Japan to Pump N$1 billion into Namibian Uranium

Japan Oil, Gas and Metals National Corporation (Jomec) has approved a U.S. $70 M (N$1 Billion) ’20 exploration budget on its Nova JV with Deep Yellow.

The Nova JV, in which Jogmec holds a 39.5% interest, is exploring for alaskite and palaeochannel/calcrete-type uranium deposits. Two prominent zones of uranium mineralization were confirmed in ’17 and are currently being further delineated with IP, radiometric, gravity, ground magnetic, and EM ground surveys. Previously uncharted palaeochannel systems have been identified, as well.

On 31 May, Deep Yellow was placed in a trading halt, pending the release of an announcement (capital raise). The halt will remain in effect until Tuesday, 4 June.