Nabarlek ML Project MLN 962 Annual Technical Report for the period 23 March 2014 to 22 March 2015

Abstract

Nabarlek Mineral Lease North 962 (MLN 962) 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. MLN962 contains the Nabarlek Uranium Mine which historically produced a total of 24.4 million pounds U3O8 at an average grade of 1.84% U3O8 (40.5 lb/tonne U3O8) between 1978 and 1988. Uranium Equities Limited (UEQ, the Company) acquired the mineral lease with the purchase of Queensland Mines Pty Ltd in mid-2008. UEQ believes that the region provides outstanding potential to discover additional economic high grade uranium mineralisation in the vicinity of the historical mine. Field work during the reporting period comprised RC drilling of eight holes for a toal of 1,759m on three target areas, Nabarlek Deeps, Gateway and Boomerang West. No significant results were reported. In addtion to drilling, the Company completed a program of resampling selected drilling (both UEQ and historical) which was anlysed for short wave infrared spectra as part of a program to characterise the alteration pattern at the historical Nabarlek deposit. This work included spectra measured by the NTGS HyLogger of selected historical holes which had been drilled beneath the Nabarlek pit. This alteration study identified a zone of 'Nabarlek-style' alteration beneath the Oenpelli Dolerite which truncates the deposit. In addition 3D modelling of available geological datasets has recognized possible vectors to mineralisation which have not prebviously been tested and which will be targeted by drilling in the coming reporting period. To support this drilling program the Company has applied for collaborative funding under the NTGS 'Bringing Forward Discovery' collaborations co-funding drilling proposal.