Gladiator’s Uranium Resource Growth Hinges on Upcoming Drilling and Eland Results
Gladiator Resources reports strong assay results supporting high-grade uranium intersections at its Mkuju Project, with promising extensions identified at Likuyu North. The company also advances exploration at its Eland Project while maintaining a solid cash position.
- High-grade uranium assays confirm 2024 drilling results at Mkuju Project
- Potential southern extension of Likuyu North deposit identified, matching existing resource footprint
- Likuyu North favourable for In Situ Recovery (ISR) uranium mining method
- Eland Project channel sampling completed; results expected February 2025
- Company holds $1.223 million cash with no new shares issued during the quarter
Strong Assay Results Reinforce Mkuju Uranium Potential
Gladiator Resources Ltd (ASX: GLA) has delivered encouraging laboratory assay results from its 2024 drilling program at the Mkuju Project in Tanzania. The assays validate previously reported high-grade uranium intersections at the SWC and Mtonya targets, as well as the Likuyu North deposit, underpinning the company’s exploration progress.
Core samples from drill hole LNDD015 at Likuyu North confirmed significant mineralisation with uranium oxide (U3O8) grades of 1,031 ppm over 0.4 metres and 690 ppm over 1.7 metres. These results support the down-dip extension of the basal mineralised layer, a key target for resource expansion.
Potential Deposit Extension Southwards
A comprehensive review of historic 2011 aircore drilling data revealed mineralisation extending up to 350 metres southeast of the current 4.6 million pound Mineral Resource Estimate (MRE) footprint at Likuyu North. This area, comparable in size to the existing resource, presents a compelling target for future drilling campaigns aimed at expanding the deposit.
Importantly, a 2024 study by CSA Global concluded that the geological and hydrogeological conditions at Likuyu North are favourable for In Situ Recovery (ISR), a preferred and cost-effective uranium mining technique. This enhances the project’s economic potential and aligns with modern mining practices.
Eland Project Advances with Channel Sampling
Beyond Mkuju, Gladiator completed a ground radiometric survey and six lines of rock channel sampling at the Eland Project, which hosts uranium, tantalum, and niobium mineralisation within a syenite intrusion. The company anticipates receiving assay results in the first quarter of 2025, which could open new avenues for resource development.
Financial Position and Corporate Update
Gladiator maintained a stable financial position through the quarter, ending December 2024 with $1.223 million in cash and no new shares issued. Operating cash outflows were $703,000 for the quarter, reflecting ongoing exploration and corporate activities. Payments to related parties, including director fees, amounted to $93,000.
The company’s tenement portfolio remains robust, with full ownership of key licenses at Mkuju and Eland projects, all held through its wholly owned subsidiary Zeus Resources (T) Limited. The current Mineral Resource Estimate for Likuyu North, compliant with JORC 2012 standards, stands at 7.7 million tonnes at 267 ppm U3O8, containing 4.6 million pounds of uranium oxide.
Gladiator’s recent results and strategic focus on ISR-compatible deposits position it well to capitalise on the growing demand for uranium, driven by the global energy transition and nuclear power resurgence.
Bottom Line?
With promising assay confirmations and potential resource expansions, Gladiator Resources is poised for a pivotal drilling season that could reshape its uranium asset base.
Questions in the middle?
- Will upcoming drilling confirm the southern extension of the Likuyu North deposit and increase the MRE?
- How will the Eland Project assay results influence Gladiator’s exploration priorities and capital allocation?
- What are the company’s plans to secure additional funding beyond its current cash reserves to support expanded drilling?
