The Japan Oil, Gas, and Metals National Corporation (JOGMEC) has announced plans to leave the Nova Uranium project joint venture.
Deep Yellow subsidiary Reptile Mineral Resources and Exploration manages the Nova Project.
The Nova project under EPL 3669 and 3670 is in the Namib Desert in Erongo Region.
In its 2024 annual report, Deep Yellow reported that the evaluation of the recent drilling program at Nova, which comprised eight reverse circulation holes totalling 1,558 m, indicated that the resource potential at the Barking Gecko Prospect is limited.
JOGMEC entered the joint venture in 2016 on a 4-year, US$4.5 million earn-in exploration and development program for a 39.5% interest in Nova.
In September 2020, JOGMEC completed its earn-in requirements for 39.5% interest in the project.
Throughout the joint venture, exploration successfully identified previously unknown mineralisation at the Namaqua palaeochannel and the Iguana and Barking Gecko basement prospects.
Following the completion and assessment of the results of an RC drilling program in December 2023, the joint venture partners reassessed the project regarding future exploration and limited follow-up work at the Barking Gecko prospect on EPL 3669.
During the June quarter of 2024, JOGMEC was advised of its intention to withdraw from the joint venture, with documentation currently in process to facilitate this.
Deep Yellow says this process may take some time as a corporate joint venture.
When the process is completed, Reptile Mineral Resources & Exploration will have 65% interest, Toro Enegery subsidiary, Nova Energy (Africa) Pty Ltd 35%, and Six Zone Investments (Pty) Ltd Namibia 10%.
Deep Yellow has agreed with Toro (the two active contributing joint venture partners) to evaluate opportunities with other parties interested in this prospective region.
