Silex Ventures Inc.

October 09, 2009 15:03 ET

Silex Ventures Inc. Announces Additional Results From Quia Resources' Scout Drill Program on Federation Property

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2009) - Silex Ventures Inc. (TSX VENTURE:SXX.P) ("Silex" or the "Company"), a capital pool company, is pleased to report further drill results from Quia Resources Inc. ("Quia") from its Phase I Drill Program at the Company's Federation Property.

Drill Hole FD0909 continued testing of the Brecha vein system, which has a true width of approximately 3 metres in the area of the first drill pad (FD0901-FD0903). The vein strikes 55 degrees and dips 65 degrees toward the northwest. Drill hole FD0911 tested the Cueva de Lobo vein system approximately 400 metres southwest of FD0909, which has a true width ranging between 1 and 3 metres, strikes 30 degrees and dips 40 degrees to the northwest.

Selected drill intercepts are reported below:

Drill FromLengthg gCuPb Zn
Hole (m)To (m) (m)Au/t Ag/t (ppm)(ppm)(ppm)

Intervals have been calculated using a 0.6 gram Au/tonne or 100 gram Ag/tonne lower cut-off.

The results of FD0911 confirm that multiple mineralized veins systems lie in close proximity to one another. The first 11 holes have intersected significant grade in 3 different vein systems in a relatively small area (35 hectares or approximately 0.3% of the Federation Property).

Following completion of trail construction to the Piojo area, drilling testing will commence on the Jorge Mora Vein. The Jorge Mora vein has a true width ranging between 1.5 and 5 metres. In January 2009, Quia collected a 96.9 kilogram bulk sample from the Jorge Mora vein. 47.5 kilograms of oxide material averaged 74.02 grams Au/tonne and 49.4 kilograms of sulphide material averaged 36.62 gram Au/tonne.

Mr. Manning commented, "Hole FD0909 confirms the existence of the high grade potential of the Brecha vein system, which is representative of the numerous veins and targets in the San Lucas Gold Belt. Now moving to the nearby Cueva de Lobo vein system, we look forward to continued discoveries of significant gold mineralization here and on the other high priority targets planned for within this initial scout drilling program."

Drill Program

The Phase I Drill Program began April 26th, 2009 and to date 11 holes, totaling approximately 1,300 metres, have been completed. The program was designed to test a number of distinct targets including the Brecha, Cueva de Lobo, San Luquitas, and Vietnam vein systems. The Jorge Mora vein system in the Piojo area is also considered an excellent target by Quia given the results of a previous bulk sample and the observance of stockwork mineralization extending 25 metres from the vein. Quia has now received assay results for 11 drill holes (up to FD0911).

To view a map of the Federation Project Phase I Drill Program, please visit the following link:

About Quia Resources Inc.

Quia is focused on exploring and developing gold deposits in Colombia, with a particular focus on the 200km long San Lucas Orogenic Gold belt. The company's strategy is to focus on Colombia and the San Lucas region since it believes the region is geologically favourable for hosting significant gold deposits and presents a unique opportunity in being underexplored combined with a rapidly improving political climate. Quia's management has extensive experience working in the mining industry in Colombia and more broadly in South America.

Quia holds a 100% interest in certain mining claims located in Bolivar and Antioquia Departments of Colombia consisting of 18 mining licenses covering approximately 7,000 hectares in the San Lucas mountain range (the "San Lucas Property"). Quia also holds a 50% title interest in 14 mining claims covering approximately 10,000 hectares in the Department of Bolivar, Colombia (the "Federation Property") pursuant to an option agreement with Federacion Agrominiera of the South of Bolivar ("Fedeagromisbol") and recently signed an agreement to acquire a 100% interest in an additional 15,856 hectares which are semi-contiguous with Federation Property (press release dated July 8, 2009).

LOI Between Silex and Quia

In a press release dated June 30th, 2009, Silex announced the signing of a binding letter of intent with Quia to acquire all of the issued and outstanding shares of Quia in exchange for issuing to the shareholders of Quia four Silex shares for every one Quia share. Details of the transaction can be found in the press release dated June 30th, 2009. The transaction will constitute the Company's Qualifying Transaction.

Quality Control

The current exploration program has been designed and carried out under the supervision of Mr. Iain Kelso, P.Geo., Quia's VP of Exploration. Mr. Kelso is a member in good standing with the Association of Professional Geoscientists of Ontario and Qualified Person for the purpose of National Instrument 43-101. The technical contents of this news release have been compiled by Mr. Kelso.

Quia has implemented a rigorous Quality Assurance / Quality Control program to ensure best practices in sampling and analysis of drill core. Drill core is transported from the project site to Quia's field office in Santa Rosa del Sur for geological logging, photographing, and splitting. After the core is sawed in half, one half is packed for analysis and one half is retained in storage at a secure facility in Santa Rosa del Sur. Samples are shipped to ACME Labs' preparation facility in Bogota, Colombia. Fire assay and ICP analysis is completed at ACME Labs' ISO 9001:2000 certified laboratory in Santiago, Chile. The quality of assays has been monitored through insertion of blanks and two certified reference materials into the sample stream.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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