DeVex U308 NT project

DevEx starts drilling at Nabarlek Project as uranium spot prices reach 10-year highs

DevEx Resources (ASX:DEV) has started diamond drilling at its 100%-owned Nabarlek Uranium Project, located in the ‘world-class’ Alligator Rivers Uranium Province (ARUP) of the Northern Territory.

The company reports its drilling program comes amid a strong resurgence in the uranium spot price – with recent prices reaching 10-year highs above US$50/lb U3O8.

DevEx is one of a select few ASX-listed companies permitted and actively exploring for high-grade uranium in Australia.

The current program will test multiple ‘high-grade’ uranium prospects that surround the historical Nabarlek Uranium Mine (previous production of 24Mlbs @ 1.8% U3O8).

The current program will test multiple ‘high-grade’ uranium prospects that surround the historical Nabarlek Uranium Mine

Drilling will initially focus on targets located adjacent to previous uranium intercepts, including those identified at Nabarlek South, North Buffalo, U40 and U42 and the historical Nabarlek Pit.

DevEx holds 100% of the highly prospective Nabarlek Project, with the company’s extensive tenement package comprising a dominant 4,700km-square portfolio situated in the heart of Australia’s world-class ARUP.

The project is centred on and includes the former Nabarlek Uranium Mine, considered Australia’s ‘highest-grade’ uranium mine with past production of 24Mlbs @ 1.84% U3O8, and includes three granted exploration tenements, and also the Nabarlek Mining Lease.

With more than 500m pounds of uranium identified in mined and unmined resources, the ARUP remains one of the world’s most prospective province for ‘high-grade’ uranium mineralisation.

Images: DeVex Resources Limited
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Written By Adam Orlando
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.