Overview
Gladiator Sources (ASX:GLA) is an Australian explorer targeted on uranium tasks. The corporate’s portfolio of uranium belongings covers 1,811 sq. kilometres positioned in Tanzania. The corporate’s key tasks embrace – Mkuju, Minjingu, Liwale, Cunning and Eland. Mkuju is the corporate’s flagship undertaking, having the potential to host world-class uranium deposits given its proximity to the Nyota deposit, which comprises 124.6 million kilos (Mlbs) U3O8. Nyota is considered one of many largest uranium deposits on the earth.
The corporate is planning a 2024 drill program at Mkuju specializing in the South West Nook (SWC), Mtonya and Likuyu North targets. The 2024 drilling program will start with preliminary core drilling on the SWC goal, the place 2023 trenching revealed as much as 7,139 components per million (ppm) U3O8. Moreover, drilling at Mtonya and Likuyu North will goal to discover potential extensions and new zones of the present uranium deposits.
The Minjingu undertaking is the opposite key focus space for Gladiator. This undertaking compliments the corporate’s flagship Mkuju uranium undertaking in southern Tanzania. Floor pit samples on the Minjingu undertaking have returned high-grade uranium mineralization as much as 269 ppm U3O8. Observe-up auger drilling is deliberate to know the thickness of the mineralized layer and potential extension.
Tanzania is a perfect location for uranium mining as a consequence of its beneficial geology. It’s wealthy in uranium-bearing deposits, notably the Mkuju River undertaking, among the many world’s largest undeveloped uranium reserves. The Tanzanian authorities’s mining-friendly insurance policies, together with taxation and fast allowing course of, are encouraging for uranium miners. The presence of well-developed infrastructure, together with a number of ports, makes it straightforward to move uranium ore. Additional, the nation has a big and expert workforce with graduates in varied fields, akin to geology and mining. These components make Tanzania a beneficial jurisdiction for uranium exploration and improvement.
Firm Highlights
- Gladiator Sources is an ASX-listed exploration and mining firm targeted on uranium. The corporate operates eight exploration tasks, primarily in Tanzania, protecting a complete space of 1,811 sq kms.
- The corporate’s key tasks embrace – Mkuju, Minjingu, Liwale, Cunning and Eland.
- Gladiator’s major quick time period focus is on advancing the Mkuju undertaking, positioned solely 20 kms south of Uranium One’s Nyota deposit, considered one of many largest uranium deposits on the earth.
- The 2024 drill program at Mkuju will give attention to the South West Nook (SWC) initially, the place trench assay outcomes obtained Dec/Jan 2023/24 confirmed high-grade uranium in sandstone, 1000’s ppm U3O8 in locations.
- Additional work can be deliberate at Mtonya and Likuyu North – additionally positioned inside the promising Mkuju space.
- Tanzania is endowed with many uranium-bearing deposits and is understood for its mining-friendly insurance policies. The federal government affords engaging tax insurance policies and fast allowing processes to encourage funding within the sector.
- The presence in comparatively engaging uranium mining jurisdictions akin to Tanzania positions the corporate to capitalize on alternatives within the uranium sector and ship superior returns to its shareholders.
Key Initiatives
Mkuju Undertaking
The undertaking spans over 725 sq kms and is positioned 20 kms south of Uranium One’s Nyota deposit, considered one of many largest uranium deposits on the earth. Nyota hosts a measured and indicated mineral useful resource estimate of 187 metric tons (MT) at 306 ppm U3O8, containing 124.6 Mlbs U3O8. The deposit is being developed by international uranium firm Uranium One. The Nyota deposit and the Mkuju undertaking are underlain by sediments of the decrease Karoo, that are thought of extremely potential for uranium.
The 2024 drilling program, anticipated to start in June 2024, will check the Southwest Nook goal and check potential extensions to the Mtonya and Likuyu North deposits on the Mkuju undertaking.
- At Southwest Nook, the 2024 drilling will check the potential for down-dip extension of the not too long ago trenched high-grade floor uranium. The floor samples right here returned high-grade uranium mineralization, together with 2.55 metres @ 2017 ppm U3O8, 0.75 metres @ 7,139 ppm U3O8, 2.35 metres @ 1,636 ppm U3O8, and 1.4 metres @ 3,945 ppm U3O8.
- At Mtonya, the drilling program will observe up on high-grade uranium intersections found within the earlier drilling program carried out in 2011/2012. The 2011/12 drill holes URAMT105 and 106 comprise glorious mineralization that will lengthen to the northwest and can be examined within the 2024 drilling program.
