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TEREX RESOURCES INC.
120 Adelaide St. W, Suite 512, Toronto, Ont. M5H 1T1
Tel: 416-364-6957 Fax: 416-364-5400 Email: hawke@vianet.ca
ATHABASCA BASIN (UNCONFORMITY) STYLE OF URANIUM
MINERALIZATION IDENTIFIED NEAR ELLIOT LAKE, ONTARIO
Wednesday, April 6, 2005. Toronto, Ontario.
The Platina property of Terex Resources Inc. (“TRR”-TSXV) consists of 8 claims comprising
4,040 acres and is located in Joubin Township, approximately 20 kilometres southeast of Elliot
Lake, Ontario.
The 100% owned property was originally acquired for its copper, nickel, platinum group
elements and gold potential. With the worldwide increase in interest for uranium properties,
management initiated a search of the assessment files to assess the potential of the property for
uranium mineralization. This was considered prudent in view of the fact that the Platina property
contains approximately 10% of the formerly discovered Millaqua/Pardee uranium deposit on the
west and about 30% of the Pecors uranium deposit on the east. The Pardee deposit was recently
acquired by CanAlaska Ventures Ltd. (“CVV”-TSXV). In 1955, the Millaqua/Pardee deposit
was estimated to contain 5.4 million tons grading 1.39 lbs. U3O8 per ton for a total of 7.5 million
lbs. of U3O8. Details of this calculation are unknown and it is unlikely that this estimate
conforms to Ni-43-101 reporting standards.
In 1968 Iso Mines drilled a hole (# 4-68) through the overlying Huronian sediments and into the
Archean basement below, on claims that form the present Platina property. The drill hole
intersected strong chlorite and sericite altered conglomerate above the unconformity and strongly
chlorite altered greenstone below the unconformity. A pitchblende seam was intersected at the
unconformity in highly altered rock and this section assayed 0.12 % U3O8 over a 1 foot interval.
The significance of this intersection was not recognized at the time because it pre-dated the
discovery of uranium in the Athabasca Basin in Saskatchewan. Terex management feels that the
strong hydrothermal alteration of the rocks coupled with the presence of pitchblende
mineralization at the unconformity is very similar to the style of mineralization found in the
Saskatchewan. The drill hole also intersected anomalous (up to 0.07% U3O8) uranium
mineralization in the quartz pebble conglomerates which was typical of the lower grade uranium
deposits in the Elliot Lake area. Management is extremely excited about the positive implications
of this discovery in Ontario and intend to fully evaluate the potential of the property to host high
grade unconformity type uranium mineralization similar to that found in Saskatchewan. A drilling
program to test the unconformity is scheduled to commence imminently.
Other Historical Work on the Property
The Platina property also contains a copper, nickel and platinum group element (Cu-Ni-PGE)
showing at the base of a gabbro sill. Grab samples from this showing assayed up to 4.3 g/t
Pt+Pd+Au, 10096 ppm copper and 624 ppm nickel. This surface showing is coincident with an
airborne electromagnetic anomaly approximately 1.2 km in length.
During the 1980’s Falconbridge Ltd drilled a hole on the property to test for base metal
mineralization and they intersected a 1.36 metre interval in iron formation that assayed 2.06 g/t
Au. This intersection was never followed up.
Parts of the Platina exploration program outlined above were supervised by Donald Hawke,
P.Geo, President of Terex Resources Inc. and Qualified Person for this project. Mr. Hawke has
reviewed and approved the contents of this release.
For further information contact:
Don Hawke, President
705-385-0465
or
Wayne J. O’Connor, Chairman
416-364-6957
Shares Issued: 37,724,622
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Statements in this press release regarding the Company’s business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future
plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or
result to occur. Since forward-looking statements address future events and conditions, by their very nature, they
involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently
anticipated in such statements. |
