Alligator Energy (ASX:AGE) has increased the Samphire Project’s resource estimate by 67% to 30 million pounds of triuranium octoxide following the inclusion of the Plumbush deposit’s maiden inferred mineral resource estimate (MRE).
Plumbush has a maiden MRE of 12 million pounds of triuranium octoxide, located just 5km south of the existing Blackbush resource of 18 million pounds of triuranium octoxide.
Prior to the addition of the Plumbush estimate, the greater Samphire Project, located in South Australia, held a resource estimate of 18 million pounds of triuranium octoxide.
CEO and Managing Director Andrea Marsland-Smith says the maiden MRE for Plumbush provides further validation of the company’s geological model and the expansion potential of Samphire, while also diligently delivering an initial resource component of the exploration target range reported in 2023.
“Delivering a 12 million pounds MRE located within 5 km from Blackbush materially enhances the scale of Samphire, with immediate drill ready targets now accessible following the finalisation of access arrangements with the landholder,” Marsland-Smith says.
“Importantly, with an MRE of 30 million pounds, it now provides the company with a stronger foundation, as we advance our BFS.
“We are well positioned to diligently deliver further MRE growth and conversion to indicated and measured categories, via our upcoming aggressive drilling campaign. We intend to deliver a further update to the MRE in early 2027, which will form the base to be incorporated into the Bankable Feasibility Study (BFS) that is expected to be released in mid-2027.”
Alligator Energy is planning an ‘aggressive’ drilling campaign for the remainder of 2026 aimed at further expanding the resource estimate.
Snapping up Mullaquana Crown
The resource upgrade comes in parallel with Alligator Energy executing a call option agreement to acquire the Mullaquana Crown Lease from privately held company Joyce Pastoral. The acquisition will provide access to the Plumbush uranium deposit and the southern extension of the Blackbush uranium deposit within the Samphire Project.
As a result of the agreement, Alligator with secure immediate access rights for exploration activities across ground that was previously inaccessible.
Alligator will pay $500,000 on or around 1 July 2026 for the option to acquire the property. Following this initial payment, the company will receive access rights to conduct technical and commercial assessments for an 18-month period.
The option will be exercised on or before the end of the 18-month period for $6.75 million. The final acquisition cost will only be payable if the option is exercised.
Alligator describes the acquisition of the Mullaquana tenure as a “pivotal step” in advancing development at its Samphire Project.
The company will gain access to the southern strike extension of the Blackbush mineralisation, where geological continuity has been interpreted but remains untested by drilling. Infill and extension drilling is planned at the Plumbush deposit, which has not been drilled in more than 10 years, to further refine and potentially expand the resource estimate.
The company will also test the corridor between the Blackbush and Plumbush deposits, which has seen limited drilling to date.
Drilling along the corridor is expected to improve the company’s understanding of mineralisation continuity across the broader Samphire Project.
Marsland-Smith notes that the Mullaquana exploration tenements have “long been recognised as strategically important to the future development of Samphire”.
“Access constraints have limited our ability to fully evaluate its potential,” Marsland-Smith says.
“This option structure gives us immediate access to advance exploration and target generation across the broader Blackbush-Plumbush corridor, while preserving capital discipline by deferring the larger acquisition commitment as we continue to build our technical understanding of the project.
“It provides a practical pathway to unlocking exploration upside and supporting future development planning across Samphire.”
Alligator Energy is an Australian exploration company focused on uranium and energy-related minerals.
Write to Maddison Elliott at Mining.com.au
Images: Alligator Energy
