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Uranium Equities aims high searching for another Nabarlek discovery

Last updated: 14:44 03 Dec 2010 AEDT, First published: 13:44 03 Dec 2010 AEDT

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Aiming for another discovery the size of the historic Nabarlek Uranium Mine, which although a small deposit it produced at a very high net value, producing 24Mlbs of uranium at an average grade of 1.84% U3O8 from a mineralised zone only 200m long, Uranium Equities (ASX: UEQ) would have been encouraged by these inital results from drilling.

Follow-up reverse circulation drilling has either better defined or extended uranium target areas at three prospects held by while intersecting significant uranium mineralisation at the Clapstick and Boomerang prospects, part of the Nabarlek Mineral Lease, in the Northern Territory.

Drilling at the Boomerang prospect, which is located in the central part of the mineral lease, has extended the near surface geochemically anomalous zone beneath Kombolgie Sandstone cover.

Boomerang highlights include:

- 1m at 341ppm U3O8 from 63m;
- 1m at 830ppm U3O8 from 56m;
- 5m at 138ppm U3O8 from 27m; and
- 3m at 805ppm U3O8 from 48m, including 2m at 1,155ppm U3O8 from 48m.

At the Clapstick prospect, anomalous zone has been defined by the 100 GT contour which extends over an area of 500 x 100 metres.

Clapstick highlights include:

- 3m at 138ppm U3O8 from 21m;
- 4m at 469ppm U3O8 from 60m;
- 18m at 930ppm U3O8 from 16m, including 12m at 1,272ppm U3O8 from 20m; and
- 16m at 770ppm U3O8 from 46m, including 9m at 1,078ppm U3O8 from 46m.

A third prospect, Bullroarer, highlights included:

- 11m at 118ppm U3O8 from 5m; and
- 13m at 132ppm U3O8 from 3m.

Bryn Jones, managing director, said “Our exploration efforts are geared towards the discovery of a uranium orebody of similar dimensions to the Nabarlek Mine.

"This is challenging under sandstone and alluvial cover, but we believe that the value of the potential target warrants a persistent and systematic exploration effort.”

The historic Nabarlek Uranium Mine is contained within the Nabarlek Mineral Lease.

 

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