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
Images: Gladiator Resources
