Trinex Minerals (ASX:TX3) is lining up further drilling at the Airstrip prospect, as part of the Gibbons Creek Uranium Project in Canada’s northern Athabasca Basin, to vector in on uranium targets.
Further drilling is planned for the 2024 Canadian summer to search for fault offsets in the area of GC24-04, which the company says can act as structural traps for the deposition of uranium mineralisation.
The interpreted extension of the south-west trending structure appears to be associated with mineralisation at the Airstrip prospect, which Trinex says extends through to the Butler Lake Target, increasing the prospectivity of the area.
Gibbons Creek comprises eight mineral claims comprising 34,258 acres located along the margin of the Athabasca Basin near the community of Stony Rapids, Saskatchewan. Trinex currently has the right to acquire up to a 75% interest in the project.
Four of the five holes completed in the 2024 winter drilling program have intersected uranium mineralisation at or near mineralisation identified in historic drilling with peak elevated radioactivity of over 8,660 counts per second (cps) recorded.
The results, generated from 2024 winter drilling, are based upon hand-held scintillometer readings on drillcore, downhole gamma probe results, and visual observation of uranium minerals by the geological team of ALX Resources (TSXV:AL).
Trinex Managing Director Will Dix says it is encouraging to hit the best uranium mineralisation to date at the high priority Airstrip prospect in the company’s first drill program at Gibbons Creek.
“We are learning more and more about the geology and structures that control the mineralisation with each drillhole completed, and we are excited for our upcoming expanded exploration program which will focus on the Airstrip prospect and the Butler Lake target,” he says.
All core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon. A second group of samples were sent to Rekasa Rocks in Saskatoon to determine the nature and quantity of clay alteration present in the core samples.
Results from the Rekasa Rocks samples are expected in mid-May 2024.
Gibbons Creek is currently the subject of an option earn-in transaction with Trinex Lithium, a wholly owned subsidiary of Trinex Minerals.
Under the terms of the binding letter agreement signed in February 2024, Trinex can earn an initial 51% interest and up to a 75% participating interest in the project in two stages over five years through a mix of cash and scrip to ALX, and by incurring exploration expenditures at the project.
Trinex Minerals is a resources company exploring for critical minerals across its several energy minerals and base metals projects in Canada and Australia.
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, 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.
The company is fully funded to complete the upcoming work programs planned for the Canadian summer, with $3.65 million in cash at hand as of 31 March 2024, according to its latest quarterly report.
Trinex will be attending the RIU Sydney Resources Round-up at Darling Harbour’s Hyatt Regency Hotel on 7-9 May.
Last year’s RIU Sydney Resources Round-up attracted more than 1,500 delegates, making it the busiest since its inception in 2004. With over 800 of last year’s delegates coming from the investor or broker/fund categories, this conference offers investor engagement opportunities.
Write to Adam Drought at Mining.com.au
Images: Trinex Minerals
