Solex Resources Corp. provides update on Macusani South project
Mon Jun 9, 8:03 AM
ca.news.finance.yahoo.com
VANCOUVER, June 9 /CNW/ - Solex Resources Corp. (TSX-V: SOX.V) ("Solex" or the "Company") today announced an update on its regional exploration program on the Company's wholly owned Macusani South (5,300 hectares) project in the Macusani Uranium District of Southern Peru.
Exploration work has identified two drill targets (Pichuni and Socclla) where uranium mineralisation outcrops on the property. The mineralisation is hosted by ignimbrites of the Upper Yapamayo Member of the Quenamari Formation. Extensive surface work on the property including a ground radiometric survey with line spacing of 100 metres (and in specific areas, 50 metres) was completed by Val d'Or Geophysica, complemented by extensive handheld scintilometer readings and a widespread systematic and grid based trenching and pitting programme. A total of 377 geochemical samples were taken with a maximum reported value of 0.272% U3O8. The main focus of the programme was to determine the orientation and density of the fractures which host the uranium mineralisation. The identified uranium minerals include autunite, torbenite and meta-autunite. The vertical extent and the thickness of the mineralised horizons are still unknown and it is possible that further mineralised horizons exist. A map showing the anomalies is available on the website. (www.solexresources.com).
An independent QP who recently visited the property, in anticipation of completing a 43-101 compliant report on Macusani South during 2008, has advised that in the short period prior to the start of a drill programme, further trenches should be completed over a wider area to check the orientation and density of the near surface fractures that host the uranium mineralisation. It is anticipated that this work will take approximately 3 weeks to complete and will not involve the chemical assay of the fractures. The planned drill programme on these two targets involves the drilling from 20 sites of a maximum of 80 diamond drill core holes of at least HQ size to a depth of at least 30 metres, or to a depth determined by downhole probing. At least 2 holes are planned to a depth of 250 metres to test for deeper systems that can not be determined by surface work. Community approval has been sought and granted for this work, and drill permits are anticipated before the end of the trenching programme. A drilling contractor has been identified and drilling is expected to begin within the next 4 weeks. As a result of the exploration hiatus in Ecuador caused by a review of that country's mineral law, the availability of equipment and personnel has dramatically improved in Peru. The work programme and the planned drill programme have been reviewed by Solex's Independent Qualified Person.
The drilling programme (which should take approximately 2 months) on these two targets has been designed with the following objectives:
- To investigate the extension, geometry and controls of the uranium
mineralisation in three dimensions as well as to define the uranium
content and grade distribution within these mineralised horizons;
- To obtain 3D geological information to aid in the development of
geological and exploration models that can be used in the assessment
of the remainder of Solex's 100% owned extensive property holdings in
the Macusani Uranium district which exceed 42,400 hectares and where
identified uranium anomalies are not found in outcrops; and
- To delineate an area to extract a representative sample of at least
six tonnes of mineralised rock that will be used in a metallurgical
test programme.
"The extraction of a major representative sample for extensive metallurgical testing demonstrates our belief that the Macusani Uranium District has the potential to host a significant uraniferous resource," said Jonathan Challis, President of Solex Resources Corp. "As we continue to verify these targets and the geological model, we anticipate accelerating our drilling program over the next six months."
About Solex Resources Corp.
Solex Resources Corp. is the dominant landholder in southern Peru's Macusani Uranium District with concessions covering over 904 km2hosting at least 50 near-surface anomalies. Macusani East Project (47,820 hectares) is in a 50/50 joint venture with Frontier Pacific Mining Corporation and the company holds 100% of the remaining 42,500 hectares in the Macusani South, Macusani South Central and Macusani West projects. The company also controls 1,800 hectares of additional uranium concessions and 14,500 hectares of precious and base metals concessions in properties located 80 km southeast of the Macusani uranium properties. In 2008, a $5.5-million exploration program is planned on the Company's Macusani East joint ventured uranium project along with an initial National Instrument 43-101 report. The Company is also aggressively exploring its three 100% owned Macusani uranium projects.
The TSX Venture Exchange (the "Exchange") has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may contain forward-looking statements that are based on Solex's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Contacts
Deborah Thiel
VP Corporate Development
Cell: (604) 512-9691
Toll Free: 1-877-646-4488
Email: dthiel@solexresources.com
Website: www.solexresources.com
Joanna Longo
Investor Relations
(416) 815-0700 ext. 233
jlongo@equicomgroup.com |
