Alligator Energy (ASX: AGE) has unearthed up to 2.42% nickel and 0.19% cobalt from rock chips collected during reconnaissance activities at the Piedmont nickel-cobalt project in Italy’s north.
On the back of the results, Alligator reported it had pegged up more ground in the region with a further two tenement application lodged with the Italian authorities.
According to Alligator, the tenements it has applied for contain known historic workings and mineralisation.
Meanwhile, initial reconnaissance of the previous Piedmont tenement applications resulted in 10 grab samples taken from the Sella Bassa which returned high grade nickel of 2.28% and 2.42% and the best cobalt grades of 0.19% and 0.17%.
Copper was also identified with grades ranging between 0.05% and 0.37%.
“Sample results from the vicinity of the historic Sella Bassa mine continue tot demonstrate the exceptional broad mineral systems and potential of the Piedmont nickel-cobalt project,” Alligator chief executive officer Greg Hall said.
“With these new applications, Alligator has now secured some of the most prospective ground across the district.”
Alligator River uranium province
Mr Hall added the new Piedmont project in Italy added value to the company’s portfolio as it gears up for its uranium drilling campaign in the Northern Territory.
To carry out the campaign, Alligator has completed a placement that raised $1.75 million, with $1.5 million of the raising to fund further exploration work and drilling at the TCC4 uranium prospect at the Alligator River project.
“The timing of this placement coincides with renewed interest in the sector and it is pleasing to be in a position to concentrate on the drilling of our advanced stage uranium prospect at TCC4,” Mr Hall said.
A 3,000m drilling program is due to begin by the end of the month, with a drilling contractor mobilised to site.
“Our exploration team has been on the ground for some weeks opening up the camp and dry season tracks as part of our existing agreements,” Mr Hall added.
By early afternoon trade, Alligator’s share had slipped 8% to $0.011.