DevEx Resources has just intersected more uranium at its Nabarlek project – with the latest results reinforcing the significant upside at the project, which sits in the heart of the world-class Alligator Rivers Uranium Province (ARUP) in the Northern Territory.

Latest diamond drilling at the Nabarlek South prospect has intercepted:

  • 53.3m at 0.23% uranium equivalent (eU3O8) from 82.3m; and
  • 26.4m at 0.15% eU3O8 from 65.8m.

DevEx Resources (ASX:DEV) MD Brendan Bradley says the Nabarlek Uranium Project is emerging as a standout growth opportunity.

The Tim-Goyder chaired company started drilling at Nabarlek in July and has already excited the market with a stunning high-grade intercept of 10.7m at 1.2% eU3O8 at the Nabarlek South prospect, located just south of the historic Nabarlek Uranium Mine.

Drilling is in full swing with two rigs and is set to continue right through towards the end of the dry season.

“Against the backdrop of growing investment momentum in the uranium sector as nuclear power is increasingly accepted as the only viable source of baseload power to help facilitate global decarbonisation, DevEx is one of just a handful of companies on the ASX that is actively drilling and delivering significant uranium mineralisation,” he said.

“If you believe in decarbonisation, you have to believe in nuclear energy – simply because it is the only realistic clean alternative to fossil fuels as we cut our carbon emissions,” Bradley says.

“When you look at it in this context, there are very, very few opportunities on the ASX where exploration companies have active drilling programs underway – and are actually intersecting high-grade uranium mineralisation. DevEx ticks all those boxes.

“The dolerite rock package surrounding the historic Nabarlek mine is emerging as an exceptional shallow exploration target for DevEx, with multiple wide zones of fracture-hosted uranium mineralisation already intersected at Nabarlek South and significant high-grade uranium also discovered in a wildcat hole at U42.”

U42 the wildcat card

Showing that Nabarlek has more cards in the deck, new broad-spaced drilling at U42 prospect has just revealed a significant uranium intercept in basement rocks of 1.9m at 0.44% eU3O8 from 186.7m, including a high-grade zone of 0.6m at 1.03% eU3O8.

Considering this is broad-spaced RC drilling, the company says the uranium intersected in Hole RC14 is a “very exciting preliminary result” which it plans to follow up on in the current campaign.

Drilling priority targets

DevEx holds an extensive tenement package in the ARUP which is centred on, and includes, the former Nabarlek Uranium Mine, considered Australia’s highest-grade uranium mine with past production of 24Mlbs at 1.84% U3O8.

Two drill rigs are currently on site, testing multiple historical uranium prospects surrounding Nabarlek, including Nabarlek South, U42, Coopers, the U40-to-Zeus Trend, the KP Prospect and the recently defined Overload Prospect – which represents an “exciting” Nabarlek/Ranger type uranium exploration drill target.

“Drilling is now focusing on the Overload and Coopers prospects, with additional drilling also planned at U42 before the end of the year,” Bradley said.

“We expect this work to generate a strong pipeline of news flow as assay results are returned over the coming weeks and months, leading into a greatly expanded drilling program in Q2 2023 aimed at defining resources and underpinning economic assessments.”




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.