DevEx Resources (ASX:DEV) has announced that initial diamond drilling has intersected ‘high-grade’ uranium mineralisation at its 100%-owned Nabarlek Uranium Project.
The company reports that these early results provide the company the basis for expanding the drill program with a second rig arriving shortly.
Drilling at the Nabarlek South and North Buffalo Prospects has intersected ‘significant zones’ of uranium mineralisation adjacent to historical intercepts, highlighting the endowment and exploration upside of the brownfields project, located in the heart of the ‘world-class’ Alligator Rivers Uranium Province (ARUP) in the Northern Territory.
DevEx’s share price soared by more than 36.66% to $0.410 as of 9.30am AWST.
Addressing the results, DevEx Managing Director Brendan Bradley said: “Our 2022 drilling program at Nabarlek is off to a flying start, with the early success at Nabarlek South and North Buffalo clearly demonstrating the scale and quality of the opportunity in this highly endowed uranium field.
“Our 2022 drilling program at Nabarlek is off to a flying start”
The historic Nabarlek uranium mine has shown that these high-grade deposits can exist within a lens of between 30m and 75m in length.”
DevEx reports that targeting the Nabarlek South uranium shoot, Hole 2 (22NBDD02) intersected 10.7m @ 1.2% eU3O8 from 123.4m including 3.2m @ 3.1% eU3O8, extending the known ‘high-grade’ uranium mineralisation 25m down-plunge from historical uranium intercepts in fresh rock.
Visual logging of the mineralised diamond core, supported by spot pXRF analysis, has identified uranium mineralisation within a fault zone of fractures and veins within the dolerite over the reported intercept length.
These uranium-bearing fractures range in thickness from numerous microfractures through to narrow veins up to 4cm in thickness of massive uranium mineralisation.
This uranium mineralisation lies within a broader chlorite-haematite-leucoxene alteration zone.
At North Buffalo, Hole 4 (22NBDD04) intersected 9.1m @ 0.15% eU3O8 from 50.5m including 0.4m @ 0.80% eU3O8, with a similar result in Hole 6 (22NBDD06). These shallow intercepts lie within the Nabarlek Mining Lease and remain open along strike for hundreds of metres to the east and west.
DevEx plans to continue drilling along strike of these intercepts as part of the current program.
Images: DevEx Resources Limited
