DevEx commences uranium drilling at Nabarlek Project in NT

DevEx Resources (ASX: DEV) has commenced its 2024 drilling campaign at the 100%-owned Nabarlek Project, located in the world-class Alligator Rivers Uranium Province (ARUP) of the Northern Territory.

A major campaign of Reverse Circulation (RC) and diamond drilling (+200 holes for 25,000m) is planned to follow up the recent high-grade uranium drill intercepts reported from several prospects surrounding the historical Nabarlek Mine (previous production of 24Mlbs @ 1.8% U3O8), focusing on the two uranium bearing fault corridors.

U40 Fault Corridor:

• Extensive uranium mineralisation along the U40 Fault with high-grade uranium intercepts including 6m @ 7.6% (167.6 lbs/t) U3O8 from 75m. Importantly, recent step-out drilling intersected 5m @ 0.54% (11.9 lbs/t) U3O8 from 257m, demonstrating that the uranium system is extensive and remains open at depths well below the unconformity and well beyond the current level of drill testing.

Nabarlek Fault Corridor:

• Drill intercepts along the fault corridor that hosts the historical Nabarlek Mine, to the north, south and immediately beneath the historical area of mining. Recent uranium intercepts at Nabarlek North, including 13m @ 0.28% (6.17 lbs/t) U3O8 from 41m (RC174) at the unconformity, demonstrate the potential for new discoveries adjacent to the historical mine site.

In addition to the drilling above, DevEx will follow up on other fault-hosted uranium intercepts on adjacent structures including the Coopers and U42 Prospects.

“We have a big field season ahead of us with multiple opportunities to make a significant discovery that has the potential to be a game-changer for DevEx as a uranium explorer. The data generated from last year’s campaign has helped us refine and prioritise our drilling focus, and we are looking forward to a period of significant activity and news-flow in the months ahead,” Managing Director, Brendan Bradley, said.

“The launch of drilling is well aligned with a continued strong resurgence in the global uranium outlook, with the clean energy transition and a forecast supply shortfall driving recent record uranium spot prices.”