Trinex Minerals Intersects Uranium Mineralisation at Gibbons Creek in Athabasca Basin

Trinex Minerals Ltd (ASX: TX3) has intersected the best mineralisation to date at the Gibbons Creek Uranium Project.

A downhole gamma probe revealed values of over 8,660 counts per second (cps) suggesting high grade uranium mineralisation, and assay results are expected mid-May.

Adding interest, preliminary results suggest proximity to a mineralised uranium system.

Gibbons Creek is in the northern Athabasca Basin near the community of Stony Rapids, Saskatchewan, Canada.

The Athabasca Basin is best known as the world’s leading source of high-grade uranium and currently supplies about 20% of the world’s uranium.

Next steps

Further drilling will be completed at the Airstrip Prospect during the upcoming Canadian summer field season to vector in on high-priority uranium targets.

Trinex has the right to acquire up to a 75% stake in Gibbons Creek.

Fully-funded

Trinex is fully-funded for the next exploration stages, holding A$3.65 million in cash at the end of March 2024.

The company has a market capitalisation of around $7 million, providing a light enterprise value of $4 million.

Geological understanding

Will Dix, managing director, commented:

“It is really encouraging to hit the best uranium mineralisation to date at the high priority Airstrip Prospect in our 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.

“We look forward to bringing further details to our shareholders as we progress this Project through the Canadian summer.”

Lithium exposure

Trinex also has lithium exposure in Canada.

Results from rock chip samples taken at the Ross Lake Lithium Project include 3.31% lithium, 2.27% lithium and 1.84% lithium.

Spodumene has been confirmed in rock chip samples.

 

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