Trinex Minerals Limited (ASX:TX3) December 2024 Quarterly Activities Report
Dudley Lithium Project Progress
Trinex Minerals Limited (ASX: TX3) has made significant strides in its exploration of the Dudley Lithium Project on Kangaroo Island, South Australia. The company has executed a key Landowner Access and Compensation Agreement, enabling advanced exploration activities. Additionally, an Exploration Program for Environment Protection and Rehabilitation (E-PEPR) application for reverse circulation drilling has been submitted.
During late November 2024, Trinex completed a 1,200 soil sample program across the most prospective areas of the Dudley project, which highlighted multiple prospective trends for lithium and associated elements. The results confirmed strong anomalies coinciding with the identified 80 metre thick Dudley Pegmatite. Preparations for reverse circulation drilling are anticipated to commence in the March quarter of 2025.
Corporate Developments
On the corporate front, Ms Su-Mei Sain has transitioned from Executive Director to Non-Executive Director effective January 1, 2025. She will continue to serve as Company Secretary. The company reported a cash balance of A$0.78 million at the end of December 2024, alongside operational activities that incurred approximately A$451,000 in exploration and evaluation expenditures.
Trinex Minerals Managing Director Will Dix commented, “During the December quarter, we progressed exploration activities at our newly acquired Dudley Lithium Project on Kangaroo Island, with the execution of a Key Landowner Access and Compensation Agreement and the completion of a 1,200 soil sample program.” He further noted that drilling is anticipated to commence in the March quarter, marking a significant advancement in their exploration initiatives.
Future Work and Cash Position
A detailed review of preliminary data will help prioritise drilling targets. The upcoming drilling program will test both pegmatites and soil anomalies, expected to be located 20-30 meters deep, where potential lithium mineralisation has not degraded. The company aims to further extend the MMI soil program to increase coverage across neighbouring properties as access allows.
Trinex continued managing its cash flow effectively, with a cash position of A$777,000 at the end of the quarter after accounting for various operational activities.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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