High-Grade Uranium Interval of 1963ppm at Likuyu North at the Mkuju Uranium Project; Commencement of Initial ISR Work

Gladiator Resources Ltd (ASX: GLA) (Gladiator or the Company) is pleased to provide an update on its ongoing exploration activity at the Mkuju Uranium Project, located in southern Tanzania.

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• Drill-hole LNDD020 drilled at the Likuyu North deposit, part of the Mkuju Project, returns 6 mineralised intervals including 7.1 metres averaging 1,963ppm eU₃O₈¹, from 63.1 metres depth. This hole was drilled central to the deposit to provide core for an assessment of In Situ Recovery (ISR) of the uranium.
  
• ISR is the preferred method for mining uranium deposits. ERM Australia Consultants Pty Ltd (ERM) are undertaking an initial ISR assessment for Likuyu North.
• Drill-hole LNDD015 down-dip of the deposit has a ~5m mineralised interval; samples have been dispatched to the lab. This interval is 100m south of the current Mineral Resource Estimate (MRE).
• The 2022 JORC compliant MRE for Likuyu North (4.6 Mlbs U₃O₈) was based on a pit- shell assuming conventional open-pit mining methods; adoption of ISR may support expansion of it.

Commenting on the drill results, Gladiator’s Chairman Greg Johnson said:

“Drillhole LNDD020 demonstrates the quality of the Likuyu North deposit, and we are excited by the potential opportunity the area provides. Grade and other characteristics appear to be well-suited to ISR. With that in mind, Gladiator has appointed ERM (formerly CSA Global) to help advance this strategy, and if the ISR study is encouraging the Company will consider larger-scale exploration at Likuyu North, Likuyu South and at the Mtonya deposit area, with an aim of maximizing the resource available for a potential ISR operation”.

Drillhole LNDD020

This hole was drilled to provide fresh drill-core to assist with initial assessment of the potential of ISR as a mining method for the Likuyu North deposit. The deposit has a JORC compliant Mineral Resource Estimate of 4.6Mlbs U₃O₈ with an average grade of 267ppm U₃O₈. The hole was positioned in an area relatively central to the deposit known to have thick and high-grade mineralisation, hosted by medium to coarse grained sandstone beds. Figure 1 is a cross-section and shows LNDD020. The hole contains 6 mineralised intervals (Table 2) including:

• 2.5 metres with an average grade of 438 ppm eU₃O₈ from 17.1m depth.
• 7.1 metres with an average grade of 1,963 ppm eU₃O₈ from 63.1m depth.

Figure 1: North-south cross-section showing the downhole logged eU3O8, mineralized layers and oxide/transitional zones. LNDD015 and LNDD020 are shown.

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