ASX-listed Deep Yellow has updated the ore reserve estimate for its Tumas uranium project, in Namibia, reporting an 18% increase to 79.3-million pounds of uranium octoxide (U3O8) at 298 ppm.
This is sufficient for a 30-year life-of-mine and includes proved reserves of 28.4-million pounds at 287 ppm U3O8 and probable reserves of 50.9-million pounds at 305 ppm U3O8.
“This major ore reserve upgrade continues to confirm the upside potential of the Tumas project. We now have a reserve with a 30-year LoM expectancy with potential to increase this by a further five to ten years with further work in the coming years.
“All of this augers very well, positioning Tumas as a very important long-term supplier of uranium in what we believe will be a supply-constrained sector,” says Deep Yellow MD and CEO John Borshoff.
The company is working to build a Tier 1 uranium company with a production capacity of more than ten-million pounds of U3O8 a year.
In addition to the Tumas project, the company is also developing the Mulga Rock project, in Western Australia. It also owns exploration projects in Namibia and in Australia’s Northern Territory.