Alligator Energy Ltd (ASX:AGE) and joint venture cohorts Chris Reindler and Partners have agreed to a 30-day extension to finalise the 100% acquisition of Exploration Licences that form the Piedmont Farm-in.
AGE announced in February this year that it had secured a binding twelve-month option to the remaining Exploration Licences at the Piedmont Project in Northern Italy that it doesn’t already own.
Read: Alligator Energy picks up 12-month option for Piedmont Nickel-Cobalt Project
The option is conditional on obtaining renewal of the Laghetto Exploration Licence and translating the Binding Term Sheet into a full form agreement.
AGE is in the process of finalising the conditions precedent to the option becoming effective, namely:
- Confirmation that renewal of the Laghetto Exploration Licence has been obtained for the period through to 31 December 2023; and
- The Binding Term Sheet has been translated into a full-form agreement and is with the company’s Italian legal counsel for review and confirmation of compliance with local regulatory requirements.
Piedmont Project field trip
Alligator’s in-country team took a field trip to the project to map and sample recently accessible lower altitude sites at the Isola prospect and undertake further reconnaissance for proposed geophysics, which is scheduled to start from April 8 2022.
The team will be sampling at the Isola prospect and will investigate the Cruvino prospect for the first time.
Historic records at Cruvino have indicated high-grade, dyke-associated cobalt occurrences.
Contractors are currently being engaged to undertake ground-based EM geophysics at Alpe Laghetto and broader-ranging drone magnetic surveys over additional prospects.
Final planning and logistics are now underway with surveys targeted to commence early in the third quarter.