Drilling Collaborations Programme Report Nabarlek Project MLN 962

Abstract

GE Resources Pty Ltd, a wholly owned subsidiary of DevEx Resource Limited, collectively the Company, is exploring for primary, basement hosted, high-grade uranium copper gold mineralisation within the Alligator Rivers Uranium Province of West Arnhem Land. At the Nabarlek Prospect, the Company proposed to drill one deep diamond drill hole targeting a new Three Dimensional Induced Polarisation anomaly that lied at a favourable structural position beneath the historical Nabarlek Mine and beneath the Oenpelli Dolerite where similar brittle-ductile structural displacement of the Nabarlek Shear Zone was expected to occur. This drilling was well below previous drilling which focussed on the Nabarlek Shear Zone on the upper side of the Oenpelli Dolerite. Reassessment of exploration models within the Company's granted exploration licences surrounding the historical high-grade Nabarlek Uranium Mine (Production 24Mlbs U3O8 at 1.84% U3O8) recognised that the traditional unconformity-related uranium mineralisation model (the contact between the Kombolgie Subgroup and the Cahill Formation) was open for reinterpretation and potential for structural hosted uranium mineralisation to depths well below the unconformity was credible. Support for an alternative exploration model is best highlighted by the recent discovery of the massive Arrow Uranium Deposit (256.6Mlbs U3O8 at 4.03% U3O8 Indicated Resource) within the Athabasca Basin of Northern Saskatchewan, Canada which is classed as a basement hosted deposit within a brittle fault zone and continues at depth to over 800 metres below the unconformity. Brittle ductile relationships within a reactivated brittle fault zone play an important role in the genesis of this deposit. Within the West Arnhem Nabarlek Projects, geological investigations during 2017 and 2018 by the Company were able to establish a strong relationship between fault bounded high grade uranium and copper sulphide mineralisation at both the historical Nabarlek Uranium Mine and the adjacent U40 Prospect. Recognition of this sulphide association with the high-grade uranium mineralisation saw the application of ground 3D Induced Polarisation (3DIP) geophysical surveys at Nabarlek in 2018. The 3DIP Survey defined a chargeable anomaly in a combination of favourable structural positions: 1. At or near the lower contact between the Oenpelli Dolerite and the Myra Falls Metamorphics ('Cahill Formation'). The Nabarlek Ore Deposit is located at the position where the Nabarlek Shear Zone passes through the upper contact between the Oenpelli Dolerite and the Cahill Formation. It is postulated that such a shear zone would dilate at this brittle-ductile contact and subsequently provide a structural trap for uranium + precious and base metal mineralisation. 2. South of previous diamond drilling beneath the Oenpelli Dolerite (7 holes to the north of the pit) which had intersected broad silica sericite alteration within a fault (breccia) zone. This alteration within fault breccia is a proximal indicator to uranium mineralisation at Nabarlek. 3. Within the general vicinity of the interpreted projection of the North Fault (a key control to the northern extent of the Nabarlek Uranium Ore). The proposition was to test this IP Anomaly with one deep diamond drill hole. In addition to testing the source of IP anomaly, the diamond drill hole was also designed to test: 1. the dip and structure of the lower basement stratigraphy of the Cahill Formation south of the Nabarlek Pit. 2. Faults and structure within the Oenpelli Dolerite, and the location of the low contact of the Oenpelli Dolerite south of the Nabarlek Mine. The intention was to demonstrate an association between the IP Anomaly and uranium mineralisation and in turn dramatically enhance the prospectivity of the entire Alligator Rivers Uranium Province by: Confirming depth extents well below the unconformity between the Kombolgie Subgroup and the Cahill Formation: and a relationship between regional structure; Introduce 3DIP Geophysics as a credible tool to explore for uranium mineralisation; Advance the genetic model for how uranium (and likely copper, gold and platinum group elements) are associated and their migration path; Continue to demonstrate the Alligator Rivers Uranium Field as a region prospective for high grade uranium mineralisation. Drilling confirmed the presence of anomalous uranium mineralisation beneath the Nabarlek deposit. Although the grades of the mineralisation are below the previous high-grade intercepts seen within the historical Nabarlek Mine, the results do confirm the continuation of mineralisation beneath Nabarlek with significant space surrounding this drilling to host repetitions of the high-grade Nabarlek type deposit.