Shares in Tim Goyder’s DevEx Resources soar on early uranium hits at Nabarlek prospect in NT

Shares in Tim Goyder’s DevEx Resources have enjoyed a stratospheric rise after the explorer reported early success with significant zones of uranium mineralisation at its Nabarlek project in the Northern Territory.

The company, chaired by Mr Goyder, said a diamond drilling campaign had revealed uranium equivalent intercepts at Nabarlek South including 10.7m at 1.20 per cent from 123.4m, with 3.2m at 3.05 per cent. Its North Buffalo prospect showed intercepts at 9.1m at 0.15 per cent from 50.5m, including 0.4m at 0.80 per cent.

Shares in DevEx were up a whopping 35 per cent to 40.5¢ in the first few hours of trade but had pared gains to 37¢ by 1.15pm, still up just over 23 per cent.

It said the drill program would be expanded at both sites — which lie within the Alligator Rivers uranium province 200km east of Darwin — following the results, with a second rig expected to arrive later this month. Drilling is currently focusing on targets adjacent to previous uranium intercepts.

Managing director Brendan Bradley said the initial hits demonstrated the scale and quality of the opportunity in a highly endowed uranium field.

“The historic Nabarlek uranium mine has shown that these high-grade deposits can exist within a lens of between 30m and 75m in length,” Mr Bradley said.

“We are very excited by these early results, which provide the basis for expanding the drill program with a second rig arriving shortly.”

The news comes amid talk that climate change, energy security amid Russia’s invasion of the Ukraine and technological improvements have moved the dial for nuclear energy as a safe, low-emissions supplier of baseload power.