ALX Resources Begins Drill Testing Gibbons Creek Uranium Project
ALX Resources (TSXV: AL) has begun drill testing its Gibbons Creek Uranium Project in the Athabasca Basin.
The winter drill program is slated to consist of six drill holes, which will be spread across three separate areas. Drilling is to be confined to the eastern portion of the project, with a total of 1,200 planned to be conducted under the program.
The Gibbons Creek project currently consists of 13,864 hectares of claims in the northern end of the Athabasca Basin region. The project is currently permitted for up to 20 drill holes to be conducted across a total of 5,000 metres, along with geophysics, prospecting, and sampling. Historically, the project has seen drilling intersect 0.13% U3O8 over 0.23 metres at a depth of 107.67 metres, as well as 0.179% U3O8 over 0.13 metres at a depth of 134.11 metres.
The project was recently placed under an option agreement with Trinex Minerals, which could see Trinex earn an initial 51% interest in the project, and up to a 75% stake. For a 51% stake, Trinex must make cash payments of $700,000, issue ALX $1.3 million in shares, and spend $3.0 million on exploration over a three year period.
ALX Resources last traded at $0.025 on the TSX Venture.
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