Deep Yellow Limited (DYLLF) Adds to Alligator River Project With Stake in Cooper Creek JV Acquisition
Deep Yellow Limited (ASX:DYL) (FRA:JMI) (OTCMKTS:DYLLF) announced that it has entered into a binding agreement with Energy Resources of Australia Limited (ERA) (ASX:ERA) to acquire ERA's 50% participating interest in the Cooper Creek JV.
Highlights
- Deep Yellow has entered into a binding agreement with Energy Resources of Australia Limited to acquire its 50% stake in the Cooper Creek JV in the Northern Territory, Australia.
- The Cooper Creek JV is contiguous to Deep Yellow's tenure in the Alligator Rivers Uranium Province (ARUP) and adds another highly prospective exploration opportunity in this world-class region.
- The expansion of Deep Yellow's ARUP position fully aligns with the Company's strategy to build out a portfolio of uranium assets that can deliver sustained value for shareholders.
The Cooper Creek JV holds two Exploration Licence Applications, ELA23311 and ELA23312., covering 810km2 in the northern part of the world-class Alligator Rivers Uranium Province (ARUP) in the Northern Territory (Figure 1*). The other Cooper Creek JV partners are Cameco Australia Proprietary Limited, a wholly owned subsidiary of Cameco Corporation (TSE:CCO) (NYSE:CCJ) (40%; JV manager) and Sutton Motors Proprietary Limited (10%).
Deep Yellow will pay ERA $648,000 cash on completion of the acquisition, which is expected to occur within 10 business days of the satisfaction of standard conditions including government approvals.
The Cooper Creek JV stake aligns fully with Deep Yellow's strategy to build out its highly prospective portfolio of uranium assets in Namibia and Australia, headlined by the shovel-ready Tumas mine development project in Namibia.
Importantly, the Cooper Creek JV ELAs adjoin Deep Yellow's existing tenement position in the ARUP and build out the Company's exposure to this world-class uranium province. Deep Yellow's ARUP tenure includes the Angularli Deposit, where the Company has identified an Inferred Mineral Resource at Angularli of 32.9 Mlb U3O8 at 1.09% U3O8. Upon completion of the Cooper Creek JV stake acquisition, Deep Yellow's tenure and prospective tenure in the ARUP across various Exploration Licences and ELAs will comprise 4,820 km2.
The ARUP lies in West Arnhem Land in the Northern Territory and is part of a wider region that is home to high-grade uranium deposits including Ranger, Jabiluka and Nabarlek.
Commenting on the Cooper Creek JV stake acquisition, Deep Yellow Managing Director and CEO Greg Field said:
"The acquisition of ERA's participating interest in the Cooper Creek JV represents a strategically significant addition to Deep Yellow's tenure in the Northern Territory. It gives our exploration team another great opportunity to apply their rigorous exploration model and deep technical expertise to discover large, high-grade uranium deposits.
Importantly, the Cooper Creek JV deal fully aligns with our strategy to expand on and drive value from our portfolio of excellent uranium assets, ranging from the shovel-ready tier 1 Tumas Project in Namibia, which remains our key focus, to exciting greenfields exploration opportunities in the Alligator Rivers Uranium Province. We are delighted to be part of a joint venture led by global uranium major Cameco."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/418062QT
Investors: Greg Field Managing Director - CEO +61 8 9286 6999 info@deepyellow.com.au Media: Peter Klinger Director - Purple +61 411 251 540 pklinger@purple.au
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