Triex Minerals Corporation
TSX VENTURE : TXM

Triex Minerals Corporation

July 13, 2005 18:07 ET

Triex Minerals Corporation: Mountain Lake Update & New Acqusitions

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 13, 2005) - Triex Minerals Corporation (TSX VENTURE:TXM) (the "Company") and Pitchstone Exploration Ltd. are pleased to provide an update on their Mountain Lake uranium project and announce several new acquisitions and the plans for the upcoming 2005 exploration program.

The Mountain Lake property is situated approximately 550 kilometres north of Yellowknife in Nunavut, 100 kilometres southwest of Kugluktuk (formerly Coppermine), and comprises 8 mineral claims totaling 6,647 ha. The property hosts the Mountain Lake uranium deposit, which is a relatively flat-lying stratabound sandstone hosted deposit with minor high-grade fracture controlled mineralization. The estimated inferred resource is 8.1 million lbs U308 at a grade of 0.23 % (Press Release February 22, 2005). Stratabound grades averaging 0.1-0.3 % U308 with local concentrations of 1.23 % U308 over 1.9 metres. Fracture zone mineralization up to 5.19 % U308 over 0.9 metre have been returned in historical drilling, and the uranium mineralization has been tested at shallow depths from surface to 136 meters.

In May 2005, the JV completed a 684 line-kilometer MEGATEM II airborne survey over the entire property. This survey was conducted by Fugro Airborne Surveys, and comprised their proprietary, powerful, high altitude MEGATEM system, mounted on a Dash 7 aircraft. This time-domain airborne EM system is the most powerful airborne EM system in the world, with features combined to provide exceptional effective depth of exploration as well as multiple EM parameters for precise target definition. This survey has been used in other uraniferous Proterozoic sandstone basins to map conductors and structures, often associated with uranium deposits, down to a depth of 1km.

Preliminary interpretation of the EM data, in context with the location of the deposit, shows an elevated zone of conductivity coincident with a broad, weak magnetic low anomaly. The airborne magnetic data shows good contrast between rocks of differing signatures in linear trends that coincide with interpreted and mapped faults and lithologic units. Deposit modeling based on drill hole interpretation and property scale mapping indicates a strong structural component to the Mountain Lake deposit and this relationship is clearly visible in the magnetic survey.

Recently, two strategic areas were staked contiguous to the Dismal Lake permits, designated as the Sandy Creek claims (30,990 ha) and Dease River claims (5,165 ha). These claims are also jointly owner by Triex and Pitchstone, and comprise part of the Dismal Lake Property.

The companies are planning a minimum $1.2 million exploration program for August and September 2005, with Triex as the operator. The program will include ground geophysics follow-up and alteration mapping on the Mountain Lake property, and a reconnaissance airborne radiometric survey with ground target follow-up on the Dismal Lake permits, Sandy Creek and Dease River claims located 50 to 70km to the west. The ground geophysics surveys will focus on the Mountain Lake deposit. Geophysics surveys will consist of time domain and frequency domain electromagnetic methods as well as magnetics and resistivity over the deposit area and along strike on favorable structural and stratigraphic trends in order to establish drill targets for testing significant anomalies.

Triex also wishes to announce the acquisition by staking of the "West Carswell Properties", held 100 % by Triex, in western Saskatchewan. These Properties comprise 8,157 hectares in 2 claim blocks. The properties are located in a highly prospective uranium area of the Athabasca Basin. The Properties cover structural trends indicated by regional government magnetic surveys on the western flanks of the Carswell Dome structure, in a setting similar to that which hosts the Shea Creek uranium deposit 20km to the SE. The Cluff Lake Mine, a former major uranium producer in the Basin, operated by Cogema Resources Inc., is located within the Carswell structure 15km to the east of the properties. Up to its closing in 2002 Cluff Lake Mine produced over 63 million pounds of Uranium with grades in excess of 6 % U308. Compilation and budget planning are in progress for this project. Triex is currently planning a major exploration program including airborne geophysics (MEGATEM) to commence in early August.

Ross McElroy, B.Sc., P.Geol., Senior Geologist for Triex Minerals Corporation, is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex Minerals Corporation.

TRIEX MINERALS CORPORATION

Randy C. Turner, President


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Contact Information

  • Triex Minerals Corporation
    Randy C. Turner
    President
    (604) 687-6680
    (604) 687-1448 (FAX)
    www.triexminerals.com