Diamond drilling has intersected uranium mineralisation at the Gibbons Creek project in Canada’s Athabasca Basin
Downhole gamma probes of >8,660cps suggest proximity to high grade mineralisation
Further drilling at the highly prospective Airstrip prospect is near completion, full results expected by mid May
Special Report: Drilling has intersected uranium mineralisation with downhole gamma probe measuring a radioactive peak of over 8,660 counts per minute (cps) as winter diamond drilling nears completion at Trinex Minerals’ Gibbons Creek project in Canada’s prolific uranium-rich Athabasca Basin.
The 138km2 Gibbons Creek project is at the northern end of Athabasca, one of the world’s most prolific uranium mining destinations.
It is home to majors like Cameco, which runs the 317.5Mlb MacArthur River and 135Mlb Cigar Lake mines. The latter contains the highest-grade uranium mine in the world at 18.11% U3O8.
A new class of uranium explorers, like Trinex Minerals’ (ASX:TX3), are now pouring into the region as increased demand, weak supply and a push toward baseload clean energy sources puts uranium prices on a heater.
A binding earn-in interest into Gibbons Creek was signed in February this year, with TX3 hitting the ground running with exploration at the eight-claim tenement package.
The company can earn up to 75% in the project in two stages over a period of five years with cash and share payments as well as incurring exploration costs.
Exploration permits are good until 2025, which allow up to 20 diamond drill holes across 5,000m and survey and sampling to be conducted.
Big uranium hits at Gibbons Creek
Four out of five holes have already been completed at Gibbons Creek, where a winter drilling program has intersected uranium mineralisation near historic drilling.
Downhole gamma probe results are showing elevated radioactivity up to 8,660 counts per second (cps) and Trinex believes these preliminary results suggest proximity to a mineralised uranium system.
Results are based on hand-held scintillometer readings on drill core, downhole gamma probe results, and visual observation of uranium minerals by the geological team of ALX Resources (TSXV:AL).
The drill program itself is based upon mineralisation first discovered by Eldorado Nuclear in 1979 and where ALX in 2023 carried out high-resolution magnetic and a soil gas hydrocarbon survey.
Hole GC24-04 exhibited the strongest radiometric response of the program to date, where uranium mineralisation was intersected over 1.1m from 107.17-108.27m, beginning immediately at and below the unconformity at 107.18m.
Further drilling at the project is planned for the 2024 Canadian Summer to search for fault offsets in the area of GC24-04, which TX3 says can act as structural traps for the deposition of uranium mineralisation.
The interpreted extension of the southwest-trending structure that appears to be associated with mineralisation at the Airstrip prospect extends through to the Butler Lake target, increasing the prospectivity of the area.
2024 Drilling plan at the Gibbons Creek uranium project. Pic supplied (TX3)
TX3 managing director Will Dix says it’s “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’re 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.”
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.
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