- Trinex enters option with Resource Corporation to acquire a 51% interest in Gibbons Creek, with the potential to increase to a 75% interest
- $1.25m raised for exploration activities over three target areas already identified
- Mobilisation of equipment and personnel is planned for the first week of March
Special Report: Trinex Minerals has entered an option to acquire an initial 51% interest in the highly prospective Gibbons Creek uranium project in the Athabasca Basin.
Trinex Minerals (ASX:TX3) believes the earn-in with TSX-V listed ALX Resources represents a unique opportunity to gain further exposure to energy minerals in Canada, and complements its existing portfolio of lithium projects in the Northwest Territories.
TX3 executed a binding letter of intent with ALX Resources to acquire an initial 51 interest in the Gibbons Creek project, comprising eight mineral dispositions over an area of 139km2 in the Athabasca Basin of Saskatchewan.
The region has a long history of uranium production, producing around 20% of the world’s current supply, and is home to some of the largest uranium deposits globally, including the McArthur River uranium mine, the world’s largest uranium deposit.
$1.25m raising to fund exploration
With the potential to earn up to a 75% interest, TX3 is looking to unlock the full value of the asset, with local experts and major shareholder Dahrouge Geological Consulting on board to help with exploration activities.
Meanwhile, the company has received commitments from Aussie and overseas institutional investors to raise $1.25m.
The oversubscribed placement of 250,000,000 shares at an issue price of $0.005 per share will help fund exploration at Gibbons Creek during the first year.
“These funds will help us conduct activities on three target areas which have already been identified,” TX3 managing director Will Dix says.
“An ALX drilling program will begin in March, after which point Trinex will lead exploration activities.”
Walk-up drill ready targets
According to TX3, the project offers immediate walk-up drilling opportunities with the first program to begin at the Airstrip prospect.
In this target area, ALX has planned up to six holes for around 1,200m to test unconformity-type and basement-hosted uranium mineralisation in the eastern part of the project.
Mobilisation of equipment and personnel is under way with drilling scheduled to begin on or around March 7.
In addition, previously acquired geophysical data will be reprocessed where appropriate using modern processing algorithms to ensure all material information is extracted to optimise exploration potential.
A reassessment of geophysical requirements will then be made to address whether any additional data should be acquired in the vicinity of key target areas.
This article was developed in collaboration with Trinex Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.