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Alligator acquires exploration licence with existing uranium mineralisation adjacent to Samphire Project - 18 May 2021
Key Highlights
personal use
Alligator have signed a Binding Terms Sheet to acquire from Stellar Resources EL6350, which lies adjacent the Samphire Project.
The acquisition will consolidate Alligator's holding of the Samphire Project area and provides significant future exploration opportunities.
Existing historic drilling on EL6350 containing uranium intercepts, including 7.3 metres at 445ppm eU3O8 in hole MRM136.
The Plumbush deposit (non JORC compliant) remains open and largely untested on the northern boundary of the tenement to be acquired.
Alligator Energy (ASX: AGE, 'Alligator' or 'the Company') is pleased to announce that it has entered into a Binding Terms Sheet to acquire EL6350 from Stellar Resources Limited (ASX: SRZ or 'Stellar Resources'). The tenement, which contains existing historic uranium intersections, borders the southern end of Alligator's 100% owned Samphire Uranium Project (refer Figure 1) and is deemed prospective for extensions to the historic non JORC compliant Plumbush Uranium Deposit. 1,2,3
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 $135,000 to be satisfied through the issue of AGE shares. The number of Consideration Shares to be issued will be determined based on the lower of $0.019 and the 10 business day volume weighted average price (VWAP) immediately prior to execution of the binding terms sheet.
Alligator Energy Ltd
ABN 79140575604
Suite 2
128 Bowen Street
Spring Hill,
QLD 4000
Ph: (07) 3839 3904
ASX Code: AGE
Number of Shares:
2,362M Ord Shares
125.8M Listed
Options
60M Perform
Shares
19.2M Unlisted
Options
Board of Directors:
Mr Paul Dickson
(Non Exec.
Chairman)
Mr Peter McIntyre (Non Exec. Director)
Mr Andrew Vigar (Non Exec. Director)
Mr Greg Hall
(CEO & Managing
Director)
For
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."
Figure 1. EL6350 location
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The 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 9 recorded uranium values of over 1m at 100ppm eU3O8, with the most significant result being 7.3 metres at 445ppm eU3O8 (see Table 1).
Drill hole details | Sediment hosted mineralisation | Basement mineralisation | |||||||||||
Average | Average | ||||||||||||
Total | Depth | Cumulative | Grade | Cumulative | Grade | ||||||||
Depth | From | Thickness | eU3O8 | Thickness | eU3O8 | ||||||||
Hole ID | Easting | Northing | Elevation | (m) | (m) | (m) | (ppm) | (m) | (ppm) | ||||
MRM1026 | 719601 | 6317898 | 17.88 | 78.0 | 57.93 | 2.01 | 218 | No mineralisation | |||||
MRM1028 | 720398 | 6317906 | 17.83 | 60.0 | No mineralisation | 2.83 | 116 | ||||||
MRM1034 | 720600 | 6318300 | 18.97 | 70.0 | No mineralisation | No mineralisation | |||||||
MRM123 | 723700 | 6317102 | 6.37 | 82.0 | No mineralisation | 0.45 | 100 | ||||||
MRM124 | 722905 | 6317107 | 8.90 | 92.0 | No mineralisation | No mineralisation | |||||||
MRM125 | 722092 | 6317099 | 11.60 | 96.0 | No mineralisation | 4.62 | 126 | ||||||
MRM126 | 721300 | 6317104 | 13.97 | 138.0 | No mineralisation | No mineralisation | |||||||
MRM127 | 720502 | 6317102 | 15.09 | 136.0 | 64.4 | 1.05 | 285 | No mineralisation | |||||
MRM128 | 719700 | 6317100 | 15.27 | 131.0 | 61.01 | 2.86 | 162 | Basement not reached | |||||
MRM135 | 719222 | 6317901 | 19.57 | 138.0 | 64.6 | 0.90 | 106 | No mineralisation | |||||
MRM136 | 720000 | 6317901 | 18.75 | 96.0 | 58.09 | 7.32 | 445 | 1.41 | 105 | ||||
MRM137 | 720797 | 6317900 | 17.94 | 101.0 | 65.58 | 4.89 | 315 | 2.18 | 153 | ||||
MRM138 | 722414 | 6317885 | 12.86 | 132.0 | 78.04 | 0.41 | 144 | 1 | 102 | ||||
MRM144 | 718997 | 6314500 | 9.29 | 111.0 | 68.34 | 0.46 | 120 | 0.89 | 114 | ||||
MRM145 | 719799 | 6314501 | 7.23 | 108.0 | No mineralisation | No mineralisation | |||||||
MRM146 | 720601 | 6314502 | 5.40 | 84.0 | No mineralisation | No mineralisation | |||||||
MRM147 | 721403 | 6314499 | 3.95 | 96.0 | No mineralisation | 5.43 | 125 | ||||||
MRM148 | 719500 | 6312697 | 5.27 | 134.0 | No mineralisation | No mineralisation | |||||||
Table 1 - Known historic drilling within the tenement.
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. 1,2,3
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Figure 2. EL6350 historic drilling proximal to Plumbush JORC2004 resource 1,2,3
- See ASX:USA release 14 April 2011 for which the Competent Person was Mr Russell Bluck
- Refer to Appendix 1, Plumbush JORC2004 Cautionary Statement.
