Trinex Minerals Limited (ASX: TX3) (Trinex Minerals or the Company) is pleased to announce that the winter 2024 diamond drilling program at the Gibbons Creek Uranium Project in Northern Saskatchewan has commenced (Figure 1).
Key Points:
- Diamond drilling has commenced at the high-priority Airstrip Prospect in the northern part of the Gibbons Creek Project.
- Six target areas will be tested for a total drilling program of around 1,200m.
- Trinex is well funded to expand on the current drilling program having over $4 million in cash
- Trinex Minerals has an option to acquire an initial 51% interest in the highly prospective Gibbons Creek Uranium Project in the Athabasca Basin, Northern Saskatchewan, Canada, with the potential to increase to a 75% interest.
The drilling program will be managed by
ALX Resources (TSXV:AL) which currently owns 100% of the project, and is designed to test a number of targets at the high-priority Airstrip Prospect (Airstrip), near the community of Stony Rapids, where a combination of geophysical and geochemical anomalism from data acquired in 2023 along with anomalous uranium mineralisation in historic drillholes has generated the targets (Figure 2).
It is expected that the drilling will take several weeks to complete with downhole gamma logging being completed at the end of each hole. Proximity to the community and infrastructure of Stony Rapids adds greatly to the efficiency of the exploration program and the Company is well funded to enable expansion and/or extension of the drilling program should results justify this. Assay results are expected to be available approximately six weeks after the completion of drilling.
Following the completion of this drilling program, Trinex Minerals will assume Exploration Management of the Gibbons Creek Uranium Project and anticipate utilising Dahrouge Geological Consulting to carry out much of the on-ground exploration from this point.
Trinex Minerals’ Managing Director, Will Dix, commented:
“It has been a quick progression for Trinex from first seeing the data to working through the deal and now to drilling our first holes at Gibbons Creek. The Athabasca Basin is a highly prospective uranium jurisdiction, and we are excited to put a few holes into the priority target at the Airstrip Prospect.
"Following the completion of this drill campaign, Trinex will assume exploration control of the Project and we will look to expand exploration activities outwards across the other priority targets identified. I look forward to updating the market with the results of this diamond drill program as they become available.”
Gibbons Creek Uranium Project – Background and 2024 Winter Drilling Program
The Gibbons Creek Uranium Project (Gibbons Creek or the Project) comprises eight mineral dispositions covering an area of 139km2. The Project is located on the northern flank of the highly prospective Athabasca Basin in Northern Saskatchewan, home to all of Canada’s operating uranium mines and mills (see Figure 1).
Gibbons Creek has an exploration permit held by ALX, which is valid until October 2025. The permit allows for up to 20 diamond drill holes totalling approximately 5,000m, along with ground-based geophysics, prospecting, and geochemical sampling. Access to Gibbons Creek is via roads and trails that lead from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, thereby creating flexibility for either summer or winter exploration programs. Stony Rapids has readily available fuel, supplies and accommodations for field personnel, and an airport with daily flights to cities and towns in southern Saskatchewan.
A comprehensive review of Gibbons Creek historical exploration data was carried out by ALX and has integrated that information with the high-resolution magnetic and SGH geochemical surveys completed in November 2023. The historical data and the results of ground surveys carried out by ALX on the 2023 exploration grid show important characteristics of the Project’s potential to host uranium mineralisation. This is demonstrated by the mineralisation found in ALX’s 2015 drillhole GC15-03 (0.13% U3O8 over 0.23 metres from 107.67 metres to 107.90 metres) and in Eldorado Nuclear’s 1979 drillhole GC-15 (0.179% U3O8 over 0.13 metres from 134.11 to 134.24 metres) (see Figure 2).
Figure 1 – Athabasca Basin showing the location of the Gibbons Creek Uranium Project and existing uranium mines and deposits.
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Figure 1 – Athabasca Basin showing the location of the Gibbons Creek Uranium Project and existing uranium mines and deposits.
Figure 1. Location Oasis project
Figure 2. Simplified Regional Geology