DevEx Resources Ltd (ASX:DEV) has reported significant uranium mineralisation from a program of reverse circulation (RC) drilling at prospects surrounding the historic Nabarlek uranium mine in the Northern Territory.
The company is running both RC and diamond drilling over the prospects, with the former picking up intercepts such as 7.5 metres at 1,821 parts per million (ppm), or 4.01 pounds (lbs) per tonne at a site 2 kilometres north of the mine, along the Nabarlek Fault Corridor.
The goal for DevEx is to determine the potential for Nabarlek-style mineralisation beneath the unconformity contact at the Nabarlek North Fault, and step-out drilling is planned for the coming month in this region.
Drilling at the U40 prospect has also identified significant mineralisation, within an altered fault breccia, with intercepts including 1.1 metres at 4,452ppm (or 9.81lbs/t), including 0.4 metres at 8,637ppm (19.04lbs/t).
DevEx Managing Director, Brendan Bradley said the exploration indicated the potential for a major find in the area.
“With two rigs now on site, our drilling program is in full swing,” he said.
“Early results at U40 and Nabarlek North, alongside the emergence of new targets surrounding the old Nabarlek mine, continue to grow the opportunity for a major uranium discovery in the Alligator Rivers Province.”
DevEx has been trading at 28.5 cents.