Uranium Equities (ASX:UEQ) has received a number of high-grade uranium results from reverse circulation drilling at its Nabarlek Uranium Project in the Northern Territory, intersecting grades up to 6,000ppm or 0.6% uranium.
Significant uranium results included 7 metres at 2,680ppm from 46 metres with 3 metres at 5,216ppm; and 6 metres at 1,336ppm from 19 metres with 1 metre at 6,073ppm.
The Narbalek drilling is part of its West Arnhem Joint Venture with $8.5 billion Cameco Corporation (NYSE:CCJ) where UEQ has the right to earn 100%.
Assays are hosted in a redox boundary between strongly bleached and pyritic rocks and hematite stained oxidized rocks within the Quarry Fault Zone, and are associated with a zone of cross-faulting along the structure.
These results have provided geological insights into the potential of the broader region to host high-grade uranium deposits, paving the way for the next phase of exploration within UEQ’s recently expanded 5,000 square kilometre tenement holding in the Alligator Rivers Uranium Field.
The West Arnhem Joint Venture with Cameco represent a near-mine uranium exploration opportunity surrounding the historic Nabarlek Uranium Deposit, which had previous production of 24 million pounds at 1.84% uranium.
Drilling targeted areas of elevated radon anomalism, which is a pathfinder for uranium mineralisation, and focused on an area adjacent to the U40 Prospect, where earlier diamond drilling intersected 6.8 metres at 6.7% uranium from 75 metres.
Interestingly, samples with high uranium also had elevated gold, with a peak result of 1.05g/t, and anomalous platinum and palladium, which is a characteristic of uranium deposits in the Alligator Rivers Uranium Field.
In addition, UEQ has engaged Dr Jon Hronsky, principal of Western Mining Services, for a target generation study.
Dr Hronsky is known for his targeting work which led to the discovery in 2000 of the West Musgrave nickel sulphide province in Western Australia.
With green shoots appearing in the uranium sector in recent weeks, evidenced by increases in the spot uranium price, UEQ’s ground position in one of the world’s premier uranium provinces should attract market interest.
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