Alligator Energy Ltd (ASX:AGE) has completed the issue of new shares for the A$10 million placement to institutional, sophisticated and professional investors.
The placement allows the company to undertake key work on the Samphire Project this year and extend and expand this into further advanced pre-development project work during 2022/23.
The additional funds will also enable the company to fast-track work on the key target project in the Alligator Rivers Uranium Province (ARUP).
Samphire Uranium Project
Since the launch of placement, Alligator has made progress at the Samphire Uranium Project by taking key steps including:
- The engagement of three experienced uranium resource geologists to progress detailed planning for resource drilling on Blackbush, which is expected to start in late September/ October;
- The engagement of AMC Consultants to provide technical guidance for resource upgrade work;
- The initiation of discussion with a drilling company and has received quotes;
- Building SA-based team to take the project forward and lessen the impact by COVID-19; and
- Key stakeholder engagement is underway.
“Enhanced value to shareholders”
Alligator’s CEO Greg Hall said: “Again I thank our new investors and ongoing shareholders for the financing support allowing us to fast-track and extend our resource development and exploration programs going forward.
“Alligator can now aim to advance the Samphire Project through scoping and into feasibility work in an improving uranium market.
“We believe our planned on-ground work on Samphire and the advanced work on the high-grade U40 Prospect extension will translate through to enhanced value to Alligator shareholders.”
Key target project development in the Alligator Rivers Uranium Province
The company is also developing the Nabarlek North Project within ARUP and some of the key steps planned include:
- Contractor engagement for the IP survey over the high-grade U40 Prospect extension;
- Planning underway for traditional owner / NLC work program meeting; and
- Potential drilling companies were identified and discussions are underway with a view to target late 2021 drilling around IP survey results.
Samphire Uranium Project
The company has already started the pre-planning work for the proposed resource drilling to enhance the existing Blackbush deposit resource.
The company has identified two key areas of work, which will be completed over the next two years.
The first area of work is to progress the current year’s planned resource drilling program, ANSTO test work on recovered core, and finalisation of a scoping study during the first half of 2022.
The second area of work is to plan and establish a Samphire uranium extraction in-situ field leach trial during 2022 and into 2023, along with increased resource and exploration drilling while starting initial environmental studies coupled with the early initiation of project approvals.
Upcoming activities
Besides these, the company will continue with other projects including Big Lake – where interpretation of results from the initial airborne electromagnetic data processing in the coming weeks will help in deciding aircore drilling in the second half of 2021.
The company is also going ahead with the continuation of Piedmont strategic partner discussions with the potential for on-ground geochemical sampling during the second half of 2021.
Moreover, the company is also performing ongoing evaluations of further advanced uranium opportunities.