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High grade uranium confirmed at the Uranium Equities Nabarlek Project

High grade uranium confirmed at the Uranium Equities Nabarlek Project

Confirmed widths of high grade uranium has been identified in reverse circulation drilling at the Uranium Equities (ASX: UEQ) Nabarlek project in the Northern Territory, which is a joint venture with Cameco Australia.

Drilling highlights included:

- 6.65m @ 2.6% eU3O8, from 74.2m; and
- 6.35m @ 1.39% eU3O8, from 79.8m.

The high-grade intercepts remain the most significant recorded to date in the Nabarlek Project area outside the old Nabarlek Mine, which points to the potential for further discovery.

Uranium Equities drilled two additional diamond holes to the north and south of the high-grade intercepts, which failed to intersect significant uranium.

Bryn Jones, managing director, said "While additional drilling in the vicinity of these intersections did not return significant results, we now have a much better understanding of the structure and controls on the mineralisation and further drilling is planned as a priority next year.”

The West Arnhem Joint Venture covers an area of 477km2 surrounding the historic and Nabarlek Uranium Mine, (located within Uranium Equities’ 100%-owned Nabarlek Mineral Lease), with the surrounding tenements held in a joint venture with Cameco. (UEQ: 40%, Cameco: 60%).

The tenements are located in the Alligator Rivers Uranium Field, a world-class uranium province which hosts the major operating Ranger Uranium Mine and the large Koongarra, Jabiluka and Nabarlek deposits.

This field’s total mineral endowment, including mined resources, exceeds 950Mlbs of U3O8.

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