DevEx Resources (ASX:DEV) uncovers extensive uranium anomalies at Murphy West, sets stage for major discoveries
October 15, 2024DevEx Resources (ASX:DEV) is pushing boundaries in the Northern Territory, uncovering a host of high-priority uranium anomalies that have the potential to redefine Australia’s uranium landscape.
With a recent airborne radiometric and magnetic survey completed at the Murphy West Project, the company has identified anomalies up to 2km in length.
These findings, west of Laramide Resources’ Westmoreland uranium deposits, set the stage for significant exploration prospects.
Managing Director Todd Ross highlighted the pivotal role of radiometric surveys in the discovery of uranium, noting, “These exciting results from the first large-scale radiometric survey have vindicated DevEx’s decision to use this remote-sensing technique.”
Indeed, the company’s strategy mirrors the success seen in similar surveys that led to the discovery of the Westmoreland deposits.
Key Highlights:
- Murphy West Project: Multiple large uranium anomalies identified through a detailed radiometric and magnetic survey, targeting both unconformity-type and Westmoreland-type uranium deposits.
- Nabarlek Project: New high-grade uranium assays further confirm the potential of DevEx’s flagship project, with intercepts including 1.4m at 0.58% U₃O₈.
- McArthur Basin: Analogous to Canada’s Athabasca Basin, the region remains highly prospective for large-scale uranium discoveries, bolstered by over 700Mlbs of uranium endowment.
DevEx’s strategic positioning in the McArthur Basin provides it with a substantial competitive edge.
Not only does the basin already host world-class uranium deposits, but it also offers vast, underexplored terrain ripe for new discoveries.
As Ross noted, “The McArthur Basin has strong geological similarities to the world-class Athabasca Basin in Canada.”
The results from the Murphy West Project are particularly intriguing, as they open up possibilities for significant uranium finds in an area that has seen minimal modern exploration.
The project targets both unconformity-type uranium anomalies, associated with magnetic features proximal to the Westmoreland Conglomerate, and Westmoreland-type anomalies, located within the conglomerate itself.
At the same time, over at the Nabarlek Project, DevEx is continuing to build upon its established legacy of significant uranium discoveries, further solidifying its position as a key player in the region’s exploration landscape.
Recent assay results from drilling at the U40 Prospect have revealed impressive grades, with uranium concentrations reaching up to 0.75% U₃O₈ over a narrow 0.4m interval, clearly demonstrating the project’s remarkable potential for high-grade uranium deposits.
These promising intercepts are closely linked to hematite-altered fault breccias, geological features that are emblematic of the region’s well-known uranium endowment and its capacity to host substantial mineralisation.
Looking toward the future, the company is accelerating its exploration activities at Murphy West, with plans in place to expedite the investigation of these high-priority targets in the coming weeks.
Ross stated, “We plan to get field teams on the ground in the coming weeks to investigate the surface expressions of these targets.” With the groundwork in place, DevEx is positioning itself as a key player in Australia’s uranium future.
This strategic combination of leveraging new technology with targeted exploration could very well put DevEx on the map as it continues to chase “company-changing” uranium discoveries in the Northern Territory.
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