- At Likuyu North, the 2024 drilling program will give attention to testing for potential new zones that might add to the present JORC useful resource of 4.6 Mlb U3O8 JORC.
Minjingu Undertaking
The Minjingu undertaking covers an space of 296.9 sq kms It’s located in northern Tanzania, 106 kilometers southwest of Arusha, the area’s foremost administrative metropolis, and 520 kilometers northwest of Dar es Salaam. The undertaking boasts glorious infrastructure, akin to high quality tarmac roads, energy strains and airport companies by way of each Arusha and Kilimanjaro.
Floor pit samples on the Minjingu undertaking have returned uranium mineralization as much as 269 ppm U3O8. This undertaking compliments the corporate’s flagship Mkuju Uranium undertaking in southern Tanzania, the place high-grade trench outcomes have not too long ago been reported. Observe-up work is being deliberate to know the thickness of the mineralized layer and potential extension.
South West Nook Undertaking
The South West Nook license holds high-grade uranium deposits at shallow depths. It encompasses a comparatively concentrated 3.5 x 1.8 km radiometric anomaly and has a historical past of a number of cases of wonderful grading. Beforehand owned by Mantra Sources, SWC underwent a profitable takeover in 2011 by Uranium One for roughly AU$1 billion
Liwale Undertaking
The Liwale undertaking spans an space of 195 sq kms and is located past the boundaries of the Nyerere Nationwide Park. It was previously owned by each Mantra Sources and Uranium One.
Cunning Undertaking
The Cunning Undertaking spans an space of 299.7 sq kms and was previously below the possession of Western Metals. It’s acknowledged for internet hosting uranium mineralization akin to that discovered within the Mkuju area. Positioned roughly 25 kms away from the Mkuju tenements at its nearest level, the corporate is within the strategy of buying historic knowledge.
Eland Undertaking
The Eland undertaking encompasses 294.7 sq kms and was beforehand held by Western Metals. It’s identified for internet hosting uranium mineralization. The corporate is within the strategy of arranging to acquire historic knowledge.
Administration Crew
Gregory Johnson – Non-executive Chairman
Gregory Johnson has over 20 years of expertise in capital markets, together with fund administration and capital elevating. He has held senior capital elevating and shopper relationship roles at Macquarie, Perpetual and Dimensional, and has led shopper companies groups at Deutsche Financial institution, Credit score Suisse and Macquarie Funds Administration. At Gladiator, Johnson offers huge monetary companies expertise, constructing relationships with current and new traders.
Matthew Boysen – Non-executive Director
Matthew Boysen possesses vital experience in advertising and marketing and communication. Over the previous 20 years, Boysen has made profitable investments in quite a few exploration, power and mining corporations, demonstrating a deep understanding of the agility essential within the dynamic setting through which ASX mining corporations function.
Peter Tsegas – Non-executive Director
Peter Tsegas boasts over 20 years of expertise throughout Africa, collaborating with personal enterprises and authorities entities on mining tasks spanning varied commodities, together with uranium. He performed a pivotal function within the acquisition of Gladiator’s uranium tasks. He has consulted with a number of Tanzanian authorities ministries and mining companies, together with Rio Tinto. Because the founder and former managing director of Tancoal Power, he successfully steered the corporate from its exploration part to establishing a three way partnership with the Tanzanian Authorities, ultimately resulting in manufacturing. Presently, he serves as a non-executive director at Magnis.
Rod Chittendan – Non-executive Director
Rod Chittendan has over 40 years of expertise within the minerals trade, spanning Africa, Australia and South America. He has held govt administration positions and metallurgical undertaking improvement roles protecting all the spectrum from exploration to manufacturing. He has performed a key function within the development of Mantra Sources’ Mkuju River uranium undertaking and the event of Paladin Power’s (ASX:PDN) Langer Heinrich and Kayelekera uranium tasks. Beforehand, he held positions with giant mining corporations akin to Newcrest (ASX:NCM) and Barrick Gold (NYSE:GOLD).
Andrew Pedley – Non-executive Director
Andrew Pedley has over 25 years of expertise as a geologist in Africa, progressing from roles as exploration supervisor to VP of exploration. His in depth uranium experience is especially pertinent to Gladiator. Pedley possesses specialised abilities in uranium exploration and the delineation of uranium mineral useful resource estimates, adhering to JORC and ASX itemizing rules. He has served as a reliable particular person on quite a few uranium tasks. He holds a masters in geology from the Camborne College of Mines in England.
Andrew Metcalfe – Firm Secretary
Andrew Metcalfe has served as an organization secretary and governance advisor to ASX-listed corporations for greater than 25 years. He presently oversees the corporate secretary companies inside Gladiator Sources.
