Alligator Energy Limited ASX: AGE (Alligator or the Company) is very pleased to advise that its inaugural drilling program at the Big Lake Uranium Project (Big Lake), South Australia has resulted in a significant new uranium discovery.
Cautionary Statement
The Company uses an Olympus DP-4050 portable X-ray Fluorescence (pXRF) analyser to screen aircore drilling samples for mineralisation before submitting samples to a commercial laboratory for assay. This allows for some understanding of the distribution of mineralisation prior to sampling to better ensure that samples submitted for analysis are representative of the type and style of mineralisation sought. The pXRF provides confirmation that mineralisation is present however it is not an accurate determination of the elemental concentration within the sample analysed. Limitations include, very small analysis window, possible inhomogeneous distribution of mineralisation, analytical penetration depth and possible effects from irregular surfaces. The results obtained from the pXRF are indicative only and may not be representative of elemental concentration within the material sampled. The pXRF readings are subject to confirmation by chemical analysis from an independent laboratory. The Olympus DP- 4050 (S/N 550191) pXRF was calibrated on 7 February 2024 by Evident Australia using Alloy Certified Reference Material produced by Analytical Reference Material International (ARMI).
Next Steps Two further holes are currently being drilled within the limited heritage cleared area of discovery. At the end of the program, all samples will be transported to Adelaide for detailed laboratory assaying and analysis. Following full analysis of data, including refinement of the geological model, Alligator will commence approvals and initiate heritage clearances for follow-up drilling
Alligator's CEO Greg Hall stated: 'This is the first significant greenfields discovery of uranium in South Australia since the Samphire Uranium Project in 2007 by the company UraniumSA Ltd. The thickness extent of mineralisation layers ranging up to 20m in these discovery holes is impressive for this style of mineralisation. While estimated grades are still on the lower side, to have gradethickness intersections close to the cut-off used at our Samphire Project from the initial discovery area is very encouraging. The discovery appears to validate the uranium formation model developed by the previous Big Lake geologists from whom Alligator acquired the initial tenement, and we acknowledge their work. The sediments above the Cooper Basin cover are an extensive area, and we hope this has the potential to develop into a new ISR amenable uranium field, similar to the Curnamona Province which hosts the Beverley, Four Mile and Honeymoon deposits. I would like to congratulate our exploration team: for their initial EM interpretation work on the project back in 2019, the detailed seismic interpretation work carried out during 2022/23, and the planning, logistics and safe drilling operations carried out to date. We are also very appreciative to the Traditional Owners, pastoralists and other stakeholders in the region that have facilitated access for our work
Note: References above to XRF results relate to analysis using a portable hand-held device. This portable device provides immediate analysis of modal mineralogy of drill samples. Unless otherwise stated, values determined by XRF analysis are based on one spot reading per one metre of drill sample. As such, results from XRF analysis are stated as estimates only and are preliminary to subsequent confirmation (or otherwise) by geochemical laboratory analysis
Contact:
Mr Greg Hall
CEO & Director
Email: gh@alligatorenergy.com.au
Mr Mike Meintjes
CFO & Company Secretary
Email: mm@alligatorenergy.com.au
Alex Cowie
Media & Investor Relations
Email: alexc@nwrcommunications.com.au
Forward Looking Statement
This announcement contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions chang
Competent Person's Statement
Information in this report is based exploration drilling results compiled by Dr Andrea Marsland-Smith who is a Member of the AusIMM. Dr Marsland-Smith is employed on a full-time basis with Alligator Energy as Chief Operating Officer, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration (including 21 years in ISR uranium mining operations and technical work) and to the activity she 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. Dr MarslandSmith consents to the inclusion in this release of the matters based on her information in the form and context in which it appears
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