Nabarlek ML (MLN 962) Annual Technical Report for the Period 23 March 2016 to 22 March 2017

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. MLN 962 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. Work carried out during the reporting period comprised a desktop analysis of historical geophysical data from a 2011 ground gravity survey acquired over the northwest portion of the Mineral Lease. This was undertaken to assist with interpretation of newly acquired 2016 ground gravity data within EL 10176. No fieldwork was carried out within the Mineral Lease during the reporting period with exploration activities being instead focused on the surrounding granted tenements which, together with MLN 962, comprise the Nabarlek Project. Ongoing work will comprise target generation, ground gravity surveys over prospective structures in MLN 962, further testing of the Nabarlek Deeps prospect, and radon-in-soil surveying of prospective trends identified from ground gravity surveys.