- DevEx Resources (DEV) reports “standout” intercepts of uranium at its Nabarlek project in the Northern Territory
- Results include 10.7 metres at 1.2 per cent uranium oxide equivalent at the Nabarlek South prospect and 9.1 metres at 0.15 per cent uranium oxide equivalent at North Buffalo
- Following this, DevEx has expanded its drilling program and will mobilise a second drill rig later this month
- Managing Director Brendan Bradley says the drilling effort is off to a “flying start” with results already showing the scale and quality of the opportunity in the uranium field
- DEV shares are up 35 per cent to trade at 40.5 cents each at midday AEST
DevEx Resources (DEV) said its 2022 drilling program at its NT-based Nabarlek project is off to a good start with significant zones of uranium mineralisation intersected.
The company reported “standout” intercepts from two prospects of 10.7 metres at 1.2 per cent uranium oxide equivalent from 123.4 metres including 3.2 metres at 3.05 per cent uranium oxide equivalent at Nabarlek South.
The North Buffalo Prospect returned 9.1 metres at 0.15 per cent uranium oxide equivalent from 50.5 metres including 0.4 metres at 0.8 per cent uranium oxide equivalent.
Following these early results, DevEx has expanded the drilling program at both prospects.
“Our 2022 drilling programme at Nabarlek is off to a flying start, with the early success at Nabarlek South and North Buffalo clearly demonstrating the scale and quality of the opportunity in this highly endowed uranium field,” Managing Director Brendan Bradley said.
“The historical Nabarlek uranium mine has shown that these high-grade deposits can exist within a lens of between 30 metres and 75 metres in length. We are very excited by these early results, which provide the basis for expanding the drill programme with a second rig arriving shortly.”
DevEx holds a big tenement package along the Alligator Rivers uranium province, which includes the former Nabarlek uranium mine. This mine is considered Australia’s highest-grade uranium mine which historically produced 24 million pounds at 1.84 per cent uranium oxide.
On the market, DEV shares were up 35 per cent to trade at 40.5 cents each at midday AEST.