- Alligator Energy (AGE) finalises the acquisition of the Big Lake uranium project on the back of some ‘promising’ geophysical results and desktop data reviews
- Airborne electromagnetics (EM) revealed ‘promising’ paleochannel systems within the Tertiary Lake Eyre Basin at the South Australia-based project
- Data also shows there’s an opportunity to guide exploration for potential ISR uranium in the Cooper Basin
- Alligator will now acquire all the shares in the licence holder ahead of integrating 3D data and completing maiden drilling in the new year
- Company shares have been trading 4.9 per cent higher at 5.4 cents
Alligator Energy (AGE) has committed to funding a maiden drilling program at the Big Lake uranium project on the back of geophysical results and desktop data reviews.
According to the company, airborne electromagnetics (EM) have revealed ‘promising’ paleochannel systems within the Tertiary Lake Eyre Basin at the South Australia-based project.
Alligator also assessed seismic data which supported the interpretation of the paleochannel systems, and the data also presents the opportunity to guide exploration for potential ISR uranium in the Cooper Basin.
Based on these observations, Alligator Energy finalised the acquisition of the project under the terms of a farm-in and share sale deal announced in December 2019. The company will now acquire all the shares in Big Lake, the licence holder, through the conversion of 30 million acquisition performance shares to fully-paid ordinary shares.
Company CEO Greg Hall said the acquisition is an exciting time for the company after somewhat delayed investigation work.
“The extensive and detailed airborne EM survey, combined with the innovative use of public seismic data and the known presence of uranium in the system, has supported our view of the uranium potential over the Big Lake tenement,” he said.
“This acquisition still represents very good value for a prospective uranium exploration region, with known uranium presence, in light of recent uranium exploration project market valuations as indicated through recent IPOs.”
Alligator Energy expects to begin drilling in the second quarter of 2022 following the integration of data which is planned to complement the existing airborne EM data.
Company shares were up 4.9 per cent to trade at 5.4 cents at 12:42 pm AEDT.