Solex Resources Corp.

Solex Resources Corp.

August 16, 2005 15:45 ET

Solex Resources Reports Very Favourable Results from First Phase on Macusani Uranium Project, South-Eastern Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2005) - Solex Resources Corp. (TSX VENTURE:SOX)(CNQ:SOLX) ("Solex") is pleased to provide a progress report on its Macusani uranium project exploration program in Southern Peru, with venture management partner Frontier Pacific Mining Corporation (TSX VENTURE:FRP) ("Frontier").

Radiometric surveys over two known uraniferous areas, the Calvario and Agaton prospects, provide excellent correlation with test sampling. Large anomalous areas of 120,000 square metres and 320,000 square metres on the Calvario and Agaton uranium targets have been outlined. The average uranium grade and thickness of the ignimbrite units has not been defined adequately to project tonnages and grade of each of the targets in this first stage program.

The geological mapping, sampling and assaying on two of the prospects indicate good correlation with the test radiometric surveys. Radiometric surveys will be continued in order to define the many additional targets that have been identified by prospecting. These surveys suggest the Calvario and Agaton prospect areas could contain potentially significant resources of uranium for which the average grade will have to be quantified. Frontier Pacific and Solex will be developing and implementing a diamond drilling plan to determine the average grade of the Calvario and Agaton Prospects over the next few weeks.

On April 19, 2005, the Solex signed an option and venture management agreement (the "Venture") with Frontier to earn a 50% interest in certain uranium mineral concessions in the Macusani District of South-eastern Peru. To date the Venture has acquired 35,000 hectares (350 square kilometres) contained in 55 concessions covering prospective uranium mineral occurrences in the district. The Macusani uranium district was discovered and identified in the late 1970's to mid- 1980's by the Peruvian Institute of Nuclear Energy ("IPEN"). However, exploration and development of the District was restricted by government moratorium until late 2004 when the area was opened to concession acquisition by individuals and companies.

The Venture exploration program began in the first week of May 2005 and expenditures of approximately CDN$400,000 have been incurred to date. Site visits to prepare an engineering report conforming to the National Instrument 43-101 guidelines were initiated with Roscoe Postle Associates Inc. Programs carried out by GeoScott Exploration Consultants ("GeoScott") and VDG Del Peru S.A.C. ("VDG") were supervised by Dr. W.J. Scott, Ph.D., P. Eng. of GeoScott, a qualified person under the National Instrument 43-101 guidelines.

Ground radiometric and real time differential GPS surveys were carried out by VDG on behalf of the Venture during the period May-June, 2005. A total of 101.25 line-kilometres of geophysical coverage (representing 4177 survey stations) was completed over three prospective zones containing uranium occurrences, the Calvario, Chapis and Agaton Prospects. The surveys aimed at testing the radiometric response over known uranium-bearing showings and at determining the extent of the mineralization at the three prospects. The radiometric method was employed for mapping the content variation of uranium, thorium and potassium within the lithologies. The DGPS method was used to accurately establish the location of the geophysical lines and stations at the prospects.

Anomalous radiometric responses associated with the presence of uranium-bearing mineralization were detected at the three prospects that were test surveyed.

At the Calvario Prospect the radiometric response outlined an anomalous area of approximately 120,000 square metres featuring smooth topographic relief on the top of a rounded hill with elevations ranging from 4295 to 4525 metres. Uranium mineralization which correlates well with the margins of the radiometric anomaly is observed in rock outcrops on the steeper flanks of the hill.

Similarly, at the Agaton Prospect, the radiometric response outlined an anomalous area of approximately 320,000 square metres featuring again relatively smooth topographic relief on the top of a rounded hill with elevations ranging from 4750 to 4835 metres. Uranium mineralization also correlates well with the margins of the radiometric anomaly as observed in rock outcrops on the steeper flanks of the hill.

As reported by IPEN and verified by the exploration work carried out to date by the Venture geologists and in part by the work carried out by GeoScott, the uranium mineralization is present and bounded within certain sub-horizontal ignimbrite units of the Upper Yapamayo member of Pliocene-Quaternary age. The uranium mineralization occurs as disseminations and fracture fillings ranging from a few millimeters to a few centimeters in thickness over a vertical dimensions extending up to ten meters within relatively coarser-grained ignimbrite units. The most common uranium minerals are meta-autunite and weeksite in certain districts and pitchblende in others. The ignimbrite wallrock is also observed to carry disseminated mineralization comprised mostly of the mineral tentatively identified gummite. Uranium mineralization appears to be restricted to specific ignimbrite units up to 25 meters thick where rock exposure can be observed. Other minerals identified are autunite, torbenite, fosforanilite and renardinite.

GeoScott carried out site specific geologic mapping and sampling of two of the three prospects to determine the modes of occurrence and setting of the uranium mineralization reported by IPEN and the Venture program of prospecting and sampling. The purpose of the mapping and sampling program was to determine if potential economic uranium values are consistent over sufficient area to create potential for economic deposits. Emphasis was placed on sampling the disseminated uranium occurrences in unfractured ignimbrite adjacent to observable autunite and weeksite fracture filling uranium occurrences. A total of 48 samples taken from the ignimbrite adjacent to fractured fillings in the Calverio and Agaton Prospect areas ranged in value from a low of 6 ppm uranium to a high of 8,320 ppm uranium over sample widths ranging from 0.4 metres to 2.1 metres. The disseminated mineralization is difficult to see in the ignimbrite and it was very encouraging that significant uranium assays were recorded in the relatively unfractured ignimbrite adjacent to fractures.

The Venture geologic mapping and sampling program carried out by the Venture geologists independently of the work by GeoScott focused on understanding uranium fracture density to help determine potential average grade of uranium. A total of 168 samples were taken over sample widths and orientations ranging from 0.1 metre (38 samples), 0.3 to 0.6 metres (54 samples), 1.0 metre (33 samples), 2.0 to 7.0 metres (19 samples) and composites along the strike of fracture fillings (29 samples) and primarily covered the Calvario, Agaton and Chapi prospects. Values in general exceeded 10,000 ppm uranium for most of the sampling that was carried out on these test sampled prospects. Nine other prospects within the concession holdings were prospected and test sampled for uranium with significant anomalous results and will be followed up by systematic exploration.

The GeoScott samples were analyzed at SRC Analytical Laboratories in Saskatoon, Saskatchewan while the Venture's samples were analyzed at ALS Chemex Labs, North Vancouver, BC and at Instituto Peruano De Energia Nuclear in Lima, Peru.


Solex is an exploration development stage company engaged in the acquisition and exploration of mineral properties, focussing on southern Peru. Solex has three main property packages: Pilunani (lead-zinc-silver); Macusani (uranium) and Vilcabamba (copper-uranium). The most advanced property is the high-grade Pilunani zinc-silver-lead project which includes the recently acquired Asnune, Carcuta and now Princesa properties. Pilunani, long recognized for its high-grade zinc anomalies at surface, remains largely unexplored by modern methods and a limited drill programme is being formulated for later this year.

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. This news release may include forward-looking statements.

The CNQ Exchange, nor the TSX-V Exchange, neither approves nor disapproves of the contents of this news release.

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