DevEx Expands Uranium Tenure to 7,200 km² Near Historic Mines
DevEx Resources has secured nine uranium exploration licences from Rio Tinto in the Northern Territory’s Alligator Rivers Uranium Province, significantly enlarging its exploration territory near historic high-grade deposits.
- Acquisition of nine uranium exploration licence applications from Rio Tinto
- Expansion to 7,200 square kilometres around Nabarlek, Ranger, and Jabiluka deposits
- Deal includes upfront payments and contingent milestone-based payment
- Focus on high-grade unconformity-related uranium in a proven geological setting
- Strategic alignment with DevEx’s district-scale exploration growth strategy
Strategic Expansion in a World-Class Uranium Province
DevEx Resources Limited (ASX – DEV) has taken a decisive step to bolster its uranium exploration portfolio by acquiring nine exploration licence applications from mining giant Rio Tinto Exploration Pty Ltd. These licences are situated within the highly prospective Alligator Rivers Uranium Province (ARUP) in Australia’s Northern Territory, a region renowned for its substantial uranium endowment exceeding 700 million pounds.
The acquisition significantly expands DevEx’s footprint to approximately 7,200 square kilometres, strategically surrounding the historic Nabarlek Uranium Mine and lying adjacent to the now-closed Ranger Mine and the Jabiluka deposit. These neighbouring sites have collectively produced and contain hundreds of millions of pounds of uranium, underscoring the geological potential of the area.
Unlocking Proven Geological Potential
The ARUP shares geological similarities with Canada’s Athabasca Basin, famed for some of the world’s richest uranium deposits. DevEx’s focus is on unconformity-related uranium deposits, which are known for their high-grade mineralisation. The newly acquired licences were originally part of Rio Tinto’s exploration program between 2009 and 2016, and their location along uranium-bearing fault corridors offers promising targets for discovery.
DevEx Chairman Tim Goyder highlighted the strategic value of the acquisition, noting that it provides an exceptional pipeline of exploration targets and strengthens the company’s position to implement a district-scale exploration strategy. The company plans to leverage its existing technical expertise and on-ground knowledge to fast-track tenure grants and prioritise drill targets in the coming year.
Commercial Terms and Next Steps
The deal involves an initial deposit of $50,000, a completion payment of $450,000, and a contingent payment of $500,000 triggered by either the delineation of a mineral resource of at least 40 million pounds of uranium oxide with significant confidence or a formal decision to mine. This structure aligns DevEx’s financial commitments with exploration success milestones, mitigating upfront risk.
Looking ahead, DevEx will finalise the transfer of the licences, conduct detailed on-ground investigations targeting uranium anomalies identified in airborne surveys, and integrate these new targets into its existing exploration plans. The company has also secured support from the Northern Land Council and Traditional Owners, an important step for progressing exploration activities in the region.
Positioning for Growth in Uranium Exploration
This acquisition marks a significant milestone for DevEx, positioning it as a key player in one of the world’s most endowed uranium provinces. By consolidating tenure around historically productive mines and applying modern exploration techniques, DevEx aims to unlock new high-grade uranium resources that could underpin future development and growth.
Bottom Line?
DevEx’s expanded tenure sets the stage for accelerated uranium exploration in a globally significant province, with market eyes on upcoming drill results and licence grants.
Questions in the middle?
- When will the newly acquired licences be formally granted and accessible for drilling?
- What are the initial exploration results from the targeted uranium anomalies?
- How might the contingent payment terms influence DevEx’s exploration budget and timeline?
