RC drilling at the Nabarlek North area returned a headline intercept of 7.5m at 1821 parts per million uranium equivalent from 133.4m. This represents the down-hole length, with true widths yet to be determined.
The area along the Nabarlek fault corridor hosts the previously producing Nabarlek mine, which DevEx says is considered Australia’s highest-grade uranium mine that recovered 24 million pounds at 1.84%.
Meanwhile, drilling at the nearby U40 prospect confirmed mineralisation within an altered fault breccia “well below the unconformity”, according to DevEx, with results including a 0.4m hit at 8637ppm uranium within a 1.1m intercept at 4452ppm uranium equivalent from 252m.
DevEx said new drill targets were emerging to the southwest of the mine, with two IP chargeability anomalies spotted at the Cooper South zone beneath previous uranium intercepts.
Drilling will target these zones in August.
The company has two rigs on site to carry out its plans, which include more than 200 holes for circa 25,000m.
Alongside Nabarlek, DevEx also owns the Murphy West uranium project, also in the NT, and the Kennedy rare earths project in North Queensland.
The company defined a 150 million tonne at 1000ppm total rare earth oxide resource for Kennedy earlier this month.
It had cash of just under A$20 million at the end of March.
