Devex picks up 4 uranium targets, looks to NT for large-scale mineralisation

DEVEX Resources (ASX:DEV) has discovered an array of large-scale uranium targets close to the Nabarlek mine in the Northern Territory, with the prospects that they represent never having been drilled before.

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The company’s new targets – identified as the Big Radon, KP, KP North, and Leatherhead prospects – each run several kilometres and have either large alteration footprints within the McArthur Basin or extensive Radon Track Etch anomalies.

These point to the potential for substantial uranium mineralisation, given the importance of the McArthur Basin as an analogue to Canada’s Athabasca Basin, which is home to some of the world’s most considerable uranium mines.

McArthur holds a uranium endowment of 730 million pounds (Mlbs) and is prospective for large-scale unconformity-type uranium discoveries in particular.

Devex has been assessing – through a detailed review – the potential for finding a Jabiluka-style uranium deposit in its Nabarlek uranium project, given the age of the Jabiluka II deposit is similar to that of Nabarlek.

The review entailed the assessment of various unique datasets collected over 50 years since the discovery of Nabarlek, with this yielding the targets mentioned above.

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The company will begin field investigations next month to identify priority areas for drilling, with applications to drill recently lodged with the regulator.

DEVEX has been trading at 9.4 cents.

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