phase 1 of drilling is expected to be completed in mid-September.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/N9584UB9

About Deep Yellow Limited:

Deep Yellow Ltd. (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is a differentiated, advanced uranium exploration company, in predevelopment phase, implementing a 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. A PFS has recently been completed on its Tumas Project in Namibia and a DFS commenced February 2021. 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