Uranium developer Deep Yellow Limited (ASX: DYL) (Deep Yellow) is pleased to announce a significant and impressive Mineral Resource Estimate (MRE) upgrade for the Tumas 3 deposit, located in EPL3496 in Namibia.

The deposit is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd (RUN).

In June 2021, the Company completed a 4-month, 911hole (17,679m) infill RC drilling program covering the Tumas 3 deposit. The targeted area contained 28.4Mlb of Indicated Mineral Resources grading 299ppm and 21.4Mlb of Inferred Mineral Resources grading 244ppm eU3O8 using a 100ppm cut off.

The primary goal of the DFS resource upgrade drilling program at Tumas 3 was twofold: i. Focus on converting the remaining Inferred Mineral Resources at Tumas 3 (21.4Mlb) to Indicated Mineral Resources status and ii.

Test the immediate peripheral zones to properly close off Tumas 3. Page 2 of 27 Pleasingly, the drilling program at Tumas 3 has successfully converted 117% of the Inferred Mineral Resources (by metal on a panel-by-panel basis) available within the area to an Indicated Mineral Resources category. The program also successfully identified an additional 5.7Mlb Indicated and 5Mlb Inferred Mineral Resources. The total increase in Indicated Mineral Resources represents 124% of the existing Inferred Mineral Resources at Tumas 3, thereby adding considerable value to the Tumas Project. Overall, at a 100ppm eU3O8 cut off, the Tumas 3 MRE has delivered increased Indicated Mineral Resources that now stand at 54.9Mlb grading 320ppm, with an additional Inferred Mineral Resource delineated in this area of 5.0Mlb at 220ppm eU3O8, totalling 59.9Mlb at 308ppm eU3O8.

This is a notable improvement in both the quality and amount from the Indicated and Inferred Mineral Resource of 49.8Mlb (previously announced in the Tumas Pre-Feasibility Study on 10 February 2021) to 59.9Mlb eU3O8, with 92% of the overall Tumas 3 MRE now in the Indicated Mineral Resource category. The MRE was undertaken using various cut-off grades using a minimum thickness of 1m and conforms to the 2012 JORC Code of Mineral Resources Reporting.

These confirmed resource increases from Tumas 3, along with the yet to be incorporated MRE that will result from the Tumas 1E resource upgrade drilling currently being undertaken, are considered more than sufficient to support the Company's objective of achieving a minimum 20-year Life of Mine (LOM) for the Tumas Definitive Feasibility Study (DFS). This is underway and progressing as planned. Importantly, the Tumas 3 Mineral Resource upgrade has increased the overall Indicated and Measured Resource base at a 100ppm eU308. cut-off associated with the Tumas Channel (Tumas1, 2, 3 and Tubas) from 56.7Mlb to a total of 83.2Mlb eU308.

The mineralisation at Tumas 3 occurs as a discrete mineralised deposit, occurring separately from other uranium deposits identified previously within this palaeochannel system at Tumas 1, 1E, 2 and Tubas Red Sand/Calcrete deposits. Total surficial Measured, Indicated, and Inferred Mineral Resources at a 100ppm eU308. cutoff in the Tumas palaeochannel - Tumas 1, 1E, 2, 3 and Tubas Red Sand and Calcrete (excluding the Aussinanis Project) are now 132.7Mlb at 253ppm eU308. Commenting on the impressive result Deep Yellow Managing Director Mr John Borshoff said: 'The MRE upgrade from the recently completed Tumas 3 infill drilling program has been nothing short of astounding, with the result achieved well beyond our internal expectations and is a strong reflection of the great work of the Deep Yellow team and what we are building in Namibia. 'In simple terms, we have achieved a 124% conversion rate from Inferred Resource status to Indicated, improving both the quality and quantity of the resource base whilst also growing the size of Tumas 3 through the identification of an additional 5Mlb of Inferred Resources. Importantly, the Tumas palaeochannel holds a further 54Mlb of uranium in the Inferred Resource category available for future upgrading to Indicated Resource status.

What excites me and the team is that we are only just scratching the surface at Tumas, with only 60% of the known regional Tumas palaeochannel system drilled and a further 50km remaining to be tested.

'As we move forward, we are focused on successful delivery of the Tumas DFS and, importantly, continue to tick the boxes as we progress key workstreams. The results, as currently announced, provide great confidence that we will have a resource base sufficient to support the +20-year LOM target of the current DFS and beyond this, augers very well for the longer-term future of this exciting project.'

Tumas 3 Mineral Resource Estimate Summary The Mineral Resource was estimated by Multi Indicator Kriging. The final MRE was reported at a number of cut-off grades from 100ppm to 200ppm eU3O8 and the Mineral Resources derived from these cut-off grades indicate the mineralisation remains robust and consistent

The program was completed throughout the majority of the Tumas 3 deposit. At a 100ppm cut-off, the updated MRE has an Indicated Mineral Resource totalling 54.9Mlb at 320ppm eU3O8, returning a remarkable 124% increase in Indicated category material relative to the existing Inferred Mineral Resources (117% conversion to Indicated status based on contained metal and on a panel-by-panel basis).

The conversion based on tonnes is approximately 93%, indicating that the infill drilling has locally improved the grade of the deposit by limiting the influence of peripheral, low grade mineralisation. The drilling also identified a further 5Mlb in the Inferred Mineral Resource category. The 100ppm eU3O8 cut-off was selected based on previous mining studies and represents the most continuous mineralisation within the deposit.

When compared to the previous MRE for the deposit, the differences relate to the conversion of a significant portion of the previous Inferred Mineral Resources' due to completion of the recent infill drilling and inclusion of the Tumas 3 Far West mineralisation (between 498,600mE and 500,400mE), which previously had no resource associated with it.

About Deep Yellow Limited

Deep Yellow Limited 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 was completed in early 2021 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.

Contact:

Web: www.deepyellow.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire