DevEx Resources (ASX: DEV) has received encouraging initial results from the recently completed detailed airborne radiometric and magnetic survey at the Murphy West Uranium Project in the Northern Territory, where several large, high-priority uranium anomalies have been delineated.
The company has also received additional high-grade assay results from recent drilling at the 100%-owned Nabarlek Uranium Project, providing further valuable data to be reviewed and collated in advance of planning the next phase of drilling.
Both the Murphy West and Nabarlek Projects are located along the margin of the McArthur Basin in the Northern Territory, Australia.
Analogous to the world-class Athabasca Basin in Canada, which hosts some of the world’s most significant uranium mines, the McArthur Basin already hosts over 700Mlbs of uranium endowment1,2 throughout the region and is highly prospective for large-scale unconformity-type uranium discoveries.
“These exciting results from the first, detailed and large-scale, radiometric survey to be undertaken in this region have vindicated DevEx’s decision to deploy this remote-sensing exploration technique to help narrow down our search for the region’s next major uranium discovery,” Managing Director, Todd Ross, said.
“Anomalies located by a Government-funded survey back in the 1950s led eventually to the discovery of the Westmoreland uranium deposits, helping to open up this region to modern uranium exploration.
“The large-scale targets identified are analogous to both Westmoreland and Alligator River uranium deposits alike, representing exciting exploration opportunities for the company.
“We plan to get field teams on the ground in the coming weeks to further investigate the surface expression of these targets.
“DevEx has a dominant footprint in the McArthur Basin, which has strong geological similarities to the world-class Athabasca Basin in Canada, home to some of the world’s biggest uranium mines.
“Between our district-scale Murphy West Project and advanced Nabarlek Project, which continues to generate exciting high-grade drill results, we are continuing to advance towards our goal of making a company-changing uranium discovery in Northern Australia.”