Deep Yellow Limited (ASX: DYL) (Deep Yellow) completed the second phase of the September/October RC drilling program at the Tumas 3 deposit, located on EPL3496 in October.

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

The second phase of the drilling program targeted the peripheral zones of the Tumas 3 deposit, to clearly define the edges of the uranium mineralisation along and across the palaeochannel to assist reserve estimation.

Drill results along the margins of the deposit exceeded expectations, with 57% of the 53 holes completed returning uranium mineralisation greater than 100ppm eU3O8 over 1m, and 34% returning uranium mineralisation greater than 200ppm eU3O8 over 1m.

The GT intervals of the latest drill holes confirm grade continuity along the periphery of the Tumas 3 deposit, with the possibility of locally extending the existing resource base in selected areas.

The Tumas 3 uranium mineralisation is of the calcrete-type, located within an extensive, mainly east-west trending, palaeochannel system. Uranium mineralisation occurs in association with calcium carbonate precipitations (calcrete) in sediment-filled palaeovalleys. The Tumas 3 mineralisation occurs as a discrete mineralised deposit, occurring separately from the other uranium deposits within this fertile palaeochannel system, namely Tumas 1 (which also includes Tumas1 East) and 2 as well as Tubas Red Sands/Calcrete deposits.

Optical televiewer down-hole technology imagery in support of the Tumas PFS was produced from all Phase 1 drill holes (ASX announcement 24 September 2020), using the optical borehole scanner technology (OPTV) to investigate grain size distribution in the Tumas 3 mineralisation. Note: All equivalent uranium values (eU3O8) in this announcement are based on down-hole radiometric gamma logging carried out by a fully calibrated Aus-Log gamma logging system.

Contact:

John Borshoff

Tel: +61 8 9286 6999

Email: john.borshoff@deepyellow.com.au

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 (on which a Pre-Feasibility Study is currently being finalised on its Reptile Project) and the pursuit of accretive, counter-cyclical acquisitions to build a global, geographically diverse asset portfolio. 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.

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