Triex Minerals Corporation
TSX VENTURE : TXM

Triex Minerals Corporation

October 31, 2005 18:08 ET

Triex Updates Hornby Bay Basin Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2005) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") is pleased to provide an update on its Mountain Lake Project located in the Hornby Bay Basin of Nunavut (See www.triexminerals.com for property location).

Mountain Lake Project

A $1.2 million exploration program has recently been completed on the Mountain Lake and nearby Dismal Lake projects located in the Hornby Bay Basin. A 684 line-kilometre MEGATEM II survey, conducted by Fugro Airborne Surveys at a 150 metre line spacing, was completed over the Mountain Lake project. This survey was designed to identify lithologic and structural characteristics of the Mountain Lake uranium deposit and extrapolate these to the remainder of the claims. Follow-up ground geophysics was also conducted over the deposit with 40 line-kilometres of magnetic, resistivity and both time and frequency domain electromagnetic surveys. An 81 line-kilometre GEOTEM survey, also conducted by Fugro, at 300 metre line spacing, was completed over a test area of the Dismal Lake project. Other exploration work on the projects included ground and airborne radiometric surveying, geological mapping and prospecting.

An Inferred Resource of 8.2 million pounds U3O8 (See NI 43-101 Technical Report on SEDAR) with an average grade of 0.23% U3O8 has been estimated at depths between 28 and 136 metres. Two types of mineralization have been recognized to date; stratabound sandstone-hosted and discordant fracture filling. Fracture controlled mineralization included an intersection of 5.19% U3O8 over a 0.9 metre core interval. Additional mineralization within the deposit and along the structural trends is considered prospective.

During the 1970s and 1980's, Esso Resources Canada and Cominco Ltd. drilled 190 holes, totaling approximately 22,000 metres, on their Mountain Lake project area. Uranium mineralization at Mountain Lake is hosted within a unit of the mid-Proterozoic Dismal Lakes Group (Dr. C.M. Trigg, 1986, PEC uranium deposit, Hornby Bay Basin, Northwest Territories, in "Uranium Deposits of Canada", CIM Special Volume 33, p.295-302). During the summer exploration program, most of the drill core was rehabilitated and selected holes were re-logged and sampled for the determination of geochemical and alteration signatures.

Results from the summer exploration program are currently being compiled and integrated with historic geological and drill data. A major exploration program including ground geophysics and drilling for resource delineation and testing of new targets is currently being planned for the Mountain Lake project with the details and budget to be announced in the near future. Follow-up exploration is also being planned on the Dismal Lake project.

The Mountain Lake project is located approximately 550 km north of Yellowknife, Northwest Territories and 100 km southwest of the coastal community of Kugluktuk (formerly Coppermine), Nunavut. This project comprises 8 mineral claims totalling 16,425 acres. The Dismal Lake project is situated approximately 570 km north of Yellowknife and 150 km west-southwest of Kugluktuk, and comprises 7 permits and 14 claims totalling 295,847 acres. The properties are held in 50:50 joint ventures between Triex and Pitchstone Exploration Ltd. Triex is the operator of both projects.

Michael Gunning, Ph.D., P.Geo., Vice President Exploration of Triex Minerals, is the 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 with respect to this news release.

Triex is a Canadian junior exploration company focused on uranium in North America. Seven main projects span grass roots reconnaissance to advanced-stage resource delineation.

TRIEX MINERALS CORPORATION

Robert F. Weicker, Director

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
    Robert F. Weicker
    Director
    (604) 687-6680
    (604) 687-1448 (FAX)
    www.triexminerals.com