Namarrkon Project EL 23700 Annual Technical Report for the period 31 May 2016 to 31 May 2017

Abstract

The Namarrkon Project 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. Namarrkon consists of a single exploration licence, EL 23700, with a total area of 43.8km2 that forms part of the larger Nabarlek Project. Initially granted to Cameco Australia Pty Ltd (Cameco), the project is currently operated by Uranium Equities Limited (UEL) who is earning a 100% interest in the tenement.Work during the current reporting period has comprised radon-in-soil and scintillometer surveying to test for high-grade uranium mineralisation by measuring radon leakage through prominent fault structures present across the tenement. Results from the radon survey have identified a primary radon anomally trending eastward across the Quarry Fault which is open towards the lightning fault. A secondary radon anomally is present at the south of the survey area and is open to the south along the Quarry Fault. Scintillometer measurements taken over radon stations indicate that the uranium source producing the radon anomalies is non-surfical and therefore a potentially viable drill target. Additional radon-in-soil and scintillometer surveying is planned for the 2017 field season to extend coverage southward along the Quarry Fault and constrain the identified radon anomalies.