DevEx Resources (ASX:DEV) consolidates 9,200 square kilometres in the Alligator Rivers Uranium Province

DevEx Resources has expanded its position in the Northern Territory’s premier uranium district after entering a binding agreement to acquire Alligator Energy’s full uranium exploration tenement package in the Alligator Rivers Uranium Province.

The transaction delivers a contiguous 9,200 square kilometre landholding surrounding the historical Nabarlek Uranium Mine and unifies multiple corridors known for their uranium bearing structures.

Highlights

• Binding agreement to acquire 100% of Alligator Energy’s uranium exploration tenure.

• Consolidation of Nabarlek North and Tin Camp Creek corridors, including more than 50 kilometres of under explored uranium bearing faults.

• Expanded holding around Nabarlek, Ranger and Jabiluka.

• Acquisition price of $7.5 million, including $1.75 million held in escrow.

• DevEx now controls 9,200 square kilometres of uranium prospective ground.

The Alligator Rivers Uranium Province lies on the north western margin of the McArthur Basin and is recognised for its uranium endowment of more than 700 million pounds.

The district includes the historical Nabarlek Mine, which produced 24 million pounds at 1.84% U3O8, alongside two of Australia’s major uranium deposits, Ranger and Jabiluka.

DevEx has combined the Alligator Energy tenure with its recent acquisition of adjacent Rio Tinto Exploration ground, creating a large and cohesive position within one of the country’s most prolific uranium provinces.

A key feature of this enlarged holding is the integration of multiple priority exploration corridors in Nabarlek North, where the company now controls more than 50 kilometres of uranium bearing faults that host the U40 and Angularli zones.

Previous drilling at U40 defined high grade and shallow uranium mineralisation over 500 metres of strike, including intervals of 6 metres at 7.6% U3O8 from 75 metres and 4.8 metres at 1.9% U3O8 from 80 metres.

Further south, the Tin Camp Creek and Orion Fault Corridor includes several historical prospects such as Caramal.

Historical drilling at Caramal returned intervals including 23 metres at 1504 ppm U3O8 from 133 metres including 12 metres at 2302 ppm, as well as 15 metres at 4371 ppm U3O8 from 75 metres including 5 metres at 9278 ppm.

Within this strategic expansion, DevEx Resources Managing Director Marnie Finlayson said,

“The acquisition of Alligator Energy’s tenure package represents a major step forward for DevEx. Together with the recent Rio Tinto acquisition, we have now assembled all the pieces of a dominant and contiguous land holding in one of the world’s premier uranium exploration districts.”

The acquisition price is $7.5 million, with $1.75 million to be held in escrow until the exploration access agreement for two key licences is renewed in 2027, and DevEx has the option to settle $2 million of the consideration in company shares.

The transfer includes both subsidiary share acquisitions and direct tenement transfers, covering granted licences and applications across Tin Camp Creek, Beatrice and Nabarlek North.

Several licences carry royalty conditions, joint venture participation rights for traditional owners and a claw back right retained by Cameco in the Beatrice Project area.

Following completion, DevEx plans to undertake ground based investigations targeting uranium anomalies identified in government airborne radiometric surveys.

The company will also review the Caramal resource to meet JORC 2012 requirements and incorporate high priority targets across the consolidated corridors into exploration plans for the coming year.

The enlarged tenement package provides a platform for extensive, district scale assessment within one of Australia’s most fertile uranium jurisdictions.

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