Australia-based resources company Trinex Minerals has executed a binding letter of intent with TSX-V-listed ALX Resources to acquire an up to 75% interest in the Gibbons Creek uranium project, in northern Saskatchewan.
The company will fund the first year of exploration at Gibbons Creek from the A$1.25-million that it raised under an oversubscribed placement of 250-million shares.
Trinex also announced that it has received firm commitments from Australian and overseas institutional and sophisticated investors to raise about A$1.25-million under a placement of 250-million shares to fund exploration at the Gibbons Creek
“This earn-in represents a unique opportunity to gain further exposure to energy minerals in Canada, to complement our existing portfolio of prospective lithium projects in the Northwest Territories. With the on-ground assistance of our major shareholder, Dahrouge Geological Consulting, we are excited to bring local exploration expertise to unlock the value of this new asset,” said MD Will Dix.
Three targets have been identified and an ALX drilling programme will start in March, after which point Trinex will lead exploration activities.
The Gibbons Creek project comprises eight mineral dispositions covering an area of 139 km2, on the northern flank of the highly prospective Athabasca basin.