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EXPLORATION ACTIVITIES - ALLIGATOR RIVERS, NORTHERN TERRITORY
The Alligator Rivers Uranium Province (ARUP) in the Northern Territory is a world-class uranium province, comparable to the Athabasca Uranium Province in Canada in terms of its uranium endowment and geological setting. The focus of Uranium Equities' (UEQ, the Company) exploration activities in the ARUP is on the discovery of high-grade Alligator Rivers-style, unconformity and structurally controlled uranium deposits. The Company has been actively exploring the ARUP region both exclusively and in joint venture with Cameco Australia since 2007, and believes that its consolidated ground position has exceptional potential for discovery.
Overview
During the quarter, the Company continued with planning and preparation for a program of field-based exploration activities on five prospects identified as high priority targets from the Company's continuing evaluation of geophysics (gravity, aeromagnetics, electromagnetics), geochemistry (uranium and pathfinder signatures), geology and drilling data on the Nabarlek and West Arnhem JV projects (Figure 1).
ASX: UEQ
HEAD OFFICE
Level 2, 1292 Hay Street West Perth, WA 6005 GPO Box 2890
Perth, WA 6001
T: +61 8 9322 3990
F: +61 8 9322 5800
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E: [email protected]
w w w . u e l . c o m . a u
The Nabarlek camp will be re-opened in early-August to service the 2016 dry season field activities planned for the West Arnhem JV project.
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Nabarlek and West Arnhem JV Projects
Field exploration surveys will commence in early-August starting with the mobilisation of a geophysical contractor to site to conduct ground gravity surveys over four key target areas for a total of 1090 line km surveying (Targets 2-5; Figure 1).
The four separate survey areas will be surveyed on a 100m x 100m station spacing to identify geophysical responses interpreted to reflect structural features and/or alteration overprints which are significant to identifying areas prospective for uranium mineralisation in either basement Cahill Formation schists or localised along or adjacent to the basal unconformity of the Kombolgie Sandstone. This geophysical technique has proved effective in exploration throughout the region, and when used in conjunction with other techniques including magnetic, electromagnetics, geochemistry and geology, it has the potential to outline areas of enhanced uranium prospectivity.
Areas for ground gravity surveying were selected to cover prospects in which uranium mineralisation has been previously identified either from historic uranium drill intersections and/or airborne radiometric anomalies. However, previous exploration in each of the target areas was not sufficiently detailed to allow a prospect-scale interpretation of any potential ore-localising structures. The detailed ground gravity surveys will be used in conjunction with supporting exploration datasets to assist with refining targets for ongoing exploration evaluation.
A radon-in-soil cup survey (140 stations) will commence in mid-August with stations on 200m x 100m spacing to test for any uranium leakage along two localised river valleys which appear to represent prominent structural zones localised in the Kombolgie Sandstone and which may propagate into the underlying basement Cahill Formation schists (Target 6; Figure 1). Previous drilling has intersected anomalous uranium values associated with Kombolgie Sandstone and/or dolerite bodies which highlights the local prospectivity for uranium in this area.
Geological mapping and prospecting is planned to cover a significant area of residual soils and thin colluvial cover which extends east from the Quarry Fault Zone to the eastern tenement boundary of EL10176 (see Targets 4, 5; Figure 1). Structural trends have been identified in a historic ground gravity survey at the Quarry Fault Zone (dashed area west of Target 4) which hosts the U40 and U42 uranium prospects, and extending coverage of the ground gravity surveying to the east will assist with defining untested basement structures. Target area 5 located within the planned geological survey area contains a historic airborne radiometric anomaly which was tested by shallow RAB drill holes and returned anomalous bottom-of-hole uranium values up to 30ppm U in near-surface oxidised basement geology. A scintillometer will be utilised during surface mapping and prospecting to identify any anomalous uranium in the exposed regolith.
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4
5
3
EL24371
2
6
Target Areas: 1- Nabarlek Offset; 2- GC-11; 3-SLMB; 4-Quarry Fault Zone;
5- East QFZ; 6- Namarkkon
Figure 1. Exploration targets areas within the Nabarlek Project. UEQ has 100% interest in Mineral Lease MLN962 and is earning 100% interest in the West Arnhem JV tenements EL10176, EL23700 and EL24371.
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Other Projects Arnhem Minerals (NT)
During the reporting period the Company has continued to expedite tenements through to grant with the Department of Mines and Energy.
Rudall River (WA)
The Rudall River Project (Uranium Equities 100%) consists of three Exploration Licences covering a total area of 172km2. The western-most Exploration Licence adjoins the Cameco/Mitsubishi Kintyre Project (current published NI43-101 compliant measured and indicated resource estimate of 55Mlbs @ 0.58% U3O8).
The Company continues to work on identifying potential partners to progress the Rudall River Project.
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Project Summary
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This section is provided in compliance with Listing Rule 5.3.
Expenditure
Exploration and evaluation expenditure made by the Company during the quarter was $98,466 (YTD: $1,190,005). In addition, during the quarter the Company has spent $23,033 on administration costs (YTD: $258,477).
Projects
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Name
|
Target
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Area (km2)
|
Beneficial Ownership
|
|
Granted
|
Applic.
|
|
West Arnhem JV
|
NT
|
Structurally controlled and unconformity style uranium
|
448
|
49
|
UEQ 40% - earning 100%:
Cameco Australia 60%
|
|
Nabarlek ML
|
NT
|
12
|
-
|
UEQ 100%
|
|
Arnhem Minerals, Woodside, Browse, Cadel North, Pluto & Aurari Bay
|
NT
|
-
|
2,351
|
UEQ 100%
|
|
Headwaters
|
NT
|
Coronation Hill-style gold - platinum - palladium - uranium
|
-
|
2,280
|
UEQ 100% (in moratorium)
|
|
Rudall River
|
WA
|
Kintyre style uranium
|
172
|
-
|
UEQ 100%
|
|
632
|
4,680
|
A full list of tenements held by the Company is enclosed in Appendix 1.
Changes in tenements held during the quarter
Nil
Changes in farm-in or farm-out agreements during the quarter
Nil