UXA Resources (ASX: UXA) is on the hunt for high value unconformity style uranium mineralisation at its Nabarlek uranium project in the Northern Territory with the backing of India's largest company, Reliance Industries.
A 30 hole, 2,600 metre reverse circulation percussion drilling program is scheduled to begin in September, following the completion of geochemical and geophysical programs to refine drill targets.
Reliance subsidiary, RIL Australia, holds a 49% interest in the Nabarlek licences and is contributing 49% of exploration funding.
During the additional field programs, the joint venture partners collected 928 infill soil geochemical samples, and results are expected in late August.
A 727 station gravity survey over target areas one and two was completed defining a strong structural corridor.
A 9 square kilometre ground radiometric survey was also completed over all three target areas, as was geological mapping over target areas one and two, with a number of areas of quartz breccia float and haematite alteration suggesting the presence of structures.
Similar geology to Rio Tinto's Ranger mine
The Nabarlek North and Nabarlek West licences, which cover 221 square kilometres, share similar geological features with the former high grade Nabarlek open cut mine, 7 kilometres to the south, and the operating Ranger uranium mine, run byRio Tinto's (ASX: RIO) 68% owned subsidiary Energy Resources of Australia (ASX: ERA).
Highlighting the prospectivity of the region, Nabarlek North lies just 280 metres immediately north of a recent high grade discovery (U40 area) which delivered uranium intercepts up to 6.8 metres at 6.71% U3O8.
Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Foru