Diamond drilling has begun at the Airstrip prospect. Pic via Getty Images
Walk-up targets at Trinex’s new Gibbons Creek uranium project are getting the diamond treatment
Mining
share
- Diamond drilling has kicked off at the Airstrip prospect
- Six targets to be tested across ~1.2km
- Trinex well-funded for exploration with more than $4m in cash
Special Report: After inking a farm-in deal for an option to acquire an initial 51% interest in the Gibbons Creek project in the uranium-rich Athabasca Basin, Trinex Minerals and partner ALX Resources have rolled out the diamond rig to investigate six walk-up drill targets.
The Athabasca Basin in Saskatchewan, Canada, is universally renowned for its uranium endowment and Gibbons Creek – in the north – presents a ready-made exploration opportunity for Trinex Minerals (ASX:TX3) to dig into.
The 51% interest can rise up to 75% with further funding across the 139km2 tenure and adds further energy minerals exposure to the company’s existing portfolio of lithium projects in the nearby Northwest Territories.
The permit allows for up to 20 diamond drill holes for ~5,000m, along with ground-based geophysics, prospecting and geochemical sampling.
It is also close to the Stony Rapids community which has readily available fuel, supplies and accommodation infrastructure for field personnel.
Six-hole drill program
TX3 and ALX Resources are targeting the high-priority Airstrip prospect where a combination of geophysical and geochemical anomalism from historical data, along with anomalous uranium mineralisation in historic drill holes, have generated six areas of interest.
Surveys completed last year show important uranium characteristics and a 2015 drill hole turned up 0.13% U3O8 over 0.23m from 106.7m downhole, as well as Eldorado Nuclear’s 1979 drill hole which returned 0.179% U3O8 over 0.13m from 134m downhole.
It’s expected that drilling will take several weeks to complete with downhole gamma logging.
TX3 is well-funded to assume control of further exploration moving forward, as it has $4 million in cash after just raising an extra $1.25 million.
Looking ahead
“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,” TX3 managing director Will Dix says.
“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.”
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.
