Quarterly Activities Report - 30 September 2018
Brisbane, Oct 31, 2018 AEST (ABN Newswire) - Alligator Energy Limited (
ASX:AGE) (Alligator, AGE or the Company) is pleased to release the 30 September 2018 Quarterly Report.
Highlights
Uranium
- AGE completed a drill hole program on its advanced TCC4 prospect in the ARUP, with hole depths from 200 to 400 metres over a strike length of 1600 metres (refer Figure 1 in link below);
- This first drilling in a very prospective 4 by 2km undercover target area will provide valuable information for future targeting;
- Cahill Formation (host formation for Ranger and Jabiluka) was intersected and drilled as anticipated beneath the overlying sandstone
- Significant alteration of host rocks, similar to that found at known uranium deposits in the Province was observed in five holes, and reflects key SAM geophysics resistivity features; and
- Interpretation and review of new data gathered is underway and will be reviewed by the AGE team, supported by a globally experienced uranium geologist.
Energy Minerals
- AGE's interest in the Piedmont Project represents a large mafic/ultramafic layered complex approximately 30kms long by 2.5kms wide which contains known massive sulphide mineralisation, historical mine workings, and potential for further discoveries;
- AGE reported the following batches of sample assay ranges from the Piedmont Ni Co project during the quarter:
o Batch 1 - metal grades of 0.19 to 2.48% Ni, 0.02 to 0.17% Co and 0.07 to 0.98% Cu;
o Batch 2 - metal grades of 0.49 to 2.24% Ni, 0.02 to 0.19% Co, 0.12 to 6.38% Cu and 0.6 to 60.8g/t Au;
- Detailed on-ground mapping and sampling of target areas has verified massive sulphide mineralisation intermittently outcropping over a 2 to 3km strike length with observed thicknesses ranging from 1 to 4 metres;
- Significant Ni Co results show continuity in the Laghetto - La Balma 2-3 km trend;
- High grade Cu assay from Castilo di Gavala southern licence, and assays from historic Gula prospect reveal Au potential with two grab samples in excess of 40g/t Au;
- A magnetometer survey was completed with results currently being processed to determine its ability to detect undercover mineralisation continuity and depth extent; and
- Two new tenement applications were lodged during the quarter approximately doubling Alligator's land holding exposure in an exciting historic Ni Co mining province, with other tenements being evaluated.
Corporate
- AGE finalised a share placement with BW Equities after receiving Shareholder approval to raise $1.75 million before costs to undertake a drilling program on the Company's advanced TCC4 uranium prospect in Arnhem Land.
Plans for the forthcoming quarter
- AGE geologists and consultants will collate, interpret, and review the new geological and stratigraphic data from the TCC4 drilling and plan next steps in our strategic search for large (100 Mlbs) high grade uranium deposits in the ARUP;
- Other ARUP uranium targets will be reviewed based on these results. In particular the Nabarlek North application area with the adjacent high grade U40 uranium prospect;
- Results from the Piedmont assays, mapping and magnetometer survey will inform AGE's decision during the coming quarter to proceed to Phase 2 in its Farm-in and JV with Chris Reindler and Partners;
- AGE is sourcing a skilled Ni expert with experience in the style of geology and deposits we are exploring at Piedmont, to assist planning for a drill program.
To view the full report, please visit:
http://abnnewswire.net/lnk/3IGJDLF4
About Alligator Energy Ltd
Alligator Energy Ltd (ASX:AGE) is an Australian, ASX-listed, exploration company focused on uranium and energy related minerals, principally cobalt-nickel.
Alligator's Directors have significant experience in the exploration, development and operations of both uranium and nickel projects (both laterites and sulphides).
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