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68	68	== Nova Joint Venture (EPLs 3669, 3670) ==
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70		-===== **JOGMEC Earn-In Agreement** =====
	70	+=== JOGMEC Earn-In Agreement ===
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72	72	The tenements EPL3669 and EPL3670 comprise the Nova Joint Venture (NJV) held in the corporate entity Nova Energy (Namibia) Pty Ltd in which Reptile Mineral Resources and Exploration (Pty) Ltd (RMR - wholly owned subsidiary of Deep Yellow Limited) holds 65% (Manager), Nova Energy Africa Pty Ltd (wholly owned subsidiary of Toro Energy Limited, ASX listed) 25% and Sixzone Investments (Pty) Ltd 10%.
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80	80	JOGMEC is a Japanese Government organization that collaborates with governmental agencies and companies, both domestically and overseas, to secure stable supplies of natural resources and energy for Japan. JOGMEC carries out exploration activities through joint venture with overseas exploration companies. For projects that generate promising results, JOGMEC’s position in the project may then be transferred to Japanese companies with reduced exploration risk. Projects are selected based on geological potential, quality of management, mining investment environment (including safety) and Japanese companies’ interest. The organization has entered into more than 100 projects in the past 12 years and currently has more than 25 active joint ventures, spanning grassroots exploration through to pre-feasibility level projects.
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82		-===== **Activities** =====
	82	+=== Activities ===
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84	84	Ground geological and geophysical follow-up of the anomalous zones have commenced to define the drill target locations for the 6,000m drilling program planned to start in the last quarter of 2017. The geophysical work on the basement targets included pole-dipole induced polarization (PDIP), ground radiometric, electromagnetic (EM) and magnetic surveys.
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86	86	Ground geophysics is being utilized to better establish the location of the palaeochannels identified previously in more broad form from airborne EM data interpretation. This work on palaeochannel definition includes ground magnetics, gravity, EM and passive seismic surveys.
87	87
88		-===== **Basement Targets** =====
	88	+=== Basement Targets ===
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90	90	Airborne magnetic imagery is effective at mapping rocks prospective for alaskite and skarn-type deposits, and contributed significantly to the discovery of the world-class Husab deposit. A 40km strike length of prospective rock units has been identified in EPL3669 and 3670 using airborne magnetic imagery. The previous exploration strategy was to use RC drilling as a front-line approach to test the prospective stratigraphy, which, although it led to the discovery of the Ongolo alaskite-type deposit, proved costly and time-consuming. A focus of the new work therefore, is to re-evaluate existing geophysical datasets with a view to identifying rapid and cost-effective geophysical exploration methods for target definition.
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96	96	Geological mapping was carried out in tandem with the geophysical data review and generated important new information, including significant revisions to the existing Geological Survey of Namibia geology maps. This will lead to improved targeting.
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98		-===== **Surficial Calcrete Targets** =====
	98	+=== Surficial Calcrete Targets ===
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100	100	Surficial, calcrete-type uranium deposits of the Erongo district are typically hosted within abandoned river channels referred to as palaeochannels. Defining these palaeochannels is a key step to discovering further surficial-type resources. The target definition work carried out identified surficial calcrete targets and these will be drill tested late 2017 to determine their prospectively.
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102	102	Airborne electromagnetic surveys have proved to be effective at delineating these targets, probably due to high volumes of conductive, saline groundwater in the pores of the palaeochannel sediments. Many of the palaeochannels were previously unknown but the Skink prospect on EPL3670 was drill-tested by Aquitaine during the 1990s. Additional drilling is warranted, particularly in deeper sections of palaeochannel. A prominent NNW-SSE tending channel on EPL3669 seems particularly prospective as it drains a uranium-rich region to the North. This channel will also be drill tested.
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104		-==== **Yellow Dune Joint Venture (EPL 3498)** ====
	104	+= Yellow Dune Joint Venture (EPL 3498) =
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106	106	The parties to the Yellow Dune Joint Venture (YDJV) are Yellow Dune Uranium Resources (Pty) Ltd, a wholly owned subsidiary of Reptile Uranium Namibia (Pty) Ltd (RUN) (85%), Oponona Investments (Pty) Ltd (10%) and Epangelo Mining Company (Pty) Ltd (5%).
107	107
108	108	Due to the depressed uranium market outlook, the fact that EPL3498 is considered fully explored and that there is no further potential for additional discovery to add to the existing resources that have been defined, an application has been made for a Mineral Deposit Retention Licence to secure the area containing the resource within EPL 3498. Economic studies show that a mining operation at the current prevailing low uranium prices is not viable.
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110		-==== **Revised Mineral Resource Status** ====
	110	+= Revised Mineral Resource Status =
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112	112	In October 2016, the Company provided the revised Mineral Resource Estimate for its Tumas 1 and 2 deposits. The Inferred Resource category remains unchanged at 0.3Mlb U3O8 resulting in a total Resource of 13.3Mlb. This work did however generate a 13% increase in the Measured and Indicated Resource categories.
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114		-==== **Mineral Resource Estimates** ====
	114	+= Mineral Resource Estimates =
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116	116	The Company still has a number of Mineral Resource Estimates classified under JORC 2004 and has committed to progressively reviewing previously stated resources for the other deposits and bringing all resources up to JORC 2012 standard as indicated in Table 1.
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118		-=== Mineral Resource Statement (Table 1.) ===
	118	+== Mineral Resource Statement (Table 1.) ==
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120	120	|=Deposit|=Category|=U308(Mlb)
121	121	|**Basement Mineralization – Omahola Project – JORC 2004**| |