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- Drilling underway after weather delay.
- Program following-up previous uranium discovery.
- Discovery identified potential for significant uranium mineralisation.
- Results validated company’s exploration model.
Alligator Energy (ASX:AGE) has kicked off a key follow-up drilling program at the Big Lake uranium discovery in South Australia following the arrival of improved conditions.
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Big Lake became a centre of attention in CY24 when frontier drilling delivered significant exploration success, intersecting substantial thicknesses of anomalous uranium mineralisation within interbedded sand units of the Namba Formation.
Notably, the discovery provided the first proof of concept for significant uranium mineralisation within the Lake Eyre Basin sediments, validating Alligator’s exploration model and highlighting the basin’s potential to host a new sedimentary uranium district.
The explorer’s CEO and managing director, Andrea Marsland-Smith, today declared Big Lake is one of the few greenfields uranium exploration opportunities that have emerged in Australia in the last decade.
“Our discovery at site 10 in 2024 provided the first tangible evidence that the Lake Eyre Basin sediments can host uranium mineralisation, validating a geological model that has the potential to unlock a completely new uranium district,” Ms Marsland-Smith told Alligator shareholders this morning.
She said that, due to persistent wet weather conditions limiting the company’s ability to return to the site, the upcoming program is “particularly exciting.”
“We are entering a highly active phase of exploration, and this upcoming drilling program represents an important step in assessing the scale and continuity of the Site 10 discovery while simultaneously testing a pipeline of prospective targets across EL 6367,” she said.
“The success achieved by the team to date reinforces our view that Big Lake has the potential to become a strategically important uranium project within Alligator Energy’s growing portfolio of advanced uranium assets.”
Big Lake includes the northern extensions of the proven uranium-bearing sedimentary system that hosts the Beverley, Four Mile and Honeymoon in situ recovery uranium operations in South Australia and shares many of the key characteristics of world-class hydrocarbon ISR uranium districts.
AGE will open today at 3.4¢. Mkt cap $146.4M.
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