Deep Yellow
Deep Yellow (ASX: DYL) is an Australia-based pure uranium explorer with extensive operations in the southern African nation of Namibia and in Australia. The company's primary focus is in Namibia where its operations are conducted by its 100% owned subsidiary Reptile Uranium Namibia.
Deep Yellow drill results confirm magnetite potential at Shiyela
Tuesday, July 20, 2010
Deep Yellow (ASX: DYL) has reported initial results from the start of follow-on drilling at its Shiyela Iron Project in Namibia, operated by its wholly-owned subsidiary Reptile Uranium Namibia Pty Ltd (RUN).
Initial results from the first 11 drill holes has served to expand the width of magnetite mineralisation from approximately 100 metres based on mapping of sub-outcropping magnetite, to approximately 400 metres under minimal sand cover, with additional drilling underway to determine the full width of mineralisation.
Patrick Mutz, managing director, said these results confirm the significance and potential of the magnetite mineralisation highlighted on 16 June 2010, and provide ample impetus to continue with drilling and evaluation of the Shiyela Iron Project.
Also, the results indicate mineralisation becoming more continuous as semi-massive to massive magnetite to the west with mineralisation open at depth and along strike in both directions.
The mineralised area is located approximately 30 kilometre from the deep-sea port of Walvis Bay.
The Airborne magnetic survey data implies strike continuity of the magnetite unit and potential for satellite area deposits.
Follow-on drilling began in late June in the vicinity of the M62 magnetic anomaly where core samples from a previous diamond drill hole (renamed SHID1) were recently evaluated and found to produce a high-grade, low-impurity magnetite concentrate product.
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