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noRtHeRn teRRItoRY sPotLIGHt

DevEx returns to uranium roots

evEx Resources Ltd must have been
Dfeeling nostalgic for its past life as
Uranium Equities when it revealed a
12-month plan to revive the Northern
Territory’s historic Nabarlek mine in Sep-
tember.
The $1.5 million exploration pro-
gramme has already begun at Nabarlek,
including follow-up mapping and surface
sampling for uranium, copper and gold
occurrences in and around the mine,
located within the Alligator Rivers prov-
ince. Drilling is slated for the April dry
season.
Discovered in the 1960s, Nabarlek
produced 24 mlb @ 1.84% uranium over
20 years. DevEx purchased the land in
2008 and managing director Brendan
Bradley fronted investors with the pro-
posal, backdropped by a bullish uranium
market with spot prices hovering around
$US40/lb. Devex geologists logging core from the historic Nabarlek project in the Northern Territory
“We’re looking forward to getting on
with the job,” he said. “It’s all about high hosts a tightly contained occurrence of and we’re already doing it at the mo-
grade. That’s why Nabarlek has been uranium mineralisation, controlled by a ment.”
in our portfolio for a very long time and series of structures including the “north Public sentiment towards uranium has
we’re very excited about it. fault”. Bradley believes the best miner- adjusted positively in the past year, with
“The uranium price has previously alisation is running adjacent to that fault. the American Democratic party endors-
been down, and we’ve been moving the “That becomes an exploration target ing nuclear energy for the first time after
project along gently. We have commis- for what we’re doing,” he said. “Using 48 years of opposing its use. Australia’s
sioned a six-month review and we’re historical data, we’re identifying a num- nuclear-powered submarine deal with
looking at the historical exploration.” ber of undrilled anomalies with structural the UK and US also put yellowcake dis-
Historical data has gifted a “treasure similarities to the Nabarlek deposit. cussions back on the front page.
trove” of information for DevEx to flick “This is a province that is very well en- On the positive yellowcake sentiment,
through while the company waits for the dowed in uranium with over 500 mlb de- Bradley tried hard to hold his tongue, but
rainy season to let up. fined in resources and mining history… the excitement was visible for sharehold-
Surrounding tenements include the this area has major history. er value.
likes of the U40 prospect with hits of 6m “We already have great support from “The outlook is glowing,” he laughed.
@ 7.6% uranium, 2% copper, and 0.7 g/t the Traditional Owners, they’re con- “Vimy [Resources Ltd] and Alligator [En-
gold, 12.3m @ 0.7% uranium, 2% cop- stantly visiting us and regularly looking ergy Ltd] are doing fantastically well in
per, and 1.8 g/t gold including 4.8m @ at what’s going on. They were living regard to their share price…it’s a very
1.9% uranium, 3.2% copper and 4.5 g/t and working at Nabarlek in the 1980s. limited pool of hard rock, high-grade ura-
gold. They’re keen for us to make more dis- nium explorers out there in Australia.
Nabarlek South has recorded hits of coveries because they’re keen to get out “I’m an exploration geologist, I can talk
25m @ 0.32% uranium, including 2m @ there themselves.” about the uranium price as much as any
1% and 3m @ 1%. Although outside of The company’s eagerness to con- other punter…but there’s an avenue to
DevEx’ mining lease, Coopers has re- tinue Nabarlek’s exploration is because see growth in the uranium price.”
corded 20m @ 0.2% uranium and 0.45 its high-grade, at-surface discoveries Shareholders who have hitched their
g/t gold, including 7m @ 0.3% uranium meant past explorers left much to be wagon to the DevEx train due to its non-
and 1.2 g/t gold. desired. Grades of up to 75% were re- uranium plays in the Julimar complex
While there is still more work to be corded when it was first discovered, ac- of Western Australia, as well as North
done, Bradley feels the DevEx team al- cording to Bradley, who also sees oppor- Cobar and Basin Creek in New South
ready has a strong geological grasp on tunity for PGEs that were never assayed. Wales, don’t have to worry over dis-
the project. “The Nabarlek deposit itself was never traction, with Bradley insisting the com-
“As a geologist, I see a number of assayed for gold, let alone PGEs,” he pany’s focus across the entire portfolio
uranium-bearing corridors, fault related, said. “It was only in the recent years would not be lost.
that are hosting a lot of the mineralisa- that we’ve started to assay for gold and “Our focus is on exploration,” he said.
tion in the area,” he said. “For the next 12 PGEs. “My purpose is to make discoveries and
months, we are focused on that immedi- “We see that as a key focus in the wet grow shareholder wealth.”
ate area surrounding the mine.” seasons, getting out there and mapping
Workings show the Nabarlek deposit the rocks. We’ve got a large area to do – Fraser Palamara

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