Brisbane, Australia, Oct 07, 2020 (ABN Newswire via COMTEX) -- Alligator Energy (asx:AGE) is pleased to announce it has completed the acquisition of the Samphire Uranium Project near Whyalla in South Australia. The consideration of 679,561,608 fully paid ordinary AGE shares has been in-specie distributed to eligible Samphire shareholders.
Greg Hall, Alligator CEO said "We are extremely pleased to complete this transaction and commence initial planning studies work on the Samphire Uranium project. The Samphire project represents an exciting opportunity within an improving uranium market to add a development project to the Alligator portfolio.
I thank our existing shareholders for their support in concluding this value accretive acquisition, and welcome our new shareholders to Alligator Energy. Our team of staff and specialised consultants are now working on the immediate value propositions within this Project."
Samphire Acquisition completion
In accordance with the terms of the Share Purchase Agreement signed with Samphire on 31 July 2020, Alligator has acquired all of the shares in S Uranium Pty Ltd the registered holder of EL 5926. S Uranium Pty Ltd also has cash balances (after the impending sale of a vehicle) of $680k.
Samphire Project work plan
Alligator staff and our consultants are now undertaking the initial planning studies to determine best value add propositions for the Samphire project for immediate future work. The scope of work for this includes the following:
1. Community and Environment
a) Complete a review of historical baseline environmental work and investigate updated requirements and additional work required
b) Re-Initiate community and indigenous group engagement
2. Resource expansion and exploration potential
a) Review and plan required work program to assess resource expansion potential at Blackbush - including possibilities of further higher-grade zones adjacent to the existing delineated resource.
b) Review and estimate the work required to bring the Plumbush deposit up to JORC 2012 standard, and asses any immediate exploration upside potential to the resource.
c) Assess, rank and budget further work to progress additional exploration opportunities that exist within the tenement package
3. Open pit potential
b) Review existing historical open pit design on Blackbush developed by SUL and undertake a desk top hydrogeological study using existing extensive hydrogeological data from ISR work.
c) Complete updated open pit designs for Blackbush deposit to a Scoping design level
4. Processing update and options