West Arnhem Project EL 10176, EL 23700 and EL 24371 GR062 Annual Technical Report for the period 1 September 2017 to 31 August 2018 and 31 May 2017 to 1 September 2018 for EL 23700

Abstract

The West Arnhem Project is located in the western portion of the Arnhem Land Aboriginal Reserve, 28km east of the Gunbalanya (Oenpelli) Aboriginal Community and approximately 300km east of Darwin. The West Arnhem Project consists of three exploration licences, EL 10176 and EL 24371, and EL 23700 with a total area of 447.67km2. Initially granted to Cameco Australia Pty Ltd (Cameco), the project is currently operated by DevEx Resources Limited (DEV) who has earnt a 100% interest in the tenement. Exploration activities carried out during the 2017-2018 reporting period comprised: Geological review of the Company's extensive tenement portfolio revealed high-grade copper, gold and base metals from historic drilling; IP surveys (gradient array and pole-dipole) were completed which identified a clear chargeability anomaly closely associated with the high-grade copper-gold-uranium mineralisation at the U40 prospect; Drill targets defined and ready to drill in 2018-2019 field season; and Reconnaissance trip to Namarrkon Prospect area.