DevEx Resources Adds To Tenements West Of The Westmoreland Uranium Project

DevEx Resources Ltd (ASX: DEV) is continuing to acquire tenement ground around its Murphy West Uranium Project in the Northern Territory.

This adds to a growing portfolio of prospective uranium ground including the Nabarlek Project that includes the historic uranium-producing mine.

This acquisition of land is west of the Westmoreland uranium deposits in neighbouring Queensland.

The Murphy West Uranium Project overlies strike extensions of geology which hosts known uranium mineralisation.

Major uranium deposits in the region include the Nabarlek 24 million pounds of mined U3O8, Ranger with 300Mlbs U3O8 (Mined), Jabiluka 307Mlbs U3O8 resource, Angularli 32.9Mlbs U3O8 resource and Laramide Resources Limited’s (ASX: LAM) Westmoreland 51.9Mlbs U3O8 resource.

Last month Laramide confirmed a high-grade uranium expansion at the Huarabagoo deposit within the project.

With the addition of the new tenements, the combined Murphy West tenement package now covers a total area of around 7,000km2.

The Murphy West Uranium Project has seen little exploration for uranium despite the geological similarities with the Westmoreland project.

A regional scale airborne radiometric and magnetic survey is in the offing after the top-end wet season.

Deal details

  • The new earn-in agreement is with the privately owned GSW Minerals Pty Ltd.
  • DevEx has the right to earn a 75% interest in all minerals
  • By spending $3 million in the four years. GSW will be free-carried to the completion of a Feasibility Study

DevEx’s Nabarlek Project (100%)

The project is centred on the historical Nabarlek Uranium Mine, which produced 24 Mlbs of uranium at 1.84% U3O8.

DevEx holds a dominant ground position of +4,700sq.km including the Nabarlek Mining Lease and multiple uranium prospects surrounding the historical Mine.

DevEx is well funded with over $21 million in cash.

Paradice fund managers upped their stake in Devex last month.

 

 

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