In November 2016, Deep Yellow signed a joint venture agreement with JOGMEC (a Japanese Government Agency), covering exploration and development at the Nova Project. JOGMEC are spending A$4.5M over 4 years to earn a 39.5% interest in Nova.
The joint venture includes two EPLs prospective for both basement and palaeochannel-type uranium mineralisation.
The joint venture is applying innovative geophysical and geochemical exploration methods and systematic drilling to the discovery of buried mineralisation. Previously unknown, but sub-economic, mineralisation has been so far been discovered at the Namaqua palaeochannel and Iguana basement deposits. The Iguana deposit is of a type that is dissimilar to the Rössing and Husab basement deposits, as uranium is concentrated in unusual black quartz veins.