- This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. See ASX:USA release 14 April 2013 and 1 October 2019 Samphire Annual Report for which the Competent Persons were Mr Russell Bluck and Mr Marco Scardigno.
Key terms and conditions of the Binding Terms Sheet
The Binding Terms Sheet executed between the parties includes the following:
- Alligator through its wholly owned subsidiary, S Uranium Pty Ltd (SUPL), has agreed to acquire EL 6350 from Stellar Resources subsidiary, Hiltaba Gold Pty Ltd (Hiltaba), for the consideration of $135,000, subject to obtaining the necessary Regulatory and Shareholder approvals;
- The consideration to be settled in Alligator fully paid ordinary shares based on the lower of $0.019 (being the share price at the date of agreeing the substantial terms) and the 10 business day VWAP immediately prior to executing the Binding Terms Sheet which is $0.027. Approval from Shareholders to be obtained at an EGM targeted for the end of June 2021;
- Alligator to assume all tenement expenditure commitments and liabilities in relation to EL6350 at the time the transaction completes and to cover annual rentals and other costs from the date of executing the Binding Terms Sheet;
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- The significant Conditions Precedent to the transaction completing include renewal of EL6350 (an application has been lodged with the Department of Energy and Mines); Ministerial approval of the transfer and Hiltaba completing all 2020/21 compliance reporting obligations by 25 May 2021.
Approved for release by the Board of Alligator Energy Ltd
FOR FURTHER INFORMATION, PLEASE CONTACT
Mr Greg Hall | Mr Mike Meintjes |
CEO & Director | Company Secretary |
Alligator Energy Ltd | Alligator Energy Ltd |
Email:gh@alligatorenergy.com.au | Email: mm@alligatorenergy.com.au |
Competent Person's Statement
Uranium
Information in this report is based on current and historic Exploration Results compiled by Mr Andrew Peter Moorhouse who is a member of the Australasian Institute of Geoscientists. Mr Moorhouse is the Exploration Manager for Alligator Energy Ltd, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Moorhouse consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Nickel/Cobalt
Applicable information in this report is based on current and historic Exploration Results compiled by Mr Andrew Vigar who is a Fellow of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Vigar is a non-executive director of Alligator Energy Limited, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Vigar consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
About Alligator Energy
Alligator Energy Ltd (Alligator or the Company) is an Australian, ASX-listed, exploration company focused on uranium and energy related minerals, principally cobalt-nickel.
Alligator's Directors have significant experience in the exploration, development and operations of both uranium and nickel projects (both laterites and sulphides)
Uranium
The Company is primarily exploring for uranium in West Arnhem, utilising modern exploration techniques, combined with the best geological knowledge acquired by Alligator and consultant geologists, in search for uranium deposits of similar mineralisation style and tenure to that of the world class Alligator Rivers Uranium deposits of Jabiluka and Ranger, concealed beneath the covering sandstone. The company's Tin Camp Creek and Beatrice tenements form the exploration focus but the Company also assesses other opportunities as they arise.
The Company is researching and developing novel uranium decay isotope geochemical techniques and has modified and is applying airborne geophysical techniques with the objective of detecting such concealed targets. The previously drilled Caramal and Beatrice deposits represent eroded remnants of once much larger deposits.
The Company also has in excess of 1000km2 of Exploration Licence applications awaiting grant within the Alligator Rivers Uranium Province.
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Alligator also has exploration ground in South Australia (SA) having entered into a Share Purchase Agreement to obtain up to 100% of the BLU project. This project represents an exploration opportunity for ISR shallow sandstone hosted style deposits in the Cooper Basin of SA, similar to those of the Beverley, Four Mile and Honeymoon resources of the Frome basin in SA.
Alligator is in the process of finalising a Share Purchase Agreement with Samphire Uranium Limited for the acquisition of the Samphire Project within the shallow Kanaka Beds of the Pirie Basin at Samphire, a location approximately 20 kilometres southwest of Whyalla within the South Australian Gawler Craton. Over several years two uranium deposits were identified, Blackbush and Plumbush, with multiple other uranium targets established
Cobalt- Nickel
Alligator signed a binding Heads of Agreement with Chris Reindler and Partners (CRP) in January 2018 to earn up to 70% interest in the Piedmont sulphide cobalt - nickel project in Northern Italy.
The project covers four titles containing ultramafic-hostedcobalt-nickel sulphide deposits that were mined between the 1860's and the end of World War II. Sulphides in pipe-like intrusive bodies and massive sulphide accumulations at the base of large, layered ultramafic intrusions were mined. The cobalt to nickel ratio was high in these deposits.
Airborne surveys obtained by CRP have defined a number of conductors potentially indicative of massive sulphides as well as a number of magnetic features which may represent the responses from intrusive bodies hosting disseminated sulphides. These represent very attractive targets in an area with clear cobalt-nickel pedigree untouched by modern exploration techniques.
Project Location Diagrams
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Alligator Energy Ltd. published this content on 06 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2021 04:22:01 UTC.