Trinex Minerals

Diamond Drilling Commences at the Gibbons Creek Uranium Project

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.

Click here for the full ASX Release

This article includes content from Trinex Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)

Laramide Announces the Appointment of Vice-President for Operations and Strategic Planning, U.S. and Provides Update on Drilling Activity in Australia

Laramide Resources Ltd. ("Laramide" or the "Company") (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant assets in the United States and Australia is pleased to announce the appointment of Mr. Josh Leftwich as Vice-President for Operations and Strategic Planning, U.S.A. Mr. Leftwich's substantive professional expertise will be instrumental in advancing Laramide's U.S. uranium assets through development and into production.

Laramide Resources Ltd. Logo (CNW Group/Laramide Resources Ltd.)

Mr. Josh Leftwich's career includes a role as Director of Radiation Safety and Licensing, reporting directly to the President of Cameco. At Cameco, he was a key senior manager in charge of operational compliance and oversight of three mine operations and seven development projects. He was the key contact for all tribal relations which required development and administering of policy processes, as well, he was the key regulatory contact for all state and federal communications including the Nuclear Regulatory Commission (NRC).

His other relevant uranium mining company experience includes negotiating complex regulatory issues at Uranium Energy Corp. (UEC); and, as a key component of the initial start-up team at Mestena Uranium (now The Alta Mesa Project owned by enCore Energy and Boss Energy), he was responsible for all permitting activities including demonstrating and communicating groundwater restoration capabilities and establishing health, safety and environmental/radiation programs from greenfield to production.

"We are very pleased to welcome Josh to Laramide Resources and back to the uranium industry where he began his career," said Marc Henderson , CEO and President of Laramide Resources Ltd. "Each of our U.S. projects are development stage with significant resources and can make a meaningful contribution to future US domestic uranium production, which is now a bipartisan US government objective.  This political backdrop should provide a tailwind for our assets and Josh's skills will enhance our progress towards achieving our aggressive development timeline."

Westmoreland Uranium Project Drilling Update

Drilling at the Westmoreland project is proceeding well with the first three of seven planned diamond holes at the Amphitheatre prospect now completed. Initial core sampling of shallow mineralised zones is underway, guided by downhole gamma probe and handheld scintillometer data. The first samples are being prepared for delivery next week to ALS Laboratories.

The first five drillholes at Amphitheatre are targeting immediate extensions of the known mineralisation and to understand any structural controls.  The last two holes planned for this study at Amphitheatre will be to step out and to test over 300m to the north under alluvial cover to get a sense of the potential scale of this project.

As part of the 2024 resource extension program, a second drill rig will arrive later this month to commence drilling at Huarabagoo and Junnagunna to test whether the zones between these two deposits can be linked. The combined program will comprise 10,000 to 12,000 meters over 100 drillholes and includes the satellite deposit at Long Pocket with an objective of expanding and updating the Westmoreland Mineral Resource Estimation.

Qualified/Competent Person
The information in this announcement relating to Exploration Results is based on information compiled or reviewed by Mr. Rhys Davies , a contractor to the Company. Mr. Davies is a Member of The Australasian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and is a Qualified Person under the guidelines of the National Instrument 43-101. Mr. Davies consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Follow us on Twitter @LaramideRes

About Laramide Resources Ltd.:

Laramide is focused on exploring and developing high-quality uranium assets in Australia and the western United States . The company's portfolio comprises predominantly advanced uranium projects in districts with historical production or superior geological prospectivity. The assets have been carefully chosen for their size, production potential, and the two large projects are considered to be late-stage, low-technical risk projects.

The Westmoreland project in Queensland, Australia , is one of the largest uranium development assets held by a junior mining company. This project has a PEA that describes an economically robust, open-pit mining project with a mine life of 13 years.  Additionally, the adjacent Murphy Project in the Northern Territory of Australia is a greenfield asset that Laramide strategically acquired to control the majority of the mineralized system along the Westmoreland trend.

In the United States , Laramide's assets include the NRC licensed Crownpoint-Churchrock Uranium Project. An NI 43-101 PEA study completed in 2023 has described an in-situ recovery ("ISR") production methodology. The Company also owns the La Jara Mesa project in the historic Grants mining district of New Mexico and an underground project, called La Sal, in Lisbon Valley, Utah.

This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

SOURCE Laramide Resources Ltd.

Cision View original content to download multimedia:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Skyharbour Resources CEO Jordan Trimble.

Skyharbour Resources CEO Unveils Drilling Plans for Flagship Uranium Projects in Athabasca Basin

In a recent interview with the Investing News Network, Jordan Trimble, president and CEO of Skyharbour Resources (TSXV:SYH), shared exciting developments in the company's uranium exploration efforts and offered valuable insights on the current state of the uranium market.

Trimble highlighted significant progress at Skyharbour's two core projects: Russell Lake and Moore Lake. At Russell Lake, the company has made what Trimble described as a "breakthrough discovery" in its initial drilling program.

"Within the first few holes at the Russell project, we've intersected something quite significant, indicating a high-grade zone of uranium mineralization," he said, emphasizing the potential of this early stage find.

Keep reading...Show less

Global Atomic Announces the Credit Committee Meeting to Review the Dasa Funding Opportunity has been Postponed

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) reports that the presentation of the debt financing facility to the Credit Committee of a U.S. Development Bank has been postponed to August.  The Bank decided not to bring this project to the Credit Committee in July, citing a need to answer and confirm additional questions.

With approval by the Credit Committee postponed, final approval by the Bank's Board of Directors is now expected in October 2024 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Ur-Energy Provides 2024 Q2 Update: Lost Creek and Shirley Basin

Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") provides the following 2024 Q2 updates on Lost Creek production operations and guidance, Shirley Basin construction, and our uranium sales contract book

John Cash, the Company's CEO and Chairman of the Board, stated, "We are pleased that continuing advances at Lost Creek resulted in increased production quarter-over-quarter. The Lost Creek drilling and construction teams have further refined their work plans to facilitate our schedule of bringing a new header house online each month. This progress enables the continuing increase in production flow which will allow us to achieve our production targets. Importantly, the production patterns continue to be receptive to our mining methods, exhibiting strong production grades.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
The word uranium with a green arrow pointing up.

Uranium Stocks Surge as Kazakhstan Raises Mineral Extraction Tax

Kazakhstan's announcement of a significant increase in the Mineral Extraction Tax (MET) for uranium sent uranium stocks trending higher on July 10 as concerns of a potential supply disruption grew due to Kazakhstan's position as the world’s largest uranium-producing country.

The new tax rate changes will come in two waves. The first, effective January 1, 2025, will impose an initial hike from the current 6 percent to 9 percent.

Starting in 2026, they will take on a more complex and differentiated rate structure, structured to vary based on production volumes and the price of natural uranium concentrate (U3O8).

Keep reading...Show less

Latest Press Releases

Related News