Gladiator open to JV or strategic partnerships

Gladiator Resources (ASX:GLA) is open to potential joint ventures (JVs) or strategic partnerships amid a surging uranium bull market. 

Speaking to Mining.com.au, Non-Executive Chairman Greg Johnson says the company could engage in a partnership with a ‘larger player’ sooner than later based on results returned from its 742km-square Mkuju Uranium Project in Tanzania. 

Results were generated from target trenches at the South West Corner (SWC) tenement and exceeded 4,425 parts per million (ppm) triuranium octoxide (U3O8).  

We’re always open to those sorts of discussions, and realistically, based on the grades we’re getting, we would expect to be a target for a larger player sooner rather than later. We can’t control that process though, so we continue doing what we’re doing and hopefully continuing on the same trajectory into 2024.

The grades uncovered, particularly at the South West Corner tenement were absolutely outstanding, some of them maxing out at the upper detection limit of 4,245ppm U3O8 of the analytical method employed. The samples are now being re-analysed by another detection method that has higher detection limits, but irrespective of the additional results, these grades indicate an incredibly rich vein of uranium in the area.”

Johnson says the company will seek to undertake a drilling program in May 2024 once the Tanzanian wet season ends. Drilling is expected to be funded from a capital raise in January/February this year. 

Keeping in mind that SWC is in the same geological area as Uranium One’s world-class Nyota deposit, we are really looking forward to kicking off the drilling program as soon as the end of Tanzania’s wet season allows.

Our operating costs are very low during the Tanzanian wet season, and we have ample cash to cover those costs, but we will be doing a capital raise during January/February to fund the drilling program scheduled to commence in May.”

On the right track

He adds these latest results follow the company concluding the final part of the divestment of its gold assets so that Gladiator can solely focus on uranium in November 2023.  

“The sale of Bendoc was the final part of our divestment of our gold assets so that the company can be totally focused on the uranium tenements. This was a decision by the board based on the run of the uranium price – a run that can only continue given the increasing global demand which will outstrip current supply.”

According to Trading Economics, uranium has continued to hold the surge from late 2023 that has taken prices to 16-year highs amid ‘strong’ demand and risks to supply. As of 1 January 2024, the price of uranium has increased 86.28% to US$91 per pound year-on-year.

Gladiator Resources is an explorer and miner solely focused on uranium. 

As of 30 September 2023, Gladiator Resources had $515,000 cash and cash equivalents at hand according to its latest quarterly report. The company plans to increase its equity through a capital raise in January/February 2024.

Write to Adam Drought at Mining.com.au

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Gladiator returns to the trenches at Mkuju

Gladiator Resources (ASX:GLA) has begun its exploration program at its flagship SWC Target within its 724km-square Mkuju Uranium Project.

The $11.22 market capitalisation company reports it has encountered ‘highly mineralised’ material in the first trench.

The region hosts significant sandstone hosted uranium deposits including the 125Mlb U3O8 Nyota deposit. Trenching will be followed by drilling in early 2024.

Gladiator mobilised a team and has completed its first trench of a planned 4 at SWC. A 30m long zone is present with scintillometer readings over 1000 cps and up to >9,999 cps, the maximum for the device.

The company says mineralisation is hosted in highly weathered sandstone (saprolite) with yellowish secondary uranium visible within the matrix (between the sandstone grains). The trenches are to be a maximum of 180m long and 3m to 4m deep.

The first is at the location of 2008 auger hole MRSA12. The next trenches are planned at the site of auger holes MRSA06 and MRSA07. Samples will be collected from the trenches and sent for analysis.

Concurrently with the trenching, a 120-line kilometre ground radiometric survey is to be completed during October. The data from this work will inform a drilling program which is planned to test the depth and lateral extent of the known and potentially new areas recognised from the ground radiometric data.

Gladiator notes the target is a relatively intense 3.5 x 1.8 kilometre airborne radiometric anomaly in the southwest corner of prospecting lease 12354 which was recently secured by the company.

