Triex Minerals Corporation
TSX VENTURE : TXM

Triex Minerals Corporation

October 24, 2007 11:48 ET

Triex Minerals and Full Metal Minerals: 2007 Alaska Program Completed-New Uranium Mineralization Discovered at Fireweed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") and Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") are pleased to provide an update for their $1.5 million 2007 summer exploration program for Alaska. First-pass drilling at the Boulder Creek uranium deposit was completed, and concurrent regional exploration discovered new uranium mineralization, named the Fireweed occurrence, located to the north in Death Valley.

The Boulder Creek uranium deposit is located in the southeastern Seward Peninsula, Alaska, 47 kilometers north of the coastal village of Elim and 160 kilometers east of Nome. For location maps see the company's website at www.triexminerals.com.

The regional program focused on two areas with strong airborne radiometric anomalies, and geologic settings similar to that of the Boulder Creek deposit. A total of 120 line-kilometers and 1790 soil samples were collected at McCarthy Marsh located 30 kilometres west of Boulder Creek, and 22 line-kilometres and 230 soil samples were collected over the new Fireweed occurrence located 25 kilometres north along-strike from Boulder Creek. A ground magnetic susceptibility survey was completed over the entire McCarthy Marsh grid, and a portion of the Fireweed grid. Detailed mapping and scintillometer prospecting were done in both areas. A total of 129 biogeochemical samples were also collected from these two grid areas.

Fireweed

Maps and pictures of the new Fireweed occurrence can be viewed on the company's website at www.triexminerals.com. Uranium content ranges from 0.14% to 0.81% U308 in twenty one rock samples collected from three main areas spanning the nearly two kilometer length of the occurrence. These data confirm the 0.82% U308 value obtained from the single sample collected during a brief site visit in 2006. More than 300 sub-angular radioactive pebbles of silica-hematite rock have been identified from 130 mapped sites which cover an area of approximately 1,800 metres long east-west by 700 metres wide north-south. All pebbles read greater than 500 counts per second on an SRAT SPP2 NF scintillometre. Average radioactivity is about 4,500 counts per second, with 34 pebbles reading greater than 15,000 counts per second. The grid of 230 soil samples at Fireweed produced numerous anomalies which overlap the area of mapped radioactive pebbles, and extends more than 1,000 metres to the southwest, with values of up to 145 ppm U in soil.

Fireweed is a low-relief area covered by felsenmeer (weathered outcrop) of various intrusive lithologies, including green feldspar porphyry and beige aplite. It is on the eastern flanks of a ridge crest of coarser grained quartz syenite that produced a strong airborne radiometric anomaly (anomaly BC 12) identified from the Company's regional survey completed in 2006.

A quick, first-pass drill test was done at Fireweed in September following completion of the main drill program at the Boulder Creek deposit. Five short drill holes were completed for a total of 267 metres. Overburden in four of five holes was only 1.5 metres thick. Quartz syenite is predominant, and in all five holes there is lesser feldspar that locally reads 2 - 3 times background radioactivity. Brick red hematite-silica zones similar in appearance to the pebbles mapped on surface were observed in Hole 5 and were five times background radioactivity. Geochemical results from core samples from the five holes are pending.

The new discovery at Fireweed warrants extensive and detailed follow-up surface work and diamond drilling in 2008. The extent of mineralized rocks on surface at Fireweed is far greater than at Boulder Creek, as is the extent and concentration of uranium in soil. Further, the airborne radiometric anomaly in adjacent granite ridges is stronger, and larger at Fireweed compared to the anomaly at Boulder Creek.

Boulder Creek

Diamond drilling in 2007 began at the Boulder Creek deposit. Delineation and in-fill drilling at the deposit that was started in 2006 was completed, and the southern end of the nine kilometer long belt of geochemical anomalies associated with the deposit was tested. Eight holes were completed for a total of 890 metres. No new and continuous zones of significant radioactivity were intersected.

Boulder Creek is the largest known uranium deposit in Alaska. It was discovered by Houston Oil and Minerals (later Tenneco Mineral Company), hosted within Tertiary-aged sandstone peripheral to a Late Cretaceous alkalic quartz monzonite intrusion. Drilling of 51 holes between 1979 and 1981 outlined some 1,000,000 pounds of U3O8 at an average grade of 0.27% U3O8, and average thickness of three metres, with depths of mineralization ranging from surface to 120 metres (Economic Geology, Volume 82, 1987, pp. 1558-1574). Drilling in 2006 confirmed the encouraging grade and thickness attributes for the deposit (0.317% U3O8 over 6.0 metres in DV06-54, including 0.867% U3O8 over 2.0 metres, and; 0.317% U3O8 over 2.0 metres within 5.0 metres of 0.1647% U3O8 in Hole DV06-64). Although both rigorous and published, Triex does not treat the historical estimate as compliant with NI 43-101. It should not be relied upon. Triex has not completed the work necessary to certify the estimate and it's classification.

Rock and soil samples for the 2007 program were submitted to the ALS-Chemex Laboratories facility in Fairbanks, Alaska, for preparation. Chemical analyses were completed at the ALS-Chemex laboratories in North Vancouver, British Columbia, and Winnemucca, Nevada. Biogeochemical samples were processed and analyzed by Acme Analytical Labs Ltd. of Vancouver, British Columbia. Diamond drill holes were probed with a Mount Sopris 2PGA-1000 poly-gamma probe.

Triex is earning into an Option and Joint Venture Agreement with Full Metal Minerals Ltd. (details provided in the September 28, 2005 news release). Beyond property-specific work at Boulder Creek and McCarthy Marsh, the two companies have a strategic alliance to pursue uranium opportunities throughout Alaska.

Triex's Alaska uranium exploration program continues to be managed by David Pawliuk, P.Geo., a Qualified Person as defined by NI 43-101. Content of this release has been reviewed and approved by Robert McLeod, P.Geo., Vice President Exploration of Full Metal and Michael Gunning, Ph.D., P.Geo., President of Triex; both are Qualified Persons as defined by NI 43-101.

Triex is a Canadian junior mineral exploration company currently focused on uranium opportunities in three separate districts in North America. Nine main projects span grass roots reconnaissance exploration to advanced-stage resource delineation, with a 2007 exploration budget of approximately $8.7 million. Drilling was completed in all three districts this summer, and is ongoing in the Athabasca Basin.

Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The company currently has six active Joint Venture Agreements. Drill Results are expected shortly from the high grade 40 Mile Zinc-Lead-Silver Project, the Lucky Shot Gold Project, CJ Gold Project, Inmachuk Zinc-Lead-Silver Project, as well as the Boulder Creek Uranium Project.

TRIEX MINERALS CORPORATION

Michael Gunning, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Triex Minerals Corporation
    Michael Gunning
    President
    (604) 687-6680
    (604) 687-1448 (FAX)
    Website: www.triexminerals.com