Korab Resources Ltd. and its subsidiaries announced that Exploration Licence EL31341 has been renewed until 27 November 2024 and is eligible for further renewals. EL31341 covers 65 square kilometres and forms Green Alligator Project, part of the Batchelor/Green Alligator Project (the Project) located some 70km south of Darwin (NT), near the regional town of Batchelor. Batchelor/Green Alligator Project comprises 2 granted exploration licences and 8 granted mining leases covering an area of approximately 240 square kilometres of the highly prospective Pine Creek Orogen.

As reported to the market on 12 September 2022, Korab Group is conducting review of the potential of the Batchelor/Green Alligator Project to host lithium and rare earth oxides mineralization. Initial results of this review will be released to the market in March 2023 with further results following. Most of the exploration licence EL31341 is underlain by the Burrell Creek Formation, part of the Finnis River Group.

Remaining parts of the Tenement are underlain by Mount Bonnie Formation, and Gerowie Tuff. Burrell Creek Formation hosts lithium mineralization within nearby tenements owned or operated by Core Lithium Ragusa Minerals and Lithium Plus Minerals. At the nearby Litchfield Pegmatite Belt, and the Finniss Lithium Project, lithium-bearing pegmatites are found within the same Burrell Creek Formation adjacent to and within aureole of I-type and S-type granites.

The geological setting of the Tenement (and the greater Batchelor/Green Alligator Project) is broadly similar. The Project is proximal to I-type and S-type granites and the Northern Territory Geological Survey database reports lithium-rich rock chips and whole rocks proximal to these I-type and S-type granites and the Batchelor/Green Alligator Project. Furthermore, NTGS database confirms presence of pegmatites and carbonatite rocks (including monazite) at numerous locations within the Batchelor/Green Alligator Project.

Gold prospectivity of the Tenement stems from discovery of several large gold deposits in similar settings elsewhere in the Pine Creek Orogen. According to NTGS records, Burrell Creek Formation, Mount Bonnie Formation, and Gerowie Tuff are the host rocks of 9 of the 12 larger gold deposits historically mined in the PCO, including the 3 larger gold deposits discovered in the PCO Mount Todd, Union Reefs, and Rustlers Roost.