Trinex Minerals (ASX:TX3) has intercepted high grade uranium at the Gibbons Creek Uranium Project in Canada after a busy winter 2024 diamond drilling program.
In the latest drilling program, four out of five completed holes have intersected uranium, with peak elevated radioactivity exceeding 8,660 counts per second (cps). These findings are based on readings from hand-held scintillometers, downhole gamma probe results and visual observations by the geological team from ALX Resources (TSXV: AL).
Of particular interest at Gibbons Creek is Hole GC24-04, which has displayed the best mineralization identified to date. Downhole gamma probe values exceeding 8,660 cps indicate high-grade uranium mineralization, with assay results expected in mid-May. Preliminary findings suggest proximity to a mineralized uranium system.
Trinex Minerals is fully funded to complete further drilling during the upcoming Canadian summer field season, with a strong cash position as of March 2024. The company holds the right to acquire up to a 75% interest in the Gibbons Creek Uranium Project, which is located in the highly prospective Athabasca Basin in Northern Saskatchewan, Canada.
“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,” Trinex Minerals Managing Director Will Dix said.
Further drilling planned for the 2024 Canadian summer will search for fault offsets and explore the extension of mineralization trends, increasing the project’s prospectivity.
TX3 has been trading at 0.4 cents.