Trinex on hunt for ‘larger uranium source’ at Gibbons Creek

Assays confirm anomalous uranium at the Airstrip Prospect at Gibbons Creek
VTEM survey to commence before the end of June with drilling to follow
Summer work programs fully funded
Trinex has the right to acquire up to 75% interest in the project

Special Report: Trinex Minerals has confirmed anomalous uranium at Airstrip, part of the Gibbons Creek project in Canada’s Athabasca Basin.

The company’s winter 2024 diamond drilling was designed to test for continuity of uranium mineralisation first discovered in 1979 by Eldorado Nuclear.

So far so good. The drilling confirmed low level uranium mineralisation with four of the five holes intersecting uranium anomalism at or near the unconformity between the Athabasca Sandstone and underlying basement metasediments, which are variably altered.

“The nature of uranium mineralisation in this region is often poddy or nuggety, which can make it challenging to reconcile the visual estimates in drill core and assay results,” Trinex Minerals managing director Will Dix said.

“Having said that, we are confident that the widespread anomalism observed in drill core and reflected in the assays is an indication that there is a larger uranium source in close proximity to the Airstrip Prospect.”

Fully funded for Summer work program

The assays have come at the perfect time, with Trinex fully funded to complete its upcoming work programs in the Canadian summer after finishing the March quarter in a strong cash position.

The company is now gearing up to search for fault offsets around one of the winter drill holes – GC24-04 – which can act as structural traps for the deposition of uranium mineralisation.

The plan is to kick off the summer season with a comprehensive VTEM survey before the end of June, covering Airstrip, Butler Lake and a recently identified new zone: Gibbons East.

Tried and tested method for uranium discoveries

The survey is targeting areas where historical EM surveys identified zones of high conductivity – a common exploration method which has resulted in the discovery of many deposits across the Athabasca Basin.

Trinex is confident that using the modern VTEM plus system will provide a more detailed and robust targeting tool than previous outdated EM surveys completed.

“We are about to embark on the acquisition of detailed VTEM data over most of the Gibbons Creek Project and now that we are driving the exploration with the help of our technical partners at Dahrouge Geological Consulting, we are excited to develop new drilling targets utilising this dataset,” Dix said.

Once the data has been analysed, further drilling will be undertaken.

Trinex, Minerals, ASX, TX3, Uranium, Gibbons, Creek, Will, Dix, VTEM, Hunt, Option, Agreement — Pic: Gibbons Creek project areas to be covered by the imminent VTEM survey. Source: TX3.

Up to 75% option earn-in on the cards

Gibbons Creek is currently subject to an option earn-in transaction with ALX Resources (ASX:ALX), via a subsidiary.

Under the terms of the definitive agreement, Trinex can earn an initial 51% interest and up to a 75% participating interest in the project in two stages over a period of five years by making cash payments and common shares payments to ALX, and by incurring exploration expenditures at the project.

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.