Australian exploration and development company DevEx Resources (ASX:DEV) has uncovered more uranium (U) grading higher than 1% across multiple prospects within the Nabarlek Uranium Project in the Northern Territory.
The company says several ‘high-grade’ uranium assay results have been received from reverse circulation (RC) and diamond drilling (DD) completed last year, confirming the potential of the project. It also notes these results provide the opportunity to delineate ‘high-grade’ zones of mineralisation across multiple prospects.
At the U42 prospect, broad-spaced RC drilling intersected ‘high-grade’ uranium mineralisation within the underlying Cahill Formation. Assay results from the previously reported uranium equivalent (eU3O8) intercepts in hole RC14 confirm the presence of ‘high-grade’ uranium mineralisation. Hole 22NBRC14 intersected 2m @ 0.59% U3O8 from 188m, including 1m @ 1.03% eU3O8.
The company says RC14 was designed to test for a uranium feeder structure beneath the flat dolerite and sandstone unconformity. This style of uranium mineralisation is similar to how other major uranium deposits form in the region. Furthermore, a review of historical airborne radiometric surveys at U42 has highlighted a prominent uranium trend that closely matches the recent bedrock uranium intercepts.
DevEx reports the uranium mineralisation seen in RC14 is open up-dip to the prospective unconformity and along strike for several kilometres. These preliminary results are ‘exciting, considering the ‘extremely’ wide spacing of RC drilling.
Commenting on the results, DevEx Resources Managing Director Brendan Bradley says: “The latest batch of assay results from the highly successful 2022 drilling campaign continue to reinforce the exceptional growth opportunity for the company at Nabarlek, against the backdrop of improving sentiment in the uranium sector.
“We have now demonstrated the presence of exceptionally high-grade uranium mineralisation across multiple areas, putting DevEx into rarefied space as a uranium explorer on the ASX”
We have now demonstrated the presence of exceptionally high-grade uranium mineralisation across multiple areas, putting DevEx into rarefied space as a uranium explorer on the ASX.
Encouragingly, not only are we reporting outstanding results, but some of these intercepts remain completely open along strike in totally unexplored areas. For example, the high-grade intercept we have reported today is from a new area at U42 and remains completely open for several kilometres along strike.
This will be a priority early focus for us when we resume drilling in the dry season. We are extremely excited by the results of our 2022 drilling which highlights the significant upside for our shareholders as we prepare to restart exploration this year and the outlook for the uranium sector continues to strengthen.”
At Nabarlek South, DevEx reports assay results received continue to confirm previously announced downhole gamma uranium equivalent intercepts, demonstrating ‘high-grade’ uranium hosted in numerous fractures.
DevEx believes there is strong potential these prospects may all represent 1 continuous uranium system, and as a result, expanded drilling along trend from Nabarlek South is planned in 2023.
DevEx Resources is an Australian exploration and development company focused on its portfolio of projects across the country. These projects include the Nabarlek Uranium project in the Northern Territory, and the Sovereign Gold Project in Western Australia, as well as the Junee Copper-Gold and North Cobar Gold-Base Metal projects in New South Wales.
Images: Devex Resources Ltd & iStock
