GC24-04: Close-up of uranium mineralization in core sample – peak radioactivity (8,662 cps) at 107.87 m. Source: ALX Resources

ALX Resources Corp. (TSXV: AL) has announced the completion of its 2024 winter drilling program at the 100%-owned Gibbons Creek Uranium Project, located in the northern Athabasca Basin near Stony Rapids, Saskatchewan. The program, which consisted of five holes totaling 849.44 metres, was designed to test for continuity of uranium mineralization first discovered in the area by Eldorado Nuclear in 1979 and by ALX in 2015.

Four of the five holes intersected uranium mineralization at or near the unconformity, based on hand-held scintillometer readings, downhole gamma probe results, and visual observation of uranium minerals by ALX’s geological team. The mineralization was found in two areas located 500 metres apart within a target area that ALX defined in late 2023 through high-resolution magnetic and Soil Gas Hydrocarbon (SGH) surveys.

Hole GC24-04 exhibited the strongest radiometric response of the program, with uranium mineralization intersected over 1.1 metres from 107.17 to 108.27 metres, beginning immediately at and below the unconformity at 107.18 metres. A Mount Sopris 2PGA-1000 downhole gamma probe measured a radioactive peak of 8,662 counts per second (cps) within the mineralized interval, which showed black blebs of uranium mineralization (likely pitchblende) within dark red hematite alteration and closely associated with lesser amounts of yellow limonite alteration.

Hole GC24-05, drilled from the same setup as GC24-04 but with a different tilt, also encountered fine-grained blebs of black uranium mineralization between approximately 103.4 to 103.5 metres. Several of the blebs have bleached haloes, and others appear within or adjacent to weak limonitic alteration haloes.

ALX recommends further drilling at the Project to search for fault offsets in the area of GC24-04, which can act as structural traps for the deposition of uranium mineralization. Core samples from the drilling program have been shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) for geochemical analysis and to Rekasa Rocks Inc. for infrared spectroscopy analysis to determine the nature and quantity of clay alteration present. Analytical results will be released following their receipt, compilation, and interpretation.

Gibbons Creek 2024 Drilling Plan. Source: ALX Resources

Gibbons Creek is currently the subject of an option earn-in transaction with Trinex Lithium Ltd., a wholly-owned subsidiary of Trinex Minerals Limited, a publicly-traded mineral exploration company listed on the Australian Securities Exchange. Under the terms of a binding letter agreement signed in February 2024, Trinex can earn an initial 51% interest and up to a 75% participating interest in the Project over a period of five years by making cash and common share payments to ALX, and by incurring exploration expenditures at the Project.

The Gibbons Creek Project consists of eight mineral claims comprising 13,864 hectares (34,258 acres) located along the northern margin of the Athabasca Basin. The region hosts numerous historical uranium occurrences, such as the Black Lake discoveries in several drill holes beginning in 2004 and the historical Nisto Mine, from which 500 tons of ore was shipped in 1950 to the historical Lorado Mill at Uranium City, SK, including 106 tons grading 1.6% U3O8.

ALX holds an exploration permit for Gibbons Creek, valid until October 2025, which allows for up to 20 diamond drill holes totaling approximately 5,000 metres, along with ground-based geophysics, prospecting, and geochemical sampling. The Project is accessible via roads and trails from the community of Stony Rapids, SK, which is connected to all-weather Highway 905, providing flexibility for both summer and winter exploration programs.

Highlights from the results are as follows:

Table 1. Gibbons Creek 2024 – Downhole Gamma Probe Measurements (Mount Sopris 2PGA-1000)

Drill
Hole
Number
Total
Depth
of Hole

(m)
Depth to
Unconformity

(m)
Mineralized Zones Average
Gamma
Probe
Readings
(cps at 0.1 m intervals)
Maximum
Gamma Probe
Readings

(cps)
From
(m)
To
(m)
Interval
(m)
GC24-01* 157.0 77.8 n/a n/a n/a n/a n/a
GC24-02 212.0 108.4 109.1 109.7 0.6 1,803 3,281
GC24-03 186.4 108.5 109.2 110.8 1.6 1,539 2,217
GC24-04 177.0 107.18 107.17 108.27 1.1 2,880 8,662
GC24-05 173.0 102.36 103.2 103.7 0.5 1,365 2,328

*The first hole of the 2024 program, GC24-01, showed a normal radioactive response from the conglomeratic sandstone at the unconformity and did not intersect significant uranium mineralization.

 

 

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.