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- Alligator Energy (AGE) has completed its acquisition of the EL6350 tenement from fellow ASX-lister Stellar Resources (SRZ)
- AGE says all of the conditions precedent in the Binding Terms Sheet signed in May with Stellar have now been met
- The acquisition helps Alligator consolidate its Samphire Project area and gives it access to additional exploration opportunities
- AGE says historic drilling at the new tenement found uranium intercepts, with drilling set to begin at the company’s Samphire asset shortly
- Company shares are up 1.08 per cent at 9.4 cents per share at 11:22 am AEST
Alligator Energy (AGE) has completed its acquisition of the EL6350 tenement from fellow ASX-lister Stellar Resources (SRZ).
The energy stock said all of the conditions precedent in the Binding Terms Sheet signed in May with Stellar have now been met.
AGE bought the tenement from SRZ for $135,000 in shares as it helps consolidate its Samphire Project area in South Australia.
CEO Greg Hall said it would also give the company access to additional exploration opportunities.
“The successful acquisition of EL6350 from Stellar Resources adds excellent exploration and resource potential to AGE’s existing Samphire project,” Mr Hall said.
“By bringing the licence under Alligator’s banner, complete project security is assured which will in-turn facilitate streamlined exploration and any future project development.”
Historic drilling at the new tenement previously found uranium intercepts, and AGE is planning to begin drilling at its Samphire asset shortly.
Mr Hall said the company would also begin exploration work on the new tenement to assess its true potential.
“Alligator will now turn its focus to stakeholder engagement and assessment of requirements to enhance the exploration knowledge of the tenement through modern geophysics, and the potential upgrade of the existing Plumbush deposit,” Mr Hall said.
“Overall, the acquisition represents an excellent coup in the current uranium market with known uranium intersections located proximal to an existing resource.”
Company shares were up 1.08 per cent at 9.4 cents per share at 11:22 am AEST.
