Deep Yellow has upgraded the Tumas 1, 1 East, 2, and 3 mineral resource to 118.2 Mlb at 255 ppm eU3O8.
This comprises indicated mineral resources of 102.1 Mlb grading 268 ppm and an inferred mineral resource of 16.1 Mlb at 196 ppm eU3O8 at a 100 ppm eU3O8 cut-off grade.
Deep Yellow’s subsidiary, Reptile Uranium Namibia, holds the deposit under license 237 in the Namib Desert.
The company is confident that the reserve update will extend Tumas’s operating life to over 35 years.
Deep Yellow said the detailed engineering for the currently underway project will provide a control capital estimate and detailed execution schedule.
The updated Tumas 3 mineral resource estimate has a measured and indicated mineral resource totalling 58.2 Mlb at 320 ppm eU3O8 at a 100-ppm cut-off.
Deep Yellow has also upgraded the Tumas 1, 2, and 3 measured mineral resource to 38.5 Mlb at 253 ppm eU3O8.
The remaining indicated mineral resources include 63.6 Mlb at 278 ppm eU3O8.
The new total measured and indicated mineral resources of Tumas 1, 1 East, 2, and 3 is 102.1 Mlb at 268 ppm eU3O8.
The mineral resource estimate upgrade follows the 660-hole, 12,727-m reverse circulation resource infill drill program completed in June 2024.
Deep Yellow said the ongoing resource drilling is planned west of Tumas 3 during FY2025, focusing on identifying an additional 30 Mlb to achieve a +35-year life-of-mine.
According to Deep Yellow, a reserve update based on the new mineral resource is currently underway.
Deep Yellow managing director John Borshoff said Tumas is a standout, tier-1, long-life project.
“The team continues to tick all the boxes as we progress with project financing and marketing ahead of a final investment decision later this year.
“Delivery of the Tumas mineral resource upgrade across the areas earmarked for the initial six years of mining highlights the potential of the mineralised system identified at Tumas to deliver quality uranium resources,” Borshoff added.
He said that even with the detailed infill drilling on the Tumas 3 deposit to convert resources from the indicated to the more stringent measured category, the quantity and quality of the Tumas 3 resource have remained well within the acceptable range.
