07 June 2006
Manager Company Announcements by e-Lodgement
Company Announcements Office
Australian Stock Exchange Limited
Level 10, 20 Bond Street
SYDNEY NSW 2000
Dear Sir/Madam
Resource drilling commences at Napperby in the Northern Territory
Tenement acquisition in the Kingaroy district, Queensland
The Directors of Deep Yellow Limited (DYL) are pleased to announce that the
Company has commenced drilling at the Napperby Project in the Northern
Territory as follow up to the successful March trenching programme (ASX 27th
April, 2006).
In addition the Company has made application for five Exploration Permits in the
Kingaroy district, Queensland in line with its strategic plan for the acquisition of
prospective greenfields projects.
Napperby Project Northern Territory (100%)
As announced to the ASX on 27 April 2006, the assay results from the March 2006
trenching programme together with the mapping of the trenches confirm that the
uranium mineralisation at Napperby is of classic calcrete-hosted uranium style and
that there was potential to locate higher grade ‘channels’ within the broader
mineralised palaeochannel.
Some significant highlights from the trenching programme were:
o Mapping of the trenches together with the assay results confirmed the
presence of flat lying calcrete hosted uranium mineralisation developed from 2
metre (m) below surface to the maximum depth of 6.3 m, sampled in the
trenches. As such the deposit is similar in style to the Yeelirrie deposit in
Western Australia and the Langer Heinrich deposit in Namibia.
That the assay results clearly demonstrated the presence of consistent +500
ppm U3O8 values associated with visible carnotite (K2 (UO2)2(VO4)2.3H2O)
mineralisation.
o That, while the average grade of the deposit as delineated by Uranerz over the
14 kilometre (km) strike was considered to be sub-economic at 370 ppm U3O8
the trenching by DYL provided significant upside by locating higher grade
channels within the overall deposit.
The positive results returned from the trenching programme provided the Board with
confidence to pursue a resource evaluation programme at Napperby.
Following Work Area Clearance by the Central Land Council the Company has
commenced a detailed drilling programme comprising 250 holes on 50 x 50 m centres
within an area of 1,000 x 600 m that covers the main western zone of mineralisation
previously outlined by wide spaced drilling.
The drilling is being carried out using a Piling Rig drilling large diameter holes (60 cm)
to 10 m depth. The drilling and assaying of samples will be completed during the
September quarter.
Durong Project, Queensland (90%)
The Company (90%) in partnership with Superior Resources Limited (10%) has
applied for five Exploration Permits EPMs 15615, 15620 to 15624 covering
approximately 1600 km² to the west and northwest of Kingaroy in southeast
Queensland.
Superior Resources Limited (SRL) holds EPM 15120 ‘Goggs Creek’ located
northwest of Kingaroy. The EPM covers a moderate order uranium anomaly in
the Department of Natural Resources and Mines Kingaroy-Mackay airborne
radiometric survey.
Mapping by SRL has shown that the uranium anomaly was sourced from Tertiary
fluvial sediments overlying the Boondooma Granite which has a reasonably high
uranium content as indicated by the airborne radiometric survey and as such is a
potential source of uranium for sandstone/roll front uranium deposits located in
Tertiary channel sediments. It was this model that attracted DYL to the project
area and led to the five applications.
The area to the west of Goggs Creek at Durong is underlain by Tertiary
sediments which were deposited in a major palaeo-river system. For a large part
of the Tertiary period the Durong area drained to the southwest along a major
river system that shows in the Australian Digital Terrain model.
During this time it is likely that uranium released from weathering and erosion of
the radiogenic Boondooma Granite would have been transported in ground
waters down this southwest flowing river. It is likely that some of this uranium
would have been deposited by reducing agents, including pyrite and organic
material and/or other fixing agents in the Tertiary sediments and it is possible that
economic deposits of uranium may exist in the area.
Without subsurface information about the existence and location of reductionoxidation
fronts in the Tertiary sediments it is difficult to interpret where the
deposits might occur. However it would appear likely that these would occur in
the first 30 kilometres or so of the channel. The five Durong applications cover
the first 55 kilometres of the southwest trending Tertiary palaeochannel.
Initial exploration will focus on existing drill holes and borehole logs in order to
better define the palaeodrainage with respect to channel development and the
presence of reducing beds to trigger uranium deposition.
Yours faithfully
Dr Leon Pretorius
Executive Chairman
Deep Yellow Limited |
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