AUSTRALIA'S highest grade uranium deposit may be mined again. 

Uranium Equities said it was looking for a joint venturer to reopen Nabarlek in west Arnhem Land. 

The deposit was discovered in 1970. 

It yielded 570,000 tonnes of uranium concentrate between 1979 and 1988. 

At today's prices, that would be worth more than $2 billion. 

Uranium Equities managing director Mark Chalmers said he wanted Nabarlek "back on a road to commercial production". 

"The early exploration focused on delineating the Nabarlek ore body, now mined out, but the rest of the mine lease has had little substantive deep drilling for many years," he told the Paydirt uranium conference in Adelaide. 

He said deep drilling had revealed "exciting targets" of uranium. 

"So we have elected to actively look now for a joint venture partner to optimise the untapped potential of Nabarlek."

Mr Chalmers said the majority of Australia's new age uranium developments were occurring within brownfields sites - and this augured well for Nabarlek.