Alligator Energy Unveils Major Uranium Extensions at Samphire Project
AGE (AGE) Share Update November 2024 Wednesday 20th
Alligator Energy Announces Significant Uranium Discoveries at Samphire Project
Alligator Energy Limited (ASX: AGE) has announced significant extensions in uranium mineralization at its Samphire Uranium Project in South Australia, marking a major milestone in its exploration efforts.
Instant Summary:
- Uranium mineralization extended by 500m outside the Blackbush West Mineral Resource.
- 61 holes drilled totaling 5,158 meters from July to November 2024.
- Significant uranium intersections found in western and southern Blackbush areas.
- JORC Resource Estimate update expected in Q1 2025.
Exploration Success at Samphire
Alligator Energy has reported a successful extension of uranium mineralization at its Samphire Uranium Project, located near Whyalla, South Australia. The company's latest drilling campaign has extended the known uranium strike length by a cumulative 500 meters beyond the existing Blackbush West Mineral Resource Envelope. This marks a significant achievement in Alligator's ongoing exploration efforts.
The drilling program, conducted between mid-July and mid-November 2024, comprised 61 holes totaling 5,158 meters. This exploration aligns with Alligator's strategic Exploration Target Range, as previously outlined. The company's geological team has made considerable progress in understanding the uranium roll fronts at Blackbush West, identifying new targets beyond the current inferred mineral resource.
Key Intersections and Future Plans
Among the notable intersections are BBRM24-304, which recorded 1.3 meters at 1.94% pU3O8 from 62.6 meters, and BBRM24-278, with 1.1 meters at 0.44% pU3O8 from 62.94 meters. These results are indicative of the potential for further resource expansion and category conversion from inferred to indicated status.
Alligator Energy plans to update the JORC Resource Estimate, incorporating results from January to April 2024, in the first quarter of 2025. The company has also secured a drilling contractor to continue exploration and resource drilling throughout 2025, with activities set to resume in early Q1.
Strategic Implications
The CEO of Alligator Energy, Greg Hall, expressed enthusiasm about the findings, stating that the extension of mineralization beyond the current resource envelope is a testament to the team's expertise in roll-front mapping. The company aims to further explore these extensions to identify additional economically viable roll front structures.
The announcement of extended uranium mineralization is likely to have a positive impact on Alligator Energy's stock, as it suggests potential for increased resource estimates and future production capabilities. This could attract investor interest and boost confidence in the company's exploration strategy.
Investor Reaction:
Analysts are expected to react positively to the news, given the significant extension of the mineralized zone and the potential for resource expansion. However, they will likely await the updated JORC Resource Estimate in Q1 2025 for a clearer assessment of the project's value.
Conclusion:
Investors should keep an eye on Alligator Energy's upcoming JORC Resource Estimate update and further drilling results. The company's strategic exploration efforts at Samphire could present significant opportunities for growth in the uranium sector.