DevEx Resources (ASX:DEV) reports it has confirmed ‘high-grade’ uranium at the Nabarlek Uranium Project, located in the Alligator Rivers Uranium Province in the Northern Territory.
The company says the results were received from the first tranche of diamond drilling, and they show a ‘good’ correlation to previously reported downhole gamma uranium equivalent intercepts.
Geological logging and assays indicate uranium mineralisation at Nabarlek South is hosted in numerous fractures and veins with intercepts including 10.1m @ 1.10% U3O8 from 124.1m including 3.3m @ 2.63% U3O8, including 0.3m @ 8.8% U3O8 and 0.6m @ 5.6% U3O8 in 22NBDD02.
Meanwhile hole 22NBDD01 intercepted 61.8m @ 0.08% U3O8 from 65.3m including 0.2m @ 1.76% U3O8, 0.3m @ 0.71% U3O8, 0.2m @ 1.07% U3O8 and 0.6m @ 0.60% U3O8.
DevEx Resources Managing Director Brendan Bradley said the receipt of high-grade laboratory assays represented a key de-risking step for the Nabarlek Project, confirming the presence of high-grade uranium mineralisation in several holes.
“Importantly, the results validate the downhole gamma uranium equivalent intercepts reported previously, helping us to correlate this in-field method of analysis as a useful tool moving forward in 2023.
“Importantly, the results validate the downhole gamma uranium equivalent intercepts reported previously, helping us to correlate this in-field method of analysis as a useful tool moving forward in 2023″
In addition, they confirm beyond any doubt that Nabarlek is a high-grade exploration and growth opportunity for DevEx, unique in the uranium sector, that will be a major focus for us in 2023.
We have a lot more drilling to do, but we now have a high degree of confidence that we will be able to rapidly add significant value to the project in 2023, at a time of significant resurgence of interest in the uranium sector as demand and pricing reflects its pivotal role in the global energy transition.
We are looking forward to a big year ahead at Nabarlek and we will be updating our shareholders over the coming weeks and months as we receive the balance of assay results from 2022 and refine our drilling plans and next steps for the project.
DevEx reports within the interval in 22NBDD02, a 0.15m sample assayed higher than ALS Laboratories’ maximum detection limit of 11.8% U3O8 and this sample is being sent to ANSTO for further analysis to determine its grade.
These uranium-bearing fractures appear to shatter and alter the host dolerite, coalescing to form ‘high-grade; intervals such as those reported in 22NBDD02, and go towards creating a broader envelope of ‘lower grade’ uranium mineralisation as reported in 22NBDD01.
The company says drilling to date focused on understanding the primary controls of uranium mineralisation at Nabarlek South, DevEx plans to expand the drill program along strike from these intercepts where the uranium mineralisation remains poorly constrained by historical drilling and assaying.
A review of historic airborne radiometric surveys at the U42 Prospect has highlighted a ‘significant’ uranium trend the company says closely matches the recent bedrock uranium intercept in hole 22NBRC14.
Hole 22NBRC14 was designed to test for a uranium feeder structure beneath the flat dolerite and sandstone unconformity, and this style of mineralisation is similar to other major uranium deposits in the region.
DevEx reports the mineralisation seen in 22NBRC14 is open up-dip to the unconformity and also along strike for several kilometres, and these preliminary results are considered ‘exciting’ noting the extremely wide spacing of the reverse circulation (RC) drilling.
The recently processed airborne radiometric data provides ‘strong’ support to this interpretation and shows a northwest trending uranium anomaly that is oriented similar to other uranium-bearing fault zones in the region.
With the onset of the Top End wet season, DevEx plans to prioritise an expanded drill program at U42 at the start of the 2023 dry season in April.
DevEx Resources is an exploration company with a diversified portfolio of ‘high-quality’ projects in the Northern Territory, Western Australia and New South Wales.
These projects include the Sovereign Project in Western Australia, the Nabarlek Project in the Northern Territory, and the North Cobar, Junee and Basin Creek Projects in New South Wales.
Images: DevEx Resources Ltd
