DevEx Resources (ASX: DEV) has obtained further significant high-grade assay results from its 2022 drilling campaign at the 100%-owned Nabarlek Uranium Project (Project), located in the heart of the world-class Alligator Rivers Uranium Province (ARUP) in the Northern Territory, Australia.
Several new high-grade uranium assay results have been received from both Reverse Circulation (RC) and diamond drilling completed last year, confirming the significant potential of the Project and the opportunity to delineate high-grade zones of mineralisation across multiple prospects.
Importantly, these assay results also confirm the previously reported down-hole gamma uranium equivalent intercepts.
Managing Director Brendan Bradley said the latest batch of assay results from the highly successful 2022 drill campaign continued 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.
‘Encouragingly, not only are we reporting outstanding results, but some of these intercepts remain completely open along strike in totally un-explored 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 highlight the significant upside for our shareholders as we prepare to restart exploration this year and the outlook for the uranium sector continues to strengthen. We look forward to receiving and reporting the balance of assay results next month and finalising our plans for a big exploration push in 2023.’
U42 Prospect
At U42, broad-spaced reconnaissance RC drilling has intersected high-grade uranium
mineralisation within the underlying Cahill Formation.
Assay results from the previously reported1 uranium equivalent intercepts in hole RC14 confirm the presence of significant high-grade uranium mineralisation, including: 22NBRC14 (RC14) 2.0m @ 0.59% U3O8 from 188m, including: 1.0m @ 1.03% eU3O8
Hole 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 (e.g., the world-class Ranger Uranium Mine to the south-east.
A review of historical airborne radiometric surveys at U42 has highlighted a prominent uranium trend that closely matches the recent bedrock uranium intercepts.
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 the RC drilling.
