Alligator Energy (ASX:AGE) is incorporating a more ‘comprehensive’ reverse circulation (RC) drilling program into its 2024 exploration plans at the Alligator Rivers Uranium Province (ARUP) in the Northern Territory.
The $224.01 million market capitalisation company says the future drilling program is being designed to target narrow structurally controlled mineralisation below cover at its wholly owned Nabarlek North Project.
Alligator’s planned work follows a maiden 1,398m RC drilling program at Nabarlek North, which demonstrated the presence of uranium mineralisation in the area.
Drillhole NNRC23-008 was drilled 200m along strike from the neighbouring ‘high-grade’ U40 prospect and delivered an intercept of 3m at an average grade of 0.12% (1,211 parts per million (ppm)) triuranium octoxide (U3O8).
Alligator states the results prove the U40 prospect uranium mineralising system continues into Nabarlek North, presenting itself as a potential future target for follow-up.
According to Alligator, results will be integrated with the historical and company data compiled to date to progress the Nabarlek North 2024 exploration strategy, subject to final data delivery.
The company anticipates all remaining assays and outstanding final data will be received by the end of January 2024.
Once received, Alligator will finalise its priorities for next year’s Nabarlek North exploration by the end of the first quarter of 2024.
The completion of the recent drilling program marks the closure of the 2023 ARUP field season.
Up to 15km-square gradient-array induced polarisation (IP) geophysics were completed, along with over 320 aircore (AC) holes and 100 shallow auger holes.
Alligator Chief Executive Officer (CEO) Greg Hall says exploration from the 2022-2023 field programs continues to confirm the proof-of-concept mineralisation model developed by the company.
Alligator Energy is an explorer focused on uranium and energy-related minerals, principally cobalt-nickel.
As of 30 September 2023, Alligator Energy had just shy of $37.9 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Alligator Energy