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    AGE   AU000000AGE2

ALLIGATOR ENERGY LIMITED

(AGE)
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Alligator Energy : Acquires EL6350 Adjacent to Samphire Project

05/19/2021 | 07:37am EDT

Brisbane - Alligator Energy (ASX: AGE) is pleased to announce that it has entered into a Binding Terms Sheet to acquire EL6350 from Stellar Resources Limited (ASX: SRZ).

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 $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.

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.'

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, 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.

The Plumbush deposit is directly north of EL6350, with this additional tenement remaining largely untested through drilling. 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.

About Alligator Energy Ltd

Alligator Energy Ltd (ASX:AGE) 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).

Contact:

Mr Greg Hall

Email: gh@alligatorenergy.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALLIGATOR ENERGY LIMITED 0.00% 0.082 End-of-day quote.645.45%
STELLAR RESOURCES LIMITED 2.70% 0.038 End-of-day quote.137.50%
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Financials
Sales 2021 - - -
Net income 2021 -0,99 M -0,74 M -0,74 M
Net cash 2021 1,63 M 1,22 M 1,22 M
P/E ratio 2021 -72,1x
Yield 2021 -
Capitalization 245 M 183 M 183 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 98,2%
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Gregory C. Hall Chief Executive Officer & Executive Director
Paul Dickson Executive Chairman
Andrew James Vigar Independent Non-Executive Director
Peter Thomas McIntyre Non-Executive Director
Michael Charles Meintjes Secretary
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