- Alligator Energy (AGE) applies for 11 new exploration licences in South Australia’s Cooper Basin
- The tenements significantly increase the company’s Big Lake uranium project area by 92 per cent from 818 to 10,802 square kilometres
- The applications cover a large portion of a newly recognised “granite wash play” which Alligator believes can provide a source for uranium
- Alligator Energy says it has a “first-mover advantage” and is analysing further data ahead of a potential drilling program
- Company shares were down 1.47 per cent to 6.7 cents at the close of trading on Monday
Alligator Energy (AGE) has expanded its Big Lake uranium project area by 92 per cent.
The project area in South Australia has grown from 818 square kilometres to 10,802 square kilometres.
The substantial increase follows Alligator Energy applying for 11 new tenements after interpreting encouraging seismic data and recognising emerging mineral exploration opportunities related to the deeper “granite wash” geology of the Cooper Basin.
Recently, petroleum companies have started to recognise and map the alluvial “granite wash” that surround the radiogenic granites and the relationship with the Patchawarra Formation. The formation is considered an emerging oil and gas producer and is being actively explored as a ‘favourable petroleum play’ in the Cooper Basin.
Furthermore, the Patchawarra Formation is distributed across the Moomba and Big Lake area that Alligator currently holds tenure over and extends beyond to the south.
Based on these factors, the company believes the radiogenic “granite wash” could be a source of uranium to naturally leach into the groundwater which then grows upwards into overlying sediments that Alligator will be exploring for in-situ recovery (ISR)-type uranium deposits.
CEO Greg Hall said the additional tenure expands the uranium exploration search area within the Cooper Basin and “reaffirms” Alligator’s first-mover advantage.
“We have commenced background analysis of available data and planning an expanded exploration effort in what is quickly becoming a significant opportunity for the company,” Mr Hall said.
The company is reprocessing seismic data on its existing tenure before being rolled out to the new tenement applications once they’re granted.
Alligator has also begun capturing the relevant data from historical wells which will be integrated with additional data relating to the pending applications. The overall data will support a future drilling program.
Company shares were down 1.47 per cent to 6.7 cents at the close of trading on Monday.