DYL is currently engaged in the process of divestment of its Australian assets in order to focus on the highly prospective uranium assets in Namibia. Notwithstanding this fact, DYL will be conducting limited work through to December 2012 in order to retain the Queensland and Northern Territory tenements in good standing until the conclusion of a divestment transaction.
DYL’s exposure to the highly prospective Tanami - Arunta uranium province in the Northern Territory comprises:
The exploration target within the majority of the tenement areas is near surface calcrete-hosted uranium mineralisation similar to the Napperby deposit. Within the ABM tenements, Proterozoic basement hosted uranium mineralisation is also being targeted.
The Napperby Project includes a deposit originally discovered and explored by CRA Exploration and Uranerz in the late 1970’s and early 1980’s that defined a mineralised zone over some 20 kilometre in strike length. The extensive mineralised zone occurs within 3 metre to 8 metre from surface in semi-consolidated and unconsolidated sediments along a palaeochannel. The project is close to infrastructure, being 175 kilometres north-west of Alice Springs along the sealed section of the Tanami Highway, within 20 kilometres of the Alice Springs to Darwin gas pipeline and with access to the main north-south railway through Alice Springs.
Napperby was optioned to Toro Energy Ltd (Toro) in 2006 and it had until May 2010 to complete a JORC resource drill out at which point it had an option to purchase the property from DYL. In May 2010, Toro indicated that it would not be exercising its option. As a result of this decision, the project is now a 100% owned project of DYL.
Delineation work on the deposit resulted in an Inferred Resource under the JORC Code, totalling of 9.34 Mt at 359 ppm for 7.39 Mlbs U3O8 using a 200 ppm cut-off grade. The resource drillout covered approximately half of the historic mineralised area and correlates well with the results of previous work carried out on this portion of the deposit. Additional drilling is required to complete the evaluation of the balance of the historic mineralised area to JORC standard.
The tenement is granted under a Pastoral Lease and a reconnaissance programme including work over the original Uranerz resource and targets generated though AEM survey was submitted and accepted by the CLC with no additional exclusion zones/restricted areas.
Nancy Hill: Granted - Deed Signed with CLC - Clearance certificate received for reconnaissance and first pass aircore drilling.
Officer/Solitaire: Majority Granted - Deed Signed with CLC - Clearance certificate received for reconnaissance work over ELs 27140, 27141, 10223 and 25097. Work programmes submitted for aircore drilling. Awaiting clearance certificate.
Highland Rocks: Application - EL 29385 – 29388 - Received grant of Consent to Negotiate. Exploration Proposal in respect of the applications is due to be lodged with the CLC by 18 August 2012.