Alligator Energy (ASX:AGE) announced significant uranium discovery results from its inaugural drilling program at the Big Lake Uranium Project in South Australia.
The chemical assay results confirm significant uranium mineralisation within the Namba Formation, corroborating initial field measurements.
The results from drill holes show notable uranium mineralisation: AC24-021 recorded 20m at 110 ppm of uranium from 106m depth, while AC24-022 showed 35m at 117 ppm from 93m.
The results provide the first proof of concept that significant uranium is present within the Lake Eyre basin sediments, a positive sign for in-situ recovery amenable deposits.
Greg Hall, CEO of Alligator Energy, stated, "The assay results validate our initial findings of the uranium discovery at our Big Lake Project and indeed, reflect some improvement on what we had observed in the field."
Plans for follow-up drilling are underway, with approvals expected in early 2025 following a native title site heritage clearance scheduled for late 2024.
The company aims to test other locations to further understand fertile stratigraphy and potential paleochannels in the region.
Alligator Energy is actively engaging with local stakeholders, including traditional owners and pastoralists, to ensure cooperative exploration efforts.
Alligator Energy is an exploration company focused on uranium and energy related minerals, principally cobalt and nickel. The company's projects include Samphire, Big Lake, Alligator Rivers and Piedmont.
At the time of reporting, Alligator Energy's share price was $0.0475.