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DevEx Resources Ltd (ASX:DEV) has consolidated its project portfolio by entering into two earn-in agreements which will expand the territorial footprint of its Murphy West Uranium Project in the Northern Territory, as well as providing an exploration opportunity for base metals in Western Australia.
The other partner in the earn-in agreements is Trek Metals Ltd (ASX:TKM), who will offer DevEx the opportunity to earn an 80 percent interest in tenements in the Murphy West territory, which is proximal to Laramide Resources Limited (ASX:LAM) Westmorland Uranium Project in Queensland.
This will boost the combined tenements attached to Murphy West to an area of more than 10,000 square kilometres, and DevEx will also be keen to explore strike extensions of significant geological stratigraphy hosting known uranium mineralisation, including mineral resource estimates within the Westmorland project.
The geophysical nature of this territory is also notable: hosting more than 700 million pounds (lbs) of uranium, the lowest rocks of the McArthur Basin and the basement rocks beneath are highly prospective for large-scale uranium discoveries, and DevEx’s takeup of tenements in the area is part of a wider strategy to build a portfolio in this Basin.
Adding to this is the earn-in agreement’s inclusion of an exploration opportunity at the Jimblebar Base Metal Project in WA’s Pilbara region, where DevEx is seeking to pin down nickel-copper sulphide mineralisation on the northern margin of the Sylvania Dome.
The latter is adjacent to historical copper occurrences at Copper Knob.
DevEx managing director Brendan Bradley said the company would be busy with exploration activity at Murphy West, with the exploration team looking forward to analysing data from the new tenements.
“DevEx has now completed its targeted consolidation at Murphy West Uranium Project following these agreements with Trek,” he said.
“Targeting near-surface uranium mineralisation, our planned extensive and detailed airborne
radiometric and magnetic survey will be flown over the majority of the project area this month.
“This will give us a much-anticipated high-quality dataset over the southern margin of this poorly explored uranium province.
“The successful conclusion of these two earn-in agreements with Trek is highly complementary to the strength and optionality within DevEx’s Australian exploration portfolio and is consistent with our focus on achieving first-mover status in highly prospective terranes with the potential to yield company changing discoveries.”
DevEx has been trading at 34 cents.
