ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) found strong high grade uranium with measured radioactivity in excess of 220 counts per second at its Gibbons Creek Uranium Project in the northern Athabasca Basin in Saskatchewan.
The company announced an update on its 2024 winter drilling program at the program on Monday wherein it recognized the first two holes of its planned six hole drill campaign. The company intends on drilling to test for unconformity type and basement-hosted uranium in the eastern part of the project.
Weather conditions are facilitating the operation of equipment and personnel, allowing the work to progress as scheduled until the end of March or early April 2024, weather permitting. The exploration program greatly benefits from the proximity to the community and infrastructure of Stony Rapids, which enhances efficiency in procuring supplies, rentals, fuel, and additional personnel as needed.
ALX Resources’ geological team identified narrow intervals of uranium mineralization near the unconformity in the second and third holes of the planned 6-hole program. The company based its findings on hand-held scintillometer readings on drill core, downhole gamma probe results, and visual observations.
Drill hole GC24-02 intersected uranium mineralization approximately 0.8 meters below the unconformity at a depth of 108.4 meters. Radioactivity measurements indicated significant uranium presence within a 0.6-meter interval.
This hole represents a significant step-out westward from previous drilling locations. Similarly, hole GC24-03, drilled as a step-out from a previous location, encountered uranium mineralization approximately 1.5 meters below the unconformity.
Both holes show promising signs of uranium mineralization, enhancing the prospects of the exploration program.
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ALX has all the necessary permits for drilling
Trinex Minerals Limited (ASX: TX3) subsidiary, Trinex Lithium Ltd, is currently pursuing an option earn-in transaction for Gibbons Creek. Under the terms of a binding letter agreement signed in February 2024, Trinex can earn an initial 51 per cent interest and up to a 75 per cent interest over five years.
This is achievable through cash payments, common shares payments to ALX, and exploration expenditures at the project. Gibbons Creek comprises eight mineral claims totalling 13,864 hectares situated along the northern margin of the Athabasca Basin.
The region hosts numerous historical uranium occurrences. These include the Black Lake discoveries in several drill holes starting in 2004 and the historical Nisto Mine, from which 500 tons of ore were shipped in 1950 to the historical Lorado Mill at Uranium City, SK.
ALX Resources possesses an exploration permit for Gibbons Creek, which is valid until October 2025. It allows for up to 20 diamond drill holes and ground-based geophysics, prospecting, and geochemical sampling.
Access to Gibbons Creek is facilitated by roads and trails from the community of Stony Rapids, SK. It connects to Highway 905, providing flexibility for both summer and winter exploration programs.
ALX reviewed the historical exploration data from Gibbons Creek prior to drilling and integrated it with the high-resolution magnetic and SGH geochemical surveys completed in November 2023.
The historical data reveal significant characteristics indicating the project’s potential to host uranium mineralization.
Gibbons Creek Uranium Project 2024 drilling plan and completed holes
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Acquisitions heat up in Athabasca Basin
Drilling for uranium in the Athabasca Basin offers numerous benefits. These include high-grade deposits, favourable economic conditions, stable regulatory environments, advanced infrastructure, and contributions to global energy security and sustainability through nuclear power generation.
Acquisitions have been ramping up as the nuclear renaissance develops and more companies angle to get a foot in the door.
92 Energy Limited (ASX: 92E) (OTCQX: NTELF) shareholders approved the acquisition with ATHA Energy Corp. (TSXV: SASK) (FRA: X5U) (OTCQB: SASKF) at 92 Energy’s meeting of 92 Energy shareholders.
The company expects that 92 Energy’s Gemini project will add tremendous discovery potential in an underexplored corridor.
Meanwhile, earlier this month Oberon Uranium Corp. (CSE: OBRN) sold its Element 92 Uranium Property to Forty Pillars Mining Group (CSE: PLLR) for $140,000 in cash and shares. The property is located in northern Saskatchewan on the southern end of the Athabasca basin.
Additionally, Recharge Metals (ASX: REC) announced the completion of due diligence on the Newnham Lake uranium project.
As a result, earlier this month the company agreed to buy the project in Canada’s Athabasca Basin from DG Resource Management (DGRM) and Kalt Industries for CAD$500,000 in cash and shares, along with a 1 per cent return royalty.
The Newnham Lake Uranium Project spans an area of 15.84 square kilometres. It’s located near the northeast margin of the Athabasca Basin.
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