Tenement Contains Historic Uranium Intersections
Alligator Energy (ASX: AGE) has entered into a Binding Terms Sheet to acquire South Australian exploration licence EL6350 from Stellar Resources Limited.
The tenement, which contains existing historic uranium intersections, borders the southern end of Alligator’s 100% owned Samphire Uranium Project (and is deemed prospective for extensions to the historic non JORC compliant Plumbush Uranium Deposit.
Under the terms, Alligator through its wholly owned subsidiary S Uranium Pty Ltd will acquire a 100% interest in EL 6350 from Stellar Resources for A$135,000 to be satisfied through the issue of AGE shares.
Greg Hall, Alligator CEO, said:
“We are very pleased to consolidate our holding of the Samphire uranium project through the acquisition of EL6350. Alligator’s initial focus is the advancement of the Blackbush deposit, however the potential value to be added to the project through the improvement of resource confidence and extensions to the Plumbush deposit on our existing tenement and extending onto EL6350 is an excellent value opportunity.”
EL6350 is a split tenement, with the main area of interest being directly adjacent to Alligator’s existing tenure at the Samphire Uranium Project. The Project is deemed prospective for paleochannel hosted mineralisation as seen at Blackbush and Plumbush.
The Project was explored by Samphire Uranium (then UraniumSA), with 18 regional scout rotary mud holes drilled in 2009 and 2010 by Samphire Uranium in joint venture with Stellar Resources (see ASX release (SRZ), 28th July 2010 “Pirie Basin Continues to Deliver Good Uranium Results”). Of the 18 holes nine recorded uranium values of over 1m at 100ppm eU3O8, with the most significant result being 7.3 metres at 445ppm eU3O8
The Plumbush deposit is directly north of EL6350, with this additional tenement remaining largely untested through drilling (see Figure 2 below). Alligator believes the latest geophysics techniques employed at the Blackbush deposit will assist to identify channel locations on this acquired tenement in a more effective way. Whilst Alligator’s immediate priority remains resource confidence upgrade and extension of the Blackbush deposit, assessment of the work required to upgrade the Plumbush deposit to a JORC 2012 Compliant Resource will commence in parallel. No access agreement for the Plumbush area (including EL6350) is currently in place with the pastoral holders
