The resource driven Territory economy could be boosted further by the significant discoveries of gas and uranium.

A South Australian based uranium company says it has found exceptional amounts of good quality uranium at a site in west Arnhem Land.

Uranium Equities Limited is in joint partnership with Cameco and says recent drilling near the old Narbalek mine site, 270 kilometres east of Darwin, has produced great results.

The company's Managing Director Mark Chalmers says the grades and thickness of uranium found are similar to that at the nearby Ranger Mine in Kakadu National Park which produces a tenth of the world's uranium.

Mr Chalmers says the area will now probably be declared a deposit.

"We're going to do further exploration. It's too early to say absolutely whether its going to be a mine, but what we can say is the results are highly encouraging.

"There are some of the most significant results for that area around the Nabarlek mine in many years.

"We think the prospects are quite good to extend it even further."

He says the company is in talks with traditional owners and the Northern Land Council and the Northern Territory Government.