JOGMEC Approves Annual Budget of $1.3M on Nova JV
The Nova JV, involving EPLs 3669 and 3667 is held in the corporate entity Nova Energy (Namibia) Pty Ltd in which Reptile Mineral Resources and Exploration (Pty) Ltd (RMR - wholly owned subsidiary of Deep Yellow) holds 65% (Manager), Nova Energy Africa Pty Ltd (wholly owned subsidiary of Toro Energy Limited, ASX listed) 25% and Sixzone Investments (Pty) Ltd 10%.
JOGMEC is currently earning a 39.5% equity interest in the Nova JV to be achieved after $4.5m has been spent by them over a four year period.
Work on the Nova JV is focussing on target definition and drilling to test for both basement related uranium targets (Rössing/Husab style deposits) and palaeochannel/calcrete associated uranium targets (Langer Heinrich style deposits).
About Deep Yellow Limited
Deep Yellow Limited (ASX:DYL) (OTCMKTS:DYLLF) (Namibian Stock Exchange:DYL) is a specialist, differentiated uranium exploration company 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 project portfolio during a time of depressed uranium outlook.
The Company's cornerstone suite of projects in Namibia are situated within a top-ranked African mining destination; in a country jurisdiction that has a long, well regarded history of safely and effectively developing, producing and regulating its considerable uranium mining industry.
Deep Yellow Limited