The target is at the end of a 12km long NE-SW oriented trend of radiometric anomalies referred to as the Mtonya-SWC trend.

Gladiator says SWC has the most intense radiometric anomaly of all those on the trend but no exploration has been carried out since 2008 except for a single diamond core hole drilled in 2012.

Reportedly, Mantra (which originally drilled the auger holes) did not follow-up the highly elevated U3O8 results at the time due to prioritising their large Nyota uranium deposit 50km to the north which was central to an $1 billion takeover by Uranium One in 2011.

Write to Adam Orlando at Mining.com.au

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Gladiator Resources to launch fresh Tanzanian exploration 

Gladiator Resources (ASX:GLA) is gearing up to begin a new exploration program at its SWC Uranium Project in Tanzania. 

The $8.27 million market capitalisation company is mobilising a team over the next fortnight to undertake trenching at SWC to better understand ‘high-grade’ uranium auger drilling results from the area from back in 2008, some of which include mineralisation from surface. 

Samples will be collected from the trenches for analysis, and this will be followed by a ground radiometric survey and geological mapping. 

Gladiator says the data from this work will inform a drilling program to test the depth and lateral extent of the mineralisation. Meanwhile, the company says an aircore and diamond core drilling program would be best carried out after the onset of the 2024 dry season. 

Gladiator’s share price increased by 7.142% to close at $0.015 on Monday afternoon (21 August). 

The company’s flagship SWC Uranium target in Tanzania is located within its 724km-square Mkuju Project.

Gladiator Resources is an exploration and mining company primarily focused on uranium. The company has 9 exploration licences covering more than 1,810km-square in Tanzania. 

As of 30 June 2023, the company had $416,000 cash and cash equivalents at hand, according to its latest quarterly report. However, Gladiator completed a private placement to raise $794,000 in July. 

Write to Aaliyah Rogan at Mining.com.au

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Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Gladiator Resources secures uranium prospecting licence within Mkuju Project in Tanzania

Gladiator Resources (ASX:GLA) has been granted a ‘key’ 46km-square uranium prospecting licence (PL12354/2023) which hosts ‘high-grade’ uranium within the Mkuju Project area in Tanzania. 

The South West Corner (SWC) tenement was previously owned by Mantra Resources (ASX:MRU), which was subject to a takeover by Uranium One for about $1 billion. 

Gladiator is looking at kicking off an aircore program in the area in Q4 2023, aiming to confirm historical drill results reported by Mantra in 2008. This process will recover the shallow, soft material and penetrate beyond where the auger holes stopped to reach the base of the mineralisation. 

Gladiator is looking at kicking off an aircore program in the area in Q4 2023, aiming to confirm historical drill results reported by Mantra in 2008

Additionally, the drilling will test the continuity of the mineralised layer laterally and with depth. The work will assess the influence of near-surface processes on the mineralisation already intersected, alongside the potential development of primary mineralisation below the weather saprolite zone. 

Some of the 2008 results include hole MRSA04 with 5m @ 700 parts per million (ppm) U3O8 from 7m, including 2m @ 1,300ppm U3O8; and hole MRSA12 with 8m @ 1,273ppm U3O8 from surface, including 2m @ 3,825ppm U3O8. 

The company’s share price has jumped 9.09% to $0.012 as of 12.40pm AEST on June 1 2023. 

SWC has a ‘relatively intense’ 3.5km by 1.8km radiometric anomaly and multiple historic ‘excellent-grading’ uranium intersections, some ending in mineralisation.

The tenement is located 50km south of Mantra/Uranium One’s ‘world-class’ Nyota deposit in a similar geological setting. 

Gladiator Resources is an exploration and mining company focused on uranium and gold. The company holds 8 exploration licences covering about 1,810km-square in Tanzania. Additionally, 4 of the licences are contiguous, forming the Mkuju Project.

Write to Aaliyah Rogan at Mining.com.au

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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.