Uranium mining company Deep Yellow has not found significant uranium deposits during its most recent drilling programme at the Tumas project in the Erongo region.
The Tumas project area includes 125km of paleo channels (ancient riverbeds) that could host uranium.
The latest drilling project began in October and explored 7km of paleo channels.
Despite identifying sediment that could contain uranium, Deep Yellow found only thin layers of uranium in low concentrations.
In 2026, the company will focus on nearby under-explored areas likely to contain a different type of uranium mineralisation.
Since the Australian-owned company began explorations in 2016, it has found about 62 million kilogrammes of uranium oxide deposits.
In 2023, the company released a definitive feasibility study (DFS), which confirmed the commercial viability of the project.
Establishing a fully operational uranium mine would require capital expenditures of U$360.5 million (about N$5.9 billion).
The final investment decision for the Tumas project was originally expected in early 2025, but was delayed due to uranium prices.
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