Alligator Energy (ASX:AGE) has commenced reverse circulation and diamond drilling at its Tin Camp Creek uranium project in the Northern Territory.
Drilling is currently testing the intersection of an interpreted alteration zone identified by the recent SAM/MMR geophysical survey and its intersection with fault breccia zones.
About 2,000 metres of drilling is planned for the initial Orion North and Northeast Myra.
Laboratory assay results from the first phase of drilling at Orion North are expected to be available by early September.
The company will be undertaking radiometric and XRF field screening of drill samples as drilling progresses.
Field radiometric results will be provided in the interests of continuous disclosure of exploration results.
Further drilling will be carried out on the Mintaka, Orion South and Orion East priority targets in Tin Camp Creek.
All targets were selected on the basis of having favourable host rocks, structure and known presence of strong uranium and pathfinder element anomalism.
They will be further refined and prioritised following completion of final processing of the results of the recently completed SAM/MMR survey.
A total of 5,000 metres of RC Percussion and Diamond Drilling is planned to be completed this year. It is expected that this phase of drilling will be completed by mid-September.
The extent of further drilling to be undertaken in 2014 will be dependent on results.
Alligator will also carry out initial ground work – including surface sampling and mapping - on new targets identified by the SAM/MMR geophysical survey.
The exploration is consistent with its strategy of finding large scale uranium deposits of more than 100 million pounds of U3O8.
The company had $2 million in cash as of 30 June 2014 and has since raised $1.23 million through a placement of 30.75 million shares priced at $0.04 each.
It is currently carrying out a 1 for 3.5 rights issue to raise a further $2.7 million.
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