An exploration company says it's excited about early results showing possible uranium deposits in the Daly River region.

The region is not currently being mined for uranium, but Territory Uranium's managing director Ian Bamborough says the company's identified five areas on Tipperary Station that it will do further tests on.

"The two tenements that have really yielded some good results are located east of Daly River, west of the Stuart Highway, and are centred on the Daly River itself."

Territory Uranium has done tests on the area from planes carrying equipment which measure radiation coming from possible uranium deposits.

Mr Bamborough says it's very early days, but if further tests show mining is worthwhile a mine could be established in three years.

"Once you're onto something, we really accelerate our exploration programs and it really depends on where the tenure of what you've found as to how quick something can develop.

"In mining terms, three years is not a long time."

The Northern Territory Environment Centre has raised concerns over management of the Daly River if a uranium mine goes ahead.

The centre's Justin Tutty says a mine could undo the water management work done in the area.

"I think that is going to be a real challenge for the Territory Government who obviously has a role in defending the good work that rural residents, the bigger pastoralists and other water users have done out there."