Alligator Energy Drills Mullaquana Crown Lease at Samphire Uranium Project

Alligator Energy (ASX:AGE) has started drilling on the Mullaquana Crown Lease, targeting extensions and infill zones at its Samphire uranium project in South Australia. The roughly 300-hole program follows a 67% increase in the project's mineral resource to 30 million pounds of U3O8, announced in mid-June.

The drilling is the first exploration on the Crown Lease since Alligator secured a call option to purchase the property. The company is targeting the southern extensions of the Blackbush deposit and infill drilling at Plumbush, aiming to upgrade Inferred resources to Indicated status this year. The work also tests continuity of mineralisation along the Blackbush-Plumbush corridor.

CEO Andrea Marsland-Smith said the rapid start to drilling after the option agreement shows the company's commitment to advancing Samphire. "The newly accessible ground has long been recognised as highly prospective, and this program is targeting opportunities to expand the Mineral Resource and further strengthen the development case for Samphire as we progress the bankable feasibility study," she said.

The Plumbush deposit, located five kilometres south of Blackbush, added 12 million pounds of Inferred resources in June, lifting the total Samphire resource from 18 million to 30 million pounds. All of the resource is considered amenable to in-situ recovery. The company expects the bankable feasibility study to be released in mid-2027.

Shares closed at 5.3 Australian cents, down 2.78%, giving the company a market cap of A$239.5 million.