Solex Resources Corp.

Solex Resources Corp.

October 12, 2005 09:30 ET

RETRANSMISSION: Solex Resources Corp. Completes First Phase Exploration Programme at Cullquimayo (Vilcabamba)

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2005) - Solex Resources Corp. (TSX VENTURE:SOX)(CNQ:SOLX) ("Solex") has completed the first phase of an exploration programme to delineate targets on the Cullquimayo property (formerly known as Vilcabamba). The property covers an area of 3800 hectares in southern Peru. IPEN (Peruvian Institute for Nuclear Energy) has ranked this property as a high priority uranium target; and the property has been explored in detail by several foreign government agencies since the 50's, including the US Commission of Atomic Energy and a German Scientific Mission.

The first phase of work was successful in identifying seven priority areas with five different types of uranium, base and precious metal mineralization. Each of the five outlined mineralized occurrences requires further detailed exploration work for delineating uranium-nickel-cobalt veins, copper-silver-lead-zinc veins, copper-uranium breccias, copper porphyry and copper skarn type occurrences.

Area Negrillas - US Commission of Atomic Energy (Gableman and Beard, 1962) reported thirty-two radiometric anomalies in Las Negrillas, where six areas are over 120m long by 40m wide with scintillometer readings 2 to 35 times above background. The outcropping uranium mineral was identified as uraninite. Solex's geologists identified one target, an outcrop, 4 meters wide, of a mineralized tectonic breccia. A chip sample over two meters assayed 0.1% uranium (1160 ppm U), 18.3% copper and 18.4% iron.

Polymetallic veins with silver values hosted in Copacabana limestone in the same Negrillas Area were located in 8 tunnels over a 200 hectare area. These could be the locations of the colonial Negrillas silver mines. A 50 cm vein was located in one tunnel and assayed 93 oz silver/tonne, 4.94% copper, 15.75% lead and 1.37% zinc. Nine other veins and veinlets returned respective silver values of 550 ppm, 94 ppm, 528 ppm, 254 ppm, 616 ppm, 964 ppm, 552 ppm and 327 ppm.

Area Huamanapi - comprises a series of small scale pits and trenches over a distance of approximately 800 metres. It corresponds to the area mined in the 1950's for uranium. JCEA (Junta de Control de Energia Atomica) Peru reported assays of 16.5% to 17.5% uranium from a zone known as La Trinchera and 0.95% to 5.8% to 13.5% uranium from San Marcos I and II zones (values are not compatible with the 43-101 guidelines). These values have not been confirmed by subsequent work.

Area Minasmayo - Peruvian Geological Institute (Velasco, 1963) reported veins, from the San Francisco, San Antonio, and Las Nieves colonial mines, returned assays 0.005 oz up to 67 oz silver, 0.02% up to 3% copper and 0.1% up to 8.9% nickel over 40 to 80 cm in width. A chip sample taken by Solex geologists over a two metre interval assayed over 1% uranium and three samples assayed over 1% nickel.

The other areas of historical Inca and Spanish mining activity include Aurora, Yunquivoc and Huaynahuarco. These areas are being examined in detail by Solex geologists.

All assays taken by Solex were performed as ME-ICP41 by Chemex labs in Vancouver from samples collected by Bernado Beate and Washington Palacios (independent consultants), during site visits made in May and July 2005. These samples were both "grab" and chip samples and may or may not be representative of the mineralisation in place. A detailed work program is being planned by the Company's consulting geologists.

In a report prepared by Richard A. Jemelieta, Ph.D., Consulting Geologist on this region, he states:

"Mineralization in the Vilcabamba district comprises widespread, but isolated, narrow polymetallic veins containing copper, zinc, lead, silver, nickel, cobalt and uranium minerals. Mineral deposits of this type are known worldwide and have been important producers of uranium in the past (McMillan, 1996).

The above veins have metallogenic, geochemical and alteration features in common with unconformity-type uranium deposits (Marmont, 1987) and there may be potential for this latter style of mineralization in the Vilcabamba district. The unconformable contact between the Permian Copacabana formation limestones and overlying Permo-Triassic Mitu group volcanics and sediments (arkoses) would be a likely exploration target for this type of mineralization....

Uranium mineralization in the Vilcabamba district has not been explored systematically since the 1950's and would benefit from re-examination."


Solex is an exploration development stage company engaged in the acquisition and exploration of mineral properties, focussing on southern Peru. Solex has four main properties: Pilunani (lead-zinc-silver); Macusani (uranium); Cullquimayo (copper-silver-uranium) and Princesa (silver).

On Behalf of the Board of Directors


Jonathan Challis, President & Director

This news release has been prepared by management of the company who takes full responsibility for its contents. The CNQ Exchange, nor the TSX-V Exchange, neither approves nor disapproves of the contents of this news release. This news release may include forward-looking statements.

Contact Information