Silex Ventures Inc.

August 13, 2009 11:53 ET

Silex Ventures Inc. Announces Initial Results from Quia Resources' Scout Drill Program on Federation Property

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2009) - Silex Ventures Inc. (TSX VENTURE:SXX.P) ("Silex" or the "Company"), a capital pool company, is pleased to report initial drill results from Quia Resources Inc. ("Quia") from its Phase I Drill Program which is currently underway at Quia's Federation Property.


- FD0901 intersected 27.80 metres at 0.67 g Au/t, which represents approximately true width.

- Confirms significant widths of stockwork mineralization in initial drill testing of the first of five targets at Federation.

- FD0901 also intersected second vein down hole, the Quebrada Abuelo vein, intersecting 3.85 metres at 8.25 a Au/t and 40.9 g Ag/t, including 1.35 metres at 13.7 g Au/t and 62.4 g Ag/t.

- Intersection of two vein systems projected to be 75 metres along strike from FD0901; an exciting target for a potential blow out zone.

- Previous sample results, including 96.9 kilogram composite bulk sample from the Jorge Mora vein with measured true width of up to 5 metres, which returned an average grade of 57.99 g Au/t, indicates potential for significantly higher grades.

- Drill now testing second target, the Cueva de Lobo vein system.

Robert Manning, President of Quia, commented, "We have confirmed the presence of stockwork mineralization of over 25 metres in true width. Given previous sample results, including the bulk sample taken earlier at the Jorge Mora Vein which was measured up to 5 metres in true width, we know we have the potential for bonanza grades at Federation. Combined with having drilled significant widths of stockwork mineralization, this indicates major discovery potential."

Drill Program

The Phase I Drill Program began April 26th, 2009, and to-date 10 holes totaling approximately 1,100 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 thus far received assay results for 8 drill holes (up to FD0908), all testing the Brecha vein system, being the first of the five targets initially selected for testing. Quia currently has one drill rig on site from Terramundo Drilling of Medellin, Colombia.

Selected drill intercepts are reported below:
Drill Hole From To Interval grams grams
(metres) (metres) (metres) Au/tonne Ag/tonne
FD0901 23.70(i) 51.50(i) 27.80(i) 0.67(i) 3.19(i)
incl. 30.40 35.50 5.10 2.70 9.65
incl. 30.40 32.70 2.30 4.21 15.82
incl. 39.50 41.00 1.50 1.59 18.80
and 97.65 101.50 3.85 8.25 40.90
incl. 97.65 99.00 1.35 13.70 62.40
FD0902 65.50 66.90 1.40 0.80 6.63
and 74.80 75.60 0.80 1.33 20.90
and 77.50 78.00 0.50 1.08 7.30
FD0903 31.70(i) 44.30(i) 12.60(i) 0.83(i) 2.91(i)
incl. 31.70 32.30 0.60 3.24 19.10
and 41.00 44.30 3.30 2.48 6.63
incl. 41.50 42.00 0.50 4.58 13.20
incl. 43.00 43.50 0.50 3.64 8.40
incl. 43.80 44.30 0.50 6.42 16.70
FD0907 6.00 6.90 0.90 0.01 185.33
and 45.80 48.10 2.30 0.97 12.30
incl. 47.30 48.10 0.80 2.16 25.25
Intervals have been calculated using a 0.6 gram Au/tonne or 100 gram
Ag/tonne lower cut-off. (i)Italicized intervals include footwall and
hangingwall stockwork mineralization and were calculated using a 0.1
gram Au/tonne cut-off.

To view a map of the Federation Project Target Areas, please visit the following link:

Holes FD0901 through FD0909 were drilled to test the Brecha vein system, which has a true width of approximately 3 metres in the area of the first drill pad. The vein strikes 55 degrees and dips 65 degrees toward the northwest. Drill hole FD0901 intersected a second vein, Quebrada Abuelo, from 97.65 to 101.5 metres. The Quebrada Abuelo vein has a true width of approximately 1.5 metres, strikes 25 degrees and dips 75 degrees to the southeast.

Based on their mapped positions, the Quebrada Abuelo and Brecha veins intersect approximately 75 metres east of FD0901. Drill holes FD0904 through FD0908 were drilled from a pad location approximately 260 metres southwest of the first. Drill holes FD0909 and FD0910 were drilled from a third drill pad positioned 100 m south of the second.

Mr. Manning commented, "In defining the strike and dip of both the Brecha and Quebrada Abuelo veins, we can project their potential intersection 75 metres along strike from FD901. The results also show the grade is increasing as we move east towards this intersection. This is an exciting future target for a potential blow out zone where we could see similar widths of stockwork mineralization as were observed in FD0901 and elevated grades due to the intersection of the two veins."

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

The Federation Property is situated within the San Lucas Orogenic Gold belt, a 200 kilometre long trend that extends northward from the Remedios-Zaragoza district. Gold mineralization is carried within primary veins (generally 0.5 to 3 metres thick) and within stockwork texture veining that extends into the hanging- and foot-walls. Primary veins have multiple strike and dip directions, though the most common strike directions at the Federation are between 45 degrees to 65 degrees. The stockwork texture veining has been observed to carry anomalous gold mineralization 10 to 20 metres on either side of a primary vein. The drill is currently testing the Cueva de Lobo vein system, which has a true width ranging between 1 and 3 metres, strikes 30 degrees and dips 40 degrees to the northwest. After completing four holes on the Cueva de Lobo system, the drill will be moved to the next target. Initial targets which remain to be tested include the San Luquitas, Vietnam and Jorge Mora vein systems.

The Jorge Mora vein, which is considered by Quia a priority target but which requires additional road construction prior to drilling, 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 grams Au/tonne.

The bulk sample was collected from five underground tunnels along 85 metres of the Jorge Mora vein's strike length. Fourteen panel samples were collected from the 5 tunnels by scraping material from the faces of available, underground vein exposures. The average mass of each sample was 6.9 kilograms. The bulk sample analysis was completed at CH Plenge & Cia SA in Lima, Peru.

Mr. Manning commented: "We still have a number of targets on the property to test with this initial scout drill program and numerous others which will be generated through our regional reconnaissance exploration. We currently consider the Piojo area to be a priority target where our bulk sample returned bonanza grade gold and we see significant stockwork veining. Furthermore, as we complete surface work at our flagship San Lucas property and make headway on building a road in cooperation with the Government of Bolivar Department, we look forward to launching a drill program on some very exciting targets at San Lucas."

Mr. Manning further commented, "All of these activities are just the beginning of our efforts to be a leading consolidator, explorer and ultimately producer in the San Lucas Orogenic Gold belt, which we consider to be among the most prospective areas in Colombia."

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 believes the San Lucas 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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