DevEx Advances Uranium Exploration with New Tenements and Drilling Insights
DevEx Resources reports significant progress in its uranium exploration projects at Nabarlek and Murphy West, with new tenement applications nearing grant and ongoing evaluation of high-grade drilling results.
- Two priority tenement applications north of Nabarlek expected to be granted in March quarter
- Detailed review of 2024 drilling results underway to understand geological controls of uranium mineralisation
- First-pass ground radiometric and geochemical sampling confirms new uranium anomalies near Nabarlek
- Murphy West project field investigations continue, targeting large-scale unconformity-type uranium deposits
- Exploration expenditure of nearly $2 million in the quarter with a strong cash position of $9 million
Nabarlek Project Poised for Expansion
DevEx Resources Limited (ASX: DEV) has reported meaningful advancements in its December 2024 quarterly activities, underscoring its commitment to uranium exploration in Australia's Northern Territory. Central to this update is the anticipated grant of two priority tenements north of the historical Nabarlek Mine, expected in the March quarter following agreements with Traditional Owners and the Northern Land Council. These tenements, EL29897 and EL25384, are strategically located along strike from Deep Yellow Limited's Angularli Deposit, which boasts a substantial mineral resource estimate of 32.9 million pounds at 1.09% U3O8.
The company is currently undertaking a detailed review of its 2024 drilling campaign results at Nabarlek and the nearby U40 prospect. This work focuses on re-logging and structural interpretation to better understand the geological controls driving the higher-grade uranium mineralisation encountered. Such insights are critical for planning the next phase of drilling, potentially unlocking further resource growth.
New Uranium Anomalies Confirmed
Complementing the drilling review, DevEx completed first-pass ground-based radiometric and surface geochemical sampling to investigate several new priority radiometric anomalies identified from its recent airborne survey southeast of the Nabarlek Mine. Field checks have confirmed these anomalies along the Stevens and Big Radon Faults, with preliminary geochemical samples submitted for analysis. Results are anticipated in the coming quarter, which could provide fresh targets for exploration.
Murphy West Project: Exploring Untapped Potential
DevEx’s Murphy West Uranium Project, located along the southern margin of the McArthur Basin, is also progressing with first-pass field investigations targeting priority radiometric anomalies. These anomalies, some extending up to two kilometres, were identified in a 2023 airborne survey and lie west of Laramide Resources Limited’s Westmoreland uranium deposits. The anomalies fall into two categories: unconformity-type uranium anomalies associated with magnetic features near the Westmoreland Conglomerate, and Westmoreland-type anomalies within the conglomerate itself, often linked to fault offsets.
The McArthur Basin is renowned for its uranium endowment, comparable in scale and style to Canada’s Athabasca Basin, making Murphy West a highly prospective area for large-scale discoveries. DevEx is earning into this project through agreements covering approximately 10,000 square kilometres of tenure, with ongoing fieldwork expected to continue into the March quarter to refine targets for the 2025 field season.
Financial Position and Corporate Updates
During the quarter, DevEx invested nearly $2 million in exploration and evaluation activities, supported by a solid cash balance of $9 million at the end of December 2024. The company also issued new unlisted options and performance rights following shareholder approval at its November AGM, while some options and rights lapsed or were forfeited. DevEx holds strategic interests in Lachlan Star Limited and entX Limited, diversifying its portfolio beyond uranium.
Other projects, including the Jimblebar Copper-Nickel Project, saw limited activity due to seasonal weather constraints, with planned surveys postponed until conditions improve. No work was reported on other assets such as the Kennedy Ionic Clay REE Project or the Sovereign Nickel-Copper-PGE project during the quarter.
Looking Ahead
With key tenements expected to be granted imminently and ongoing drilling and sampling programs underway, DevEx is positioning itself to capitalize on the uranium market’s evolving dynamics. The company’s methodical approach to understanding geological controls and targeting high-priority anomalies could unlock significant value in the near term.
Bottom Line?
As DevEx advances its uranium exploration, the March quarter promises pivotal results that could reshape its resource potential and market standing.
Questions in the middle?
- What will the upcoming geochemical assay results reveal about the new radiometric anomalies near Nabarlek?
- How will the detailed structural interpretations influence the design and targeting of the next drilling phase?
- What are the implications of the Murphy West anomalies for DevEx’s long-term uranium strategy and potential resource scale?
