Uranium explorer DevEx Resources has kicked off exploration at its Nabarlek uranium project in the Northern Territory – but the company has an ace up its sleeve.
Instead of starting from scratch like most juniors, DevEx has a head start with over 50 years of historical exploration data from the project, which previously produced 24 million pounds at 1.84% uranium.
The company has spent the last six months reviewing the data and it’s paid off.
DevEx Resources (ASX: DEV) has highlighted multiple new uranium, copper and gold exploration targets which present an outstanding exploration opportunity at the project.
Prime real estate in a Tier-1 uranium province
“Some months ago, we commissioned a project-wide technical review to re-evaluate the potential of Nabarlek and the surrounding tenure,” DevEx managing director Brendan Bradley said.
“We have been fortunate to inherit a treasure trove of data surrounding this significant historical uranium mine site.”
Nabarlek is smack bang in the middle of the Alligator Rivers Uranium Province (ARUP) which is considered amongst the world’s most prospective region for uranium mineralisation, with over 500 million pounds of uranium identified in mined and unmined deposits throughout the province.
Bradley said the data review has demonstrated there’s a wide range of exploration targets supported by numerous occurrences of uranium mineralisation throughout the project.
“Nabarlek is not a one-prospect project, it is an extensive piece of uranium-copper-gold real estate within a Tier-1 uranium province,” he said.
“We look forward to getting back on this exciting ground for a new round of exploration.”
Perfect timing amid rising uranium sentiment
The company – previously called Uranium Equities – purchased the Nabarlek mining lease in 2008 and has since built up an impressive 4,800 square kilometre portfolio of 100%-owned tenements in the surrounding region, either granted or in application.
Then Fukushima happened, and the uranium price went south quite rapidly. Exploration slowed right down.
But now the timing couldn’t be better as prices hit 9-year highs and market sentiment skyrockets.
“We didn’t have a crystal ball back in the beginning of the year when we kicked off this review” Bradley said.
“But the timing is good, there’s no doubt about it.
“It’s taken a little bit of time to go through all the data because – as you can imagine – with 50 years’ worth of information, going over old hard copy data and bringing it all together takes a bit of time and effort.
“But it’s a real treasure trove of data, so it’s very exciting in terms of uranium intercepts and targets for our exploration program.”
Aggressive exploration program underway
The company’s extensive 12-month exploration campaign includes new near-mine targets at Nabarlek and several prospects where both strike and down-plunge extensions to high-grade uranium, copper and gold mineralisation have been identified.
At the Nabarlek South prospect, drilling is planned to test the down-plunge potential beneath a cluster of high-grade uranium intercepts including:
- 25m at 0.32% uranium from 115m, including 2.0m at 1.0% uranium and 3.0m at 1.0% uranium
At the Zeus to U40 corridor early-stage exploration, including drilling, is planned to test a uranium-copper-gold corridor from the Zeus to U40 prospects, where previous drilling encountered high-grade uranium, copper, and gold mineralisation, including:
- 6m at 7.6% uranium, 0.7 g/t gold, 2.0% copper from 75m.
The company will also explore other similar uranium corridors on the Nabarlek, Gabo and North Faults – which appear to control the distribution of uranium mineralisation as seen at the Overload, Coopers, North Buffalo, Black Bream and KP prospects – in the coming months.
DevEx will host an investor webinar on Thursday, 30 September 2021 commencing at 9.00am WST / 11.00am AEST, to provide further technical detail and explain the significance of the uranium targets.
Interested shareholders, investors, and media can join the webinar by clicking on the link below:
https://www.bigmarker.com/read-corporate/DevEx-Resources-Investor-Update-Uranium-Exploration-Strategy-3c0e7c041fb2a23adfe7a286
This article was developed in collaboration with DevEx